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Issue 29 - Winter 2016 iMindingntouch Gibraltar’s Business

BREXIT EDITION

INSIDE: Borders How to better And now for a crossings and manage your hard Brexit collaborations currency risk

intouch | ISSUEwww.gfsb.gi 29 | WINTER 2016 isolas_A4_Horizon:Layout 1 2/4/15 2:27 PM Page 1

CONTENTS 3

05 EDITOR’S NOTES

06 MEET THE BOARD

07 CHAIRPERSON’S FOREWORD

08 PLANNING FOR THE APOCALYPSE

10 GETTING A GRIP ON BREXIT

12 HOW TO BETTER MANAGE YOUR CURRENCY RISK 10

14 AND NOW FOR A HARD BREXIT GETTING A GRIP ON BREXIT 16 BORDER CROSSINGS AND COLLABORATIONS

20 NEW MULTIMILLION POUND INVESTMENT IN MAIN STREET DEFIES BREXIT UNCERTAINTIES AND CONFIRMS CONFIDENCE IN GIBRALTAR ECONOMY

22 NURTURING BUSINESS – GIBRALTAR GOVERNMENT’S BUSINESS NURTURING SCHEME

24 SUN, SEA & SUPPING 16 24 BORDER CROSSINGS AND SUN, SEA & SUPPING COLLABORATIONS

26 STREAMLINE TO ADD VALUE

28 ARGUS INSURANCE COMPANY (EUROPE) LIMITED AWARDED CORPORATE CHARTERED INSURER STATUS

www.gibraltarlawyers.com 29 SECURITY, SAFETY, SURVEILLANCE– NEW MEMBERS, SECURITEK, TALK TO INTOUCH MAGAZINE Whatever’s on the horizon, 34 FOCUSED ON THE FUTURE 36 HYPERION SOLUTION PARTNERS PROMOTES we’ve got your back POSITIVE EXCHANGES WITH MOROCCO For all that life may bring, whether good or bad, ISOLAS is on your side. 34 Property • Family • Corporate & Commercial • Taxation • Litigation • Trusts FOCUSED ON THE FUTURE Wills & Probate • Shipping • Private Client • Wealth management • Sports law & management For further information contact: [email protected] Portland House Glacis Road PO Box 204 Gibraltar Tel +350 2000 1892

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ear readers, and fighting in the background for all contacts and the right ingredients to our interests plus our neighbouring grow. If you would like us to publish a Welcome to the Winter businesses too. From high street business achievement or idea please get in touch. DIssue of InTouch. retailers defying the fears of Brexit, to IT companies who are doing their best to The portfolio of responsibilities keep looking forward. Please let us know what you would like to We have had a busy and eventful few see in future editions. months. After Brexit, the world was have been allocated by the Board Gibraltar has and will always find a way once again surprised at Donald Trump’s to adapt and thrive even under difficult Thanks for reading and supporting the victory. In fact 2016 has been a pretty circumstances, the GFSB is here to aid GFSB. Wishing you success, as follows: remarkable year. businesses as much as possible in these times. Julian Byrne At the GFSB our primary goal is to aid Editor small businesses in every way possible, On another note, we have some useful and this issue focuses heavily on Brexit, Chairperson Gemma Vasquez information on the Gibraltar Small potential problems and the best ways Business Nurturing Scheme, plus an to face it, or indeed, embrace it. At the Vice-Chairperson Julian Byrne interview with In2Adventures who have moment it is business as usual, whilst received this helpful loan. Treasurer Alfredo Vasquez thinking and planning for possible change. It is a difficult time as exactly The Federation is constantly working in what will happen is uncertain, however, Employment Gemma Vasquez (Conditions of Employment Board, Labour the background to influence Government that is the normal nature of business Advisory Board, Small Business Board) decisions and continue to make Gibraltar anyway. We never know what the future an excellent place for doing business. may bring, so we have to be ready to Our board members are always available adapt and rethink our strategies. to share concerns and ideas with.

