Gibraltar’s financial services sector is critically important to the jurisdiction’s overall success with its contribution accounting for some 20% of annual GDP. It should come as no surprise that local firms look overseas for new opportunities as the sector could not have grown purely based on Gibraltar-sourced business. 

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Firms, including Acquarius, benefit from local connections that bring in overseas work. However, the sector must increasingly take the initiative by seeking new, sustainable business opportunities abroad. Acquarius’ peers include those focused on markets like Israel and Morocco, where they have made substantial progress. Most, however, are likely to prioritise the UK where part of the business sourced may involve UK-based individuals and companies, but by no means all of it. Intermediaries, especially in the City, attract clients globally, many of whom are directed to Gibraltar or (say this quietly) to competing jurisdictions such as the Crown Dependencies.

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Wouldn’t it be ideal if there were a country to which Gibraltar could relate because of its history and where entrepreneurs could expand into the UK, Europe and beyond using Gibraltar-based company or trust structures? 

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Clearly, India meets these criteria at all levels. According to the United Nations, in April 2023 she became the world’s most populous country, overtaking China. At 1.45bn today, India’s population grows by close to 1% annually. That equates to around 14m extra people every year – or more than the entire population of Belgium!

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Aside from enormous human resources, India’s non-aligned approach allows her to trade freely with almost every country worldwide. Today, Indian-owned businesses investing in Britain include Tata’s Jaguar Land Rover (JLR) and Hamley’s, owned by India’s largest retail group Reliance. And there are countless more examples. 

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What a prize then for Gibraltar-based firms. I have written in the past about the benefits of establishing holding or headquarters companies in Gibraltar that themselves own subsidiaries elsewhere, including the UK. Tie that in with an attractive residency scheme in Gibraltar (under either the “Category 2” or HEPSS regime) and one can see how attractive Gibraltar might be for India businessmen considering market entry into Europe, and elsewhere and one should not ignore Gibraltar’s well-deserved reputation as a safe environment in which to live. 

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Moreover, Gibraltar boasts some 600 residents of Indian Hindu heritage, predominantly Sindhi, many of whom are prominent public figures. The community includes several in senior positions across the financial services sector. 

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The building blocks are thus very much in place. This is particularly important at a time when business from the UK is somewhat more challenging given proposed changes to the non-UK domiciled regime, among other areas of concern. 

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Thus, it was most timely that the Indian High Commission in London recently hosted a seminar at their iconic Aldwych location as part of Gibraltar Finance’s hugely successful #GIBLDN24. The venue is magnificent.  But it was the content that impressed me. There is real momentum and a deep-seated desire to facilitate business between the two countries. 

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One of the guests at the event, Hilesh Chavda, Private Client partner at international law firm Spencer West LLP, was delighted to have attended the event. “The seminar was my first visit to the High Commission” he said enthusiastically, explaining that: “Indian clients are the fastest growing with huge potential”.  

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The event was well supported by the Gibraltar Government including the Chief Minister the Hon Fabian Picardo KC and the Minister for Justice, Trade and Industry the Hon Nigel Feetham KC. Minister Feetham commented “I was deeply impressed by India House event, and His Excellency, the High Commissioner, stood out not only for his vast knowledge but also for his warm hospitality and engaging demeanour. I am confident that we can build on this momentum to further strengthen and expand our trading relationship with India in the financial services and gaming sectors under my Ministerial responsibility.”

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Aside from other advantages, the Gibraltar Authorisation Regime (GAR) – an agreement unique among Britain’s Overseas Territories – provides reciprocal market access for UK and Gibraltar financial services firms. Regulated in Gibraltar, electronic money institution Ribbon is a case in point.  Ashesh Jani, Co-founder & CEO, shares, "Our experience of setting up a licensed Electronic Money Institution in Gibraltar has been immensely rewarding. It has significantly reduced our time to market, enabling a faster launch. We encourage other Indian firms with global aspirations to #ThinkGibraltar, leveraging it as a gateway to access the UK market and capital. Stay tuned as we unveil GIB Connections, an exciting initiative to foster India-Gibraltar partnerships.”

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A new world of business opportunities awaits, but we must put in significant effort to seize them. There are clear needs in India that Gibraltar firms can address with effective solutions. The joint initiative between the Indian High Commission and the Government of Gibraltar demonstrates strong top-level support. Let us build on this momentum and actively pursue business opportunities before others do.