The two main Gibraltar telecommunications companies, GibTel and Nynex, have been offering a range of Internet services for some time, and there are a number of smaller companies offering various types of support service for site development.
Gibraltar's main achievements in e-commerce so far have been in the betting and financial derivatives sectors, where a number of British companies have re-located to take advantage of high-quality telecommunications and Internet support from the local operators.
The Commissioner of Banking regulates banking in Gibraltar under The Banking Ordinance 1992. A substantial amount of subsequent legislation has kept Gibraltar up with current EU regulatory standards. See www.lowtax.net for further details of the regulatory regime and of the offshore taxation regimes for banks.
Under EU 'common passport' legislation any branch of an authorised EU bank may establish itself in Gibraltar subject only to notification procedures. Likewise a Gibraltar-licensed bank may set up branches elsewhere in Europe. Most of the thirty banks established in Gibraltar are branches of major UK, European or US banks. Gibraltar-registered banks have three branches elsewhere in Europe.
The banks in Gibraltar provide a full range of commercial services and are well connected internationally, making this probably one of the better jurisdictions in which to operate e-commerce operations from a financial services point of view, and of course transactions, balances and remittances will not be taxed as long as the appropriate corporate set-up has been structured.