We have a good range of articles, Environment Tony Lopez The GFSB is here to help you make your including one from the President of the business ideas flourish, we stand by small Cross Frontier Group, who are doing a Legal Gemma Vasquez businesses providing tools, information, great job of highlighting frontier issues, Business start-ups/EU Funding Alfredo Vasquez (JLAG, EU Funding Board, Small Grants Board)

Information & Technology Julian Byrne / Eran Shay (E-business Advisory Council)

Education & Training Tony Lopez / Alfredo Vasquez

Pensions Daniel Delgado

Members Benefits Paul Collado DISCLAIMER 1 No part of this publication may be Business Licensing Gemma Vasquez / Julian Byrne reproduced without the wirtten

Issue 29 - Winter 2016 permission of the publishers. The iMindingntouch Gibraltar’s Business Banking Michael Borge / Neville Dalmedo Publishers and the Editor have made intouch every effort to ensure that all of the Health & Safety Tony Lopez (Health & Safety Board) EDITORIAL DIRECTOR information within this publication is accurate, but emphasise that they cannot Business & Commerce Alfredo Vasquez Julian Byrne accept responsibility for any errors or omissions. The Publishers and the Editor Tourism Ann Hudson (Tourism Advisory Council) DESIGNED BY accept no responsibility for statements Piranha Designs Gibraltar made by contributors or for any claim Wholesale & Retail Ann Hudson www.piranhadesigns.com made through advertisements published BREXIT in this magazine. EDITION International Gemma Vasquez (ESBA Board) JOURNALIST Jackie Anderson INSIDE: Borders How to better And now for a crossings and manage your hard Brexit InTouch Magazine Julian Byrne / Lianne Azzopardi collaborations currency risk PUBLISHED BY Federation of Small Businesses Design & Branding Julian Byrne The GFSB The UK’s Leading Business Organisation intouch | ISSUEwww.gfsb.gi 29 | WINTER 2016 122 Irish Town, Gibraltar Issue 29 | Winter 2016 Events Lianne Azzopardi / Paul Collado Tel: +350 200 47722 Email: [email protected] www.gfsb.gi

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ear readers, As has been previously stated, we can Clarity on any agreement with the UK only deal with the aspects of Brexit that would also be a welcome step. The Happy New Year and are within our control. It would seem to sooner that the business sector gets Dall the best to you, your us that this is twofold: some form of clarity on what a post-Brexit relationship with the UK would look like, families and your businesses for 1. Make doing business in Gibraltar the easier it would be for businesses to 2017. easier, and plan ahead. 2. Ensure that we get a good 2017 does indeed promise to be an agreement with the UK, so that our This is all within our grasp. interesting year. With the likelihood of financial services sector and our gaming Article 50 being triggered in the first sector can continue to flourish. As ever, quarter, it is only right that this issue should focus on Brexit. This would give us a sufficiently good Gemma Vasquez structure within which to work. GFSB Chairperson Gemma Vasquez Julian Byrne Alfredo Vasquez Michael Borge Lianne Azzopardi Tony Lopez Whilst no one is clear what form Brexit Chairperson Editor Treasurer Secretary will take – it seems that by Tuesday 17 As we have stated numerous times, January,, the UK Prime Minister will set businesses need guidance on applications out her path in a clearer fashion. After to the Business Licensing Authority. months of hearing that “Brexit means The rules have changed and clarity is Brexit”, this is welcome! required. This is a simple step, which would make it far easier for applicants With a Gibraltarian vote of 96% to to apply and set up businesses. It is Remain in the European Union, it is quite clear that, at this moment in time, Her clear what Gibraltar would like. It is also Majesty’s Government of Gibraltar must quite clear, from talking to Gibraltarian do everything which it can to make it Paul Collado Ann Hudson Daniel Delgado Eran Shay Neville Dalmedo business, that the main concern is the easy and attractive for people to do border with Spain. This has been true business in Gibraltar. This is an easy, cost from the outset. effective step to take.

