Application Process

Individuals

Individuals applying for permission to provide directorship services in an individual capacity are only required to submit an Application form.  

Individuals seeking authorisation are required to be associated to and provide services to an already regulated Company Manager. 

• Application Fee
• Application Form

Firms

Applicants should submit an application pack with all relevant documents. We will not consider an application complete if there are any outstanding documents.

The application pack must consist of: 

• Application Fee;
• Application Form;
• Financial Projections for the next 3 years
  • Stress Test on Financial Projections;
  • Profit and Loss account;
  • Balance Sheet;
• Regulated Individual Form (for each Regulated Individual);
• Non-Executive Director Form (for each non-executive director);
• Controller Form (for each Controller);
• Business Plan;
• Risk methodology and framework
• Supporting Policies and Procedures
• Details of Source of Wealth/Source of Funds (including final ownership structure, details of capital within the group, how the funding will be provided, access to further funds and 3-year financial statements for companies providing the funding. If an individual will provide more than 10% of the funding, we will require an independently verified statement of wealth); 
• Busines Continuity Plan; and
• Any other document the applicant considers the GFSC should take into consideration as part of the application.

Please request cloud access from the Authorisation team in order to submit the application pack. Requests should be sent via E-mail to authorisations@fsc.gi with the following information in the subject field: ‘Name of Regulated Firm/Applicant – Application’. Paper copies are not required unless indicated by the Authorisation team. 

Please note that we accept signed signature copies sent via e-mail and electronic signatures, which must originate from the Regulated Firm’s/Applicant’s domain.  

Capital requirements

Only one regulated firm within a group must be capitalised at the minimum regulatory requirement.

An applicant shall, unless previously agreed in writing by the GFSC, have a paid-up share capital of substance depending on its business that shall not be less than £10,000.

In addition to the above capital requirement, an applicant is expected to maintain a minimum level of financial resources equivalent to three months’ worth of operating expenses (or as projected at application) and the measure of these financial resources shall be the net asset figure in the applicant’s balance sheet.

Before being authorised to carry out the proposed activity, firms holding multiple authorisations may be required to hold the aggregate of the capital necessary for each authorisation, including on an ongoing basis. In these cases, we will consider the level of capital on a case-by-case basis. Applicants are encouraged to discuss this with the GFSC ahead of their application.

Additional Information

The business plan should comprehensively set out:

• How the firm will comply with the anti-money laundering requirements
• Target market and how clients will be sourced
• Risk management function
• The firms risk appetite
• Corporate Governance arrangements
• Compliance arrangements
• Details of any outsourcing arrangements and how the firm will monitor and oversee these, including the controls implemented by the firm on these arrangements
• How the firm complies with the mind and management requirements in Gibraltar
• How the firm complies with the legislative requirements, in particular with the protection of consumers.

The GFSC will be seeking evidence that the firm has considered, documented, and implemented the risk, compliance and operational issues associated with the proposed activities. Applicants should ensure that the business plan is coherent with the firm’s risk appetite and capacity.