Gibraltar Introduces Beneficial Ownership Requirements to Boost Transparency

In a move aimed at enhancing transparency and compliance, the Gibraltarian authorities have introduced new beneficial ownership requirements for businesses operating in the region. This initiative seeks to align Gibraltar with international standards and best practices.

Key Developments

• Online UBO Forms: The simplified Ultimate Beneficial Owner (UBO) forms are now available online, allowing companies to submit their UBO information electronically.
• Updated UBO XML Schema (v2.0): The second version of the UBO XML Schema provides a more efficient way for businesses to provide UBO information, making it easier for regulatory bodies to access and verify this data.

Supporting Tools

• Submission Navigator Tool: A user-friendly tool has been made available to help companies view and edit their submission contents at a glance, reducing errors and ensuring that all necessary information is included.

Impact on Gibraltar’s Business Environment

The introduction of these beneficial ownership requirements and supporting tools marks an important step forward for Gibraltar’s business environment. By increasing transparency and compliance, the Gibraltarian authorities aim to create a more stable and attractive jurisdiction for businesses to operate in.