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Unless you manufacture nuclear fallout and may require forecasts and strategies can explore in this respect. shelters, it is likely that the political to be changed. events of 2016 will have brought Border difficulties uncertainty, and likely some caution, Reduced access to EU labour As we are all painfully aware, the to your business. In Gibraltar, we are Given the limited size of Gibraltar’s Gibraltar border has never been the particularly exposed to the effects of workforce, many industries in Gibraltar most straight forward or free-flowing Brexit. So is there something that you have relied on a plentiful supply of entry point. Whilst the impact of Brexit should be doing to prepare for it, or employees from other EU countries. on the border is not yet known, we can are you helplessly and uncontrollably This is very visible in the hospitality and presume that it will not make the flow of exposed to its consequences? catering sectors and has been crucial in goods or people any easier. As such, for the success of gaming. businesses whose employees or goods The answer (as it is to most of life’s cross the border, this is clearly an area complex questions) is not a simple Whilst it is not known what laws and where contingency planning will be one. Whilst we have all heard that, regulations may eventually be required necessary. “Brexit means Brexit,” this mantra is not to replace EU freedoms of movement, especially helpful when trying to make a strategic plan for your business. As things currently stand, we know there will be change but we do not know how much or what form it will take. However, this does not mean that there is nothing we can do to prepare. Businesses can prepare for Brexit by analysing the possible effects on them and drawing up contingency plans to address potential threats. 016 has been a tumultuous year. The A very quick brainstorm of possible Brexit threats is likely to identify some or PLANNING effects of it will be felt all of the following: 2economically, socially, culturally and politically for • Reduced access to EU markets FOR THE • Reduced access to EU labour decades to come. 2016 will be remembered across the globe • Macroeconomic factors, such as the it is unlikely that a Gibraltar government Businesses should assess their reliance impact on foreign exchange as the year that brought the will want to make it more difficult on a free-flowing frontier and plan • Border difficulties, impacting goods for such businesses to operate in a for how they could mitigate against APOCALYPSE unlikeliest of incumbents to the and people post-Brexit environment. However, it any potential difficulties in this area. White House. could be that employing EU staff may This means looking at where staff By Daniel Delgado, Partner, Let’s look at each of these in turn. become a more cumbersome and time- are located and planning whether Deloitte Gibraltar and GFSB Board Member 2016 will be remembered by music consuming process, particularly if there recruitment needs and locations would lovers as the year that David Bowie, Reduced access to EU markets is a requirement to obtain work permits change under certain scenarios. It Prince and Leonard Cohen passed Freedom of services has allowed or visas. also means considering the source of away. It will be remembered by film Gibraltar businesses to enjoy largely goods purchased and whether there lovers as the year that Alan Rickman unhampered access to the EU market Macroeconomic factors are alternative supply chains that can and Gene Wilder passed away. It will and has been one of the selling points Since the Brexit vote, we have all bypass the land border, if required. be remembered by sports lovers as the for Gibraltar within financial services personally experienced the effects year that Leicester City won the Premier and gaming. Whilst the impact to the of the reduced value of the Pound. Final thoughts League and the Chicago Cubs broke jurisdiction as a whole will be mitigated Visiting Spain has become significantly Brexit will undoubtedly cause upheaval, their 107 year winless streak. 2016 has by the fact that a lot of this business more expensive and consumers in which few of us in Gibraltar will be also seen the deaths of Muhammad Ali, has tended to be UK facing (and so will, Gibraltar will be feeling the effects of the insulated from. However, effective Paul Daniels, Terry Wogan and Ronnie hopefully, remain uninterrupted), anyone decreased purchasing power of Sterling. planning can go some way to mitigating Corbett, to name but a few others, but delivering their services to other EU any negative effects. Furthermore, as I wouldn’t want to depress the reader countries will very likely be impacted. Businesses that buy goods or services in the shape of Brexit starts to become further! And in Gibraltar, 2016 will Euro face the dilemma of having to raise known, businesses can also plan to certainly be remembered as the year If your business relies on such their prices or suffer reduced margins. benefit from any opportunities that may that brought about Brexit. “passporting”, you should be Such businesses may wish to reconsider arise, be that through new products or investigating what alternative their purchasing arrangements to services, changing regulations or closer arrangements you will have to put investigate if more efficient options exist ties to other jurisdictions. in place to continue to access these (e.g. goods supplied from the UK may markets. Such measures may include become comparatively more attractive). 2016 has been traumatic but it is not the use of branches or fronting yet the end of the world. Assuming the arrangements to continue to operate in On the flip side, Gibraltar has become world can avoid a nuclear apocalypse, this way, if freedom of services does not a cheaper destination for visitors and 2017 surely can’t top 2016’s barmy, apply following Brexit. However, such customers using Euro or Dollars. There unpredictable, hair-pullingly crazy roller arrangements are likely to increase costs may be opportunities that businesses coaster ride of a year. It can’t, can it?

