InvestGibraltar, the Concept
A dynamic business environment is of vital importance to any economy. Advances in technology, new products and services together with changing trends and attitudes require businesses to react - quickly.
However, entrepreneurs without a structure of contracted professionals can find that they spend much of their valuable time chasing information, advice and assistance, sometimes to no avail. Moreover, since sources of information are invariably sited at different locations, most people are too busy running their businesses to seek such help. Much emphasis is therefore placed by modern economies on the need for organisations that facilitate processes and provide assistance to those with a business interest.
For this reason, the Government of Gibraltar has set up a strategic operation labelled InvestGibraltar to be the frontline Office acting as a bridge between the private and public sector. The InvestGibraltar Office will support registered businesses as well as aid those that aspire to start up, diversify or expand an enterprise in Gibraltar.
The main sectors that are being targeted are those that are associated to enterprise development in Communications & E-Gaming, Trade & E-Trade, Light Industry, Financial Services & E-Commerce, Maritime Services, Property Development and Tourism.
Furthermore, the InvestGibraltar Office offers a free service that is both friendly and professional at all times.
InvestGibraltar’s Remit
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Packaging and promoting Gibraltar’s main investment opportunities under one banner |
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Assisting the Government in the fulfilment of its commercial policy objectives |
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Developing and coordinating investment proposals |
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Providing support to new investors and to Gibraltar’s Small and Medium Enterprise base |
InvestGibraltar, the Operation
The Government of Gibraltar aims to encourage, promote and facilitate domestic private sector development and investment. Hence, the main role of the InvestGibraltar Office is to ensure that investors receive a professional, tailor-made service that meets if not surpasses their expectations.
The object of the exercise is pleasingly simple:
“prospective investors will be given the ‘red carpet’ treatment when investing in Gibraltar.”
In short, the InvestGibraltar Office provides on-the-spot information and guidance on a wide variety of business topics. Literature and information packs are also available free of charge. However, if the Office’s printed material does not satisfy an enquiry, it could then be addressed via a telephone call, e-mail or meeting with an InvestGibraltar Officer.
It may be necessary to request further information from other Government departments or agencies before being able to satisfy an enquiry. In such cases, the InvestGibraltar Officers will either facilitate a telephone call, e-mail or meeting with the most appropriate person or retrieve the information on behalf of the enquirer.
The InvestGibraltar Officers are trained professionals. They understand the needs of existing businesses and the frustrations encountered by those starting up. Nonetheless, the InvestGibraltar Officer will limit his or her expertise to providing general business advice, as they cannot offer specialist counsel, make commercial decisions or substitute the functions carried out by other Government departments or professional bodies.
Business Support, the Packs
The InvestGibraltar Business Support Packs provide information that is applicable to most business models. The Packs contain guidance notes, sample application forms, informative literature and other useful items that could prove invaluable for the user.
The Packs also include certain material that has been produced by other Government departments and relevant institutions. The objective here is to gather and present the latest and most applicable information to cater for the needs of entrepreneurs in an ever-changing business environment.
Setting up a Business in Gibraltar
In many cases, the desire to set up derives from an unadorned business idea. It is often surprising how little thought is given to considerations such as market research, the sustainability and feasibility of a project, financial requirements, restrictions, procedures and social consequences. If these issues are not fully explored it may leave the potential entrepreneur sailing into a sea of uncertainty on a vessel named ‘Fruitless Dreams’.
Anyone that wants to set up a business in Gibraltar can benefit from contacting the InvestGibraltar Office. The InvestGibraltar Business Support Packs include a specific guide that has been designed to assist and educate any interested party on how to go about setting up a business in Gibraltar.
Copies of this guide, aptly labelled ‘Setting up a Business in Gibraltar’, can be obtained free of charge from the InvestGibraltar Office, Department of Enterprise & Development, Suite 631, Europort, Gibraltar.
Alternatively, it can be downloaded from the InvestGibraltar website (www.investgibraltar.gov.gi).
Guidance
A request for information may demand a measure of guidance, especially when there is a need to follow established procedures or comply with regulations. Thus, to avoid calling various Government departments before obtaining the required information, it might be useful to first call the InvestGibraltar Office for assistance (+350 200 52634) or visit the InvestGibraltar website.
Advice
Advice as a rule includes encouraging the interested party to consider all aspects of the proposed business model, such as regarding any prospective opportunities that may exist in a specific market or flagging any issues that may become potential obstacles or risks when starting up and sustaining the business.
Those aspiring to start up, expand or diversify a business are advised to create a sound business plan, carry out market research as well as cost the project for over a three-year period. The InvestGibraltar Officer here will aim to pinpoint shortcomings or identify certain areas worth expanding on.
Additionally, since InvestGibraltar works closely with other Government departments, it is sometimes possible to provide useful advice on how to approach a specific Ministry with a proposed business venture.
Funding
Funding is a key consideration in any project. It is vital that due reflection is given to the level of investment necessary to start up a proposed, sustainable venture. The seed capital injected into a business may be lost if the strategy behind the business idea fails to be targeted, realistic and market sensitive.
The InvestGibraltar Office is not a funding body. Nonetheless, it offers impartial advice in relation to developing business ideas and pointing out potential sources of funding.
The Office likewise works closely with the Government organisations that provide EU Funds, Development Aid, Tax Relief on Façade Improvement as well as training, wage or rent subsidy schemes. Furthermore, it also has good working relationships with banks and other financial lending institutions.
Liaison
InvestGibraltar dedicates considerable time and effort in being a pro-active Office that is in tune with Government organisations and private sector institutions. The Office works closely with the Chamber of Commerce and the Federation of Small Businesses. It likewise welcomes the opportunity to exchange ideas with other entities, either directly with firms or through representative groups. Working closely and regularly with the business community enables the Office to identify and inform Government on the burning issues that are affecting the local economy.
All in all, the InvestGibraltar Office values those that share the same vision of working towards making Gibraltar a more attractive and successful jurisdiction in which to invest and conduct business, therefore, the Office welcomes any suggestions that might enhance the local business environment.
For further information please do not hesitate to contact:
GOVERNMENT OF GIBRALTAR
InvestGibraltar Office
Department of Enterprise & Development
Suite 771, Europort
Gibraltar
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+350 20052634 |
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+350 20052635 |
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