Duff & Phelps

in Business Insight

Worldwide firm Duff & Phelps has opened an office in Gibraltar, extending its services during a crucial time for multi-jurisdictional entities.

The office will be run by MD Andrew Stoneman, a Licensed Gibraltar Insolvency Practitioner.


Stoneman said, “I am delighted that we have been able to expand our services into Gibraltar enabling us to offer a blended range of services from across the Duff & Phelps portfolio. Not only is there an opportunity for a new restructuring practice in Gibraltar, but the regulatory nature of many business sectors based on ‘the Rock’ – such as insurance, gaming and financial services – means that we will be able to offer a wide range of additional services centred on a broad range of solutions including compliance and regulatory consulting. It is our intention to offer these services via a local multi-skilled team, backed up by the extended Duff & Phelps organisation.


The Hon Albert Isola MP, Gibraltar Minister with responsibility for Digital and Financial Services, commented, “We are delighted to welcome Duff & Phelps to Gibraltar, particularly in light of the special and historic relationship between the UK and the Rock. This announcement brings with it a commitment to building a sustained locally-based operation, backed up by a truly global network.


Fawns over GIB Property

Mentions of Gibraltar in the international press can appear in the most unexpected of places, and this month saw an article in an edition of the prestigious New York Times.

It focused on the opportunities for property investment in Gib, now that the provisional Brexit agreement between all relevant parties has been reached.
Highlighting some of the advantages that this deal offers, the article spoke to local agents including Savills, Mulberry Real Estate and Chestertons.
One of the developments singled out was The Reserve, on the site of the old casino.

Let’s hope this renewed interest from around the world results in benefits for all on The Rock.


BA Launches new COVID app

Although not in place for trips to and from Gib with BA, the airline is having a stab at making the future of flying slightly easier in a post-pandemic world.

It’s running a trial with American Airlines for trips to and from JFK using a travel health passport app.

The user can verify a negative COVID-19 test result on a smart device, in an attempt to smooth over the challenges the worldwide health crisis has presented to airlines. Learn more at britishairways.com


The Ministry for Business has launched a new initiative for budding entrepreneurs.

The Business Liaison Unit aims to be a “One Stop Shop” for the needs of enterprises starting out trading. This is similar to the “concierge” service offered by the equivalent Government department in Bermuda.

The over-arching aim is to provide all the necessary back-end processes, permits and legislative requirements for businesses in a hassle-free way, allowing the focus of the individuals involved to be “the business of business”.

COVID-19 restrictions mean that this will be rolled out in two phases. Phase one is available this month and the team is available on email:
businessonestopshop@gibraltar.gov.gi

Once COVID-19 restrictions have been reviewed, an appointment service will be available.

Minister for Business, the Hon Vijay Daryanani MP commented, “I am delighted to announce the opening of our One Stop Shop for Business. I have had representations made by the private sector on the need to expedite the setting up of a business for our entrepreneurs. More so now during these difficult times, we need to encourage new business. This will be done in two stages. I hope our entrepreneurs will find this service helpful and I aim to be directly involved in making sure this is a success.”

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