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can obtain in UK and how much for, and looking to purchase the same in Gibraltar for less money. Tourists from other countries are generally more adventurous with their purchasing habits and are happy to go home with something different, something they could not easily have bought in their own town.”

Listening to the customer has really paid off, particularly when Prem found that his typical UK customer was all for Brexit. That gave him a suspicion that perhaps the Leavers might take the day in the end, and this led him to hedge on currencies, which with hindsight was a wise move, providing the company with at least a temporary cushion.

“After the Leave vote triumphed, the Leavers were clearly euphoric because take. Conditions for cross-border they eagerly spent their money in our workers may therefore become very “We have to keep calm and level headed stores and we had a record-breaking difficult. We are known to invest in our as a nation,” is his opinion, “we need summer,” he grins. staff, we want them to be successful to focus on all the positive things that and motivated. After all, the right team Gibraltar can offer – to really thrive, we He is aware, though, that given the sharp is vital for the success of any business. have to offer something very special to drop in the value of sterling against the And yet, our staff have, since May of the rest of the world. GETTING A GRIP ON Euro and the US Dollar, this trend might last year, experienced the equivalent not last. of a 20% pay cut because of the falling “In order to keep the retail sector pound - this is nothing but demoralising thriving and fuelling the economy, “In the long-term, Gibraltar has to import for them.” our tourism product has got to keep everything, so the cost of currency growing and improving. Gibraltar greatly impacts our profitability. We are With 90% of Prem’s retail team made up has to offer a unique and appealing still hedged, but this cannot last forever. of cross-border workers, any difficulties experience for each and every visitor BREXIT We have spent time fostering excellent in work permissions or free movement is and this will ensure that cruise calls Prem Mahtani of the Antonio Group talks to Intouch Magazine about relationships with our suppliers and likely to have a significant impact on the grow and that more aeroplanes land they are showing us plenty of support, business. at our international airport. We need trading in uncertain times but there will come a point in the near a robust, compliant finance sector to future where the spiralling pound with “The labour market in Gibraltar is such appeal to offshore investors and to fuel catch up with all of us. Just because that the local workforce tends to prefer our economy. In order to ride the Brexit They say that worrying is With a university degree in retail “The whole idea of exiting Europe, the traders in Gibraltar have had a pretty employment in other sectors and so wave, Gibraltar as a whole needs to good summer, with European visitors retail staff tend to be recruited from keep a careful eye on spending, whilst like paying interest on a management and a pedigree in the idea of unknown, long-term effects on happy to spend their money on goods Spain and other European nations”, encouraging inward investment at all debt you never had,” says local retail industry that spans three currency prices, on trade conditions generations – the Antonio Group, with Europe and on free movement of that appear cheaper now that the Euro he observed. “If we are to convince times.” “Prem Mahtani as we spoke is stronger, we cannot ignore the fact our local youth that a career in retail is established