The launch of Burren Capital in June was a major coup for Gibraltar. The hedge fund was the largest at the time this year with a start up capital of USD 500million.
There is yet more good news coming Gibraltar's way. Greg Butcher, the Ocean Village entrepreneur, spearheaded the successful application for a licence to establish a World Trade Centre (WTC) in Gibraltar. The application came under close scrutiny and was fully back by all WTC members.
The WTC Association (WTCA) is a network which operate through the individual WTCs established in each country. The WTCs are essentially business hubs which according to the WTC Association's website "have information available to businesses in a timely and coordinated manner. Exporting for companies increases because of the immediate accessibility to valuable expertise and energy created by a vibrant market place of international trade activity."
The network is huge. The WTCA membership includes nearly 300 WTCs in almost 100 countries. Over 750,000 companies are affiliated with WTCA members worldwide.
The WTCA can provide services such as trade information and market research for the region where the WTC is established, trade shows and exhibit space, trade education services which offer practical international trade courses about key local and global business issues and group trade missions.
The WTC in Gibraltar will much improve the much sought after office space required in Gibraltar. The seven-storey building will have floors of over 3,000 m2 which for Gibraltar's size, will stand out as a grandiose achievement in size and stature.
According to the Gibraltar Chronicle "the WTC will have a concierge reception for visiting senior inter-governmental and business leaders at the new international airport terminal now being built, state of the art video conferencing and telephone communications and world wide reciprocal facilities with 300 similar Centres across the globe."
The new income tax legislation which comes into effect on 1st January 2011 with its reduced corporate tax rate of 10% aims to attract new highly reputable business to Gibraltar and no doubt of WTC standing too.
Construction of the WTC is expected to commence in 2011 and coupled with the new income tax legislation may turn out to be a new dawn for the financial industry in Gibraltar.
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