in 1932, is a family business people has had the business community about surviving and thriving in trading out of four world-class jewellery worried from the start. Like most that prices will have to be pushed up rewarding and lucrative, we will need to Worrying about Brexit is not a the shadow of an impending stores on Main Street – Prem’s entire people though, we felt reasonably and this means inflation too will rise. It radically change the public’s perception particularly helpful use of resources. is no secret that the buoyant trade we Brexit. Consummately at ease approach is customer-centric. This has confident that it was never going to of the retail trade and of private sector Prem is determined to ride the storm, are experiencing at the moment cannot employment in general. This is not an keeping a calm head and a firm hand on a sofa in the glittering interior led him to create stores in which the happen,” he continues, “that is, until we client is encouraged to engage with the engaged our customers in discourse last.” easy task – people tend to associate the on the tiller. With a website selling of the revitalised Prestige product on many levels and in which over Brexit in the weeks leading up to retail sector with long hours, weekend products internationally and a powerful Jewellery store in Main Street, this client-product interaction is at the the vote.” There is another major issue that gives working and comparatively lower customer focus driving his business we delve into speculation on heart of everything from store layout Prem cause for concern. pay. It’s my guess that retaining and forward, he is clearly embracing the what the future might hold for a to displays to lighting to multimedia to The typical customer for the Antonio recruiting a skilled labour force may challenge. “While it is one thing to mitigate the therefore be a complex and difficult serial iconoclast like Prem. facilities to staff training. Aside from Group is the British tourist. Prem has effect of plunging exchange rates, it is a issue as Brexit progresses.” “Keeping calm is the best way to the shine and lure of precious gems and a very clear image of his customer metals, Prem insists that his customers profile and keeps a very close eye very different prospect when it comes to handle any crisis,” he advises, “we are “We are fortunate in that we have experience comfortable surroundings on practically every retail trend the frontier with Spain,” he elaborates, Having understood and recognised having change foisted on us, but with excellent footfall in our stores from and a level of attention and service that that influences and inspires this “especially when we hear aggressive, these problems, Prem is not going to change come opportunities. We have tourists visiting Gibraltar,” he explains, makes them want to linger, converse, demographic. unnerving statements from Spain. Our stand still and simply let things slide. to embrace change and treat every “and absolutely every one of them share their personal opinions and, neighbours appear to want to make The Antonio Group has survived wars, challenge as a chance to excel. We will expressed an opinion on Brexit in the judging by record sales figures since re- “Usually in middle-age or older, with things very difficult at the frontier and closed frontiers and recessions and keep our heads, negotiate the storms few weeks leading up to the referendum launch this summer, spend their money. a very clear idea of what they want for Gibraltar’s status within Europe, Prem is determined to remain steadfast and ride the waves until we achieve vote.” to buy, having researched what they whatever form that might eventually in the face of an EU exit. success.”

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Third, always maintain a long term perspective. Sure the market may initially move against you after locking in a rate but it will just as quickly move back in your favour. Ignore the noise and remind yourself, regardless of what percentage of exposure you hedge, ecent swings in global that uncertainty is removed and instead currencies have put focus on growing your business. Rexchange-rate risk high on the agenda for companies working TECHNIQUES TO with suppliers, production, MITIGATE CURRENCY or customers in different EXPOSURE currencies. The most notable impact on local companies in USE FINANCIAL HEDGING INSTRUMENTS Gibraltar has been the sharp Hedging your currency exposure is fall of the Pound following the much easier than it seems once you Brexit vote. have the correct mindset, and there are a couple of commonly used and Given that virtually everything in straightforward tactics to employ. Gibraltar is imported, the devaluation of the Pound has meant the cost of The forward contract is the most supplies has dramatically risen for many commonly utilised hedging strategy retailers, restaurant owners and other among small businesses. At its core, a forward contract is a contract to buy or businesses. Even companies who import salary increase if the Pound falls below In summary, the risks inherent in the sell an asset (in this case a currency) at HOW TO from the UK, who in theory should not 1.10 to the Euro. persistent volatility of the currency a specified price at a future date. You’re be feeling any difference, may still be markets makes accurate business locking in a rate of exchange for a future affected if their delivery costs are in RE-ADJUST YOUR PRICES forecasting extremely difficult and Euros or if they travel across Europe for payment, for example. For a majority of The fall in the value of the Pound underlines the importance of currency BETTER marketing purposes. Businesses that small business owners, this is as complex has made prices in Gibraltar much risk management tools. However, many employ Spanish workers may also be an instrument as you’ll need. more attractive for Spanish and other businesses do not utilise the tools feeling an upward pressure on wages European shoppers. While this may be available to them. There are plenty of as these employees have seen the Euro A forward-extra (sometimes known as MANAGE good news for retailers, they may decide ways a business can better manage value of their salaries squeezed by a risk-reversal or forward-plus) would to shift part of the burden of the higher its currency exposure. Nevertheless, almost 15% since June. With uncertainty offer a protective rate guaranteeing you cost of supply onto consumers by partly it is important to remember that your likely to continue and plague the a price if the base currency weakens. If raising the price of their merchandise. overall objective should be to achieve YOUR currency markets well into 2017, how the market moves favourably, you may commercial success not to become a should local businesses manage their also have the opportunity to exploit that SHOP AROUND FOR BETTER currency speculator, and never lose shift and buy at a cheaper rate. Again currency exposure? sight of your business’ operational and the potential upside is capped but the RATES CURRENCY It may seem convenient to go with financial objectives. Adopt currency First, know your overall currency gain is in guaranteeing a “worst-case” your bank, but for smaller businesses in strategies that let the underlying exposure. In today’s global economy, price, while retaining the opportunity for particular it’s rarely competitive. Just by business make your profits rather than many small businesses are either a better rate down the road. shopping around to specialist providers relying on currency gains to prop up the RISK? engaged in cross-border commerce or bottom line. such as online currency payment plan to be soon. As a result, complex RENEGOTIATE PRICES WITH platforms, you could save up to 5% on currency liabilities arise, so managing SUPPLIERS By Eran Shay, rates. Talk with a specialist before the value of future payments or receipts This may depend on your sector implementing a foreign currency Managing Director, grows increasingly important. Once you and your type of business, but some EXPLORE SOURCING NEW strategy. Foreign exchange products know your exposure, you’ll discover suppliers may be open to price Benefit Business Solutions Ltd SUPPLIERS and strategies don’t adhere to a one size potential vulnerabilities and you can negotiation. It depends also on your fits all approach. A successful strategy Now may be a good time to find UK www.benefitgibraltar.com employ basic hedges to mitigate bargaining strength with trading needs to suit your individual business suppliers instead of continental ones. currency risk. partners. needs. Business owners may also find it more Second, abandon the “casino mentality” INSERT EXCHANGE RATE attractive to use local service providers from within Gibraltar, than across the and leave risk-taking to professional CLAUSES IN SALARY border, thereby eliminating the currency currency traders and investors. Devise CONTRACTS a hedging strategy, employ it and sleep exposure for these services. This may To avoid higher salary demands from easy at night. Don’t worry thinking you particularly be applicable for services your foreign employees, you may wish could have fared better had you waited such as marketing agencies, printers, to fix salaries to a certain exchange a week on a transaction. You know what consultants, and more. rate, or define a certain exchange rate rate you’ve bought at and your profit floor beyond which a compensation margin isn’t threatened. mechanism kicks-in; for example, a

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circumstances surrounding security completed and now home to In the meantime, we continue to keep a around the world; Gibraltar is of huge Abacus and Robus Insurance, further watchful eye on current affairs relating interest and an attraction in this respect underpinning the huge potential for to hard “B” and how Gibraltar Inc. deals AND NOW FOR A and will continue to be so. converted freehold buildings into high with the challenges and the prospect spec grade 1 office space. of changes ahead, and indeed how this COMMERCIAL PROPERTY may all play into the property market UPDATE Over the next few weeks, we hope - positively or negatively……. so far so HARD BREXIT World Trade Centre is set for completion to announce the launch of another good though! in December 16’ only a few months office complex of approx. 5,000sqm. delayed, which one has to say, is This grade A office development is Finally, and as we lead up to the end of great going! What is truly welcoming yet another refurb project which we the year we look towards the launch of is the fact that with only weeks to go hope will serve the existing demand our new Website with some interesting for completion, the development is for high spec, quality, modern offices informational features that will most I recall this was very much the mood on In spite of the above, the message out ’ve gotta be honest it’s driving almost fully occupied with only 10% sought after in today’s market. Please certainly add value to the already wide the 24th June of this year, in fact the there (in our view) is clear; regardless me feckin bananas – we’ve of the space available and various do contact us privately for further ranging historical knowledge that BMI mood was all but suicidal. Interestingly of the challenges that await us and had a full 12 months of it and corporates of varying sizes lining up to information on this. already provides to the market – keep an however the past few months since the the grey areas that are ever present, I consider their options. BMI are proud eye out for this. quite frankly it’s starting to referendum has been nothing short of Gibraltar is a nimble economy, able to to have been involved in leasing some In the next issue we will take a further really wind me up. exceptional from a property perspective. twist and turn and importantly, react to substantial areas in this scheme, to the look at how the off-plan residential BMI offers, a full complement of 8 staff, You gotta love the optimism! hurdles far easier and quicker than larger gaming and the insurance sectors. We developments currently under dealing with property sales, lettings, I had promised myself to refrain from economies. Yes, the Spanish dimension believe that WTC underpins that phrase construction are taking shape – we hope management, relocation and other discussing or even mentioning the “B” It would be fair to say that the first is a concern, it has been for over 300 – “if you build it, they will come”. to provide a better insight on how re- related services. Call us, or better still word on this issue, but we’re not getting half of the year was flat and we knew years (charming aren’t they) and will sales in the off-plan sector are evolving pop in to our offices for a coffee, (we a break are we, nor are we likely to for this would be the case; the second continue to be. But let’s not ignore We are also pleased to have been and to what extent the volume of these have great coffee) we’d be delighted to another couple of years. Yes, we knew half (so far) has been a welcoming the fact that it is the very reason why very much involved in a 2,000sqm re-sales may impact the residential meet you! this would be the case, but the press / surprise to say the least. In the short Gibraltar has been so successful – the refurbished Town Centre building market moving forward, based on their media are just having a field day with space of time since we last issued our challenges we have faced have always at Casemates which has now been current values. We also take a look at Sincerely, it all and depending on who you talk to previous magazine we have experienced kept us on our toes and served us well how residential Louis C. Montegriffo and in what mood they are in, we could somewhat of a burst of sales which in this respect. Here’s an interesting lettings are faring Managing Director. either be fishing with EU Spanish issued quite frankly was unexpected given the fact; over recent months since June, we and what to licenses next year, or on the way to circumstances. What has surprised the have entertained various clients from expect given the becoming the next Monaco - yes it’s that most has been the continued interest parts of Europe (all HNWI) relocating continued short extreme…….. particularly if you join my and growth in the high and upper high to the Rock, all with varying (primary) supply, taking breakfast meetings on Friday mornings – end where we have fortunately been reasons for their move; residency, tax into account the heated to say the least! involved in some interesting sales…….yes, efficiency, corporate relocation, the sun, recent entrance some very interesting sales. Needless the sea, etc, but all with one common of some large Fact remains, and like it or not, we are to say, all of this, once again, underpins denominator ……… security and stability! companies in this (or out of it) for the long haul and the confidence in Gibraltar at all levels; Both these factors are high on anyone’s relocating to the we have to deal with what some will no but worthy of note is the upper end, in agenda, particularly given current Rock. doubt argue, are uncertain times ahead. which we had expressed some concern based on the uncertainties.

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ollaboration is a key side, these are representatives of Unite, generated, taxes could not be raised – concept in business and Gibraltar Teachers’ Association, Gibraltar the whole economy would be affected. many local businesses General and Clerical Association, C Gibraltar Chamber of Commerce and the The flip side of that symbiotic thrive through GFSB, while on the Spanish side there relationship, of course, is the benefits partnerships and co-operative are representatives of APYMELL and to the economy of the Campo de working arrangements within the two largest Spanish unions, UGT and Gibraltar area that having 10,000 Strategic legal their sector and with other CCOO. people employed in Gibraltar brings. businesses in related sectors. It It’s the domino effect: these workers advice is priceless. is precisely through the medium “The group is totally non-political,” pay for their homes, for their food, Alfredo emphasises “we exist to for their leisure, and not only support of the collaborative work that is Hassans stands represent the interests of the 10,000 their families, but support many other being undertaken by the Cross cross frontier workers and the families associated businesses, and workers, and Frontier Group (CFG), that key and businesses on both sides of the their families. It is a relationship whereby out from the crowd relationships between Gibraltar border that rely on good relationships each side relies on the other in order to and Spain are being built in and smooth movement across the thrive. border.” With a global reach, Hassans provides legal solutions, order to improve business both locally and cross-border, to individuals The CFG started its work by lobbying confidence and to bridge the and major multinationals. We deliver a service The CFG brings into focus the symbiotic and raising awareness of the issues consistent with old world values of customer care gap that will be inevitably relationship that exists between in both Spain and Gibraltar, meeting whilst combining professionalism with pragmatism. created by Britain’s withdrawal Gibraltar and the frontier region in Spain. politicians and key decision-makers Our clients get what they need, when they need it. from the EU. Gibraltar needs the workforce for its in Gibraltar, Spain, UK and at the EU Personal or business solutions. Efficiently delivered. businesses to function, for the wheels Commission in Brussels. of the economy to keep turning. Should Alfredo Vasquez, of the CFG, welcomed there be a sudden withdrawal of the “We have noticed that more recently me to his office at Vasquez Consulting ability of people to enter Gibraltar to there seems to have been a bit of a Ltd. earlier this week and took the time work, then given the numbers involved, change in thinking about the relationship to explain the history and the objectives that workforce would be extremely between Gibraltar and Spain,” Alfredo of the group. difficult to replace. This is not a situation tells me, “we seem to be moving away 57/63 Line Wall Road, PO Box 199, Gibraltar. “Hassans is widely considered to be the that any of Gibraltar’s businesses wants from the hard line attitude fostered Set up in 2013, at the height of the T: +350 200 79000 F: +350 200 71966 market’s leading firm, both in terms to have to face; left with little or no by the Spanish government during tension at the frontier, the Cross Frontier [email protected] of size and depth of experience…” workforce, businesses would soon 2013, there seems to be a growing Group is made up of representatives of www.gibraltarlaw.com Legal 500 EMEA, 2014 Edition. stop operating, income would not be Spanish and Gibraltar’s trade unions and employer representatives. On Gibraltar’s ISSUE 29 | WINTER 2016 | intouch intouch | ISSUE 29 | WINTER 2016 18 19

greater willingness to think about them A particular area of focus at the moment take into consideration, for example – and how to find ways of working is the European Grouping of Territorial but the overall concept has been very together. There seems to be a shift in Cooperation. This is a legal entity well received.” attitude in the region towards something created under EU laws with its own that we think might be a bit easier to remit of objectives that can be as We spoke about the fears that have work with.” broad or as focused as its executives arisen in the local communities on either decides is needed. This executive is side of the border since the referendum These things take time and patience, but made up of representatives from each result. Gibraltar is worried about the the CFG’s persistence is bringing some of the territories involved. Essentially, uncertainty and the information vacuum positive light into a difficult situation. it is a vehicle designed by the EU to we seem to be experiencing is filled bring together either member states, with rumours, opinions and speculation, “We want to make sure that the relevant or member and non-member states none of which is particularly conducive parties are aware that citizens of the to cooperate in particular fields. There to business planning and investment. area and businesses should not suffer could even be the possibility of the Spain, on the other hand, is expressing as a result of the political environment, EGTC obtaining EU grant funding, fears of sudden rises in what is already that citizens should not be used in any depending on the projects that are high unemployment in the region, a way by any party as a political weapon,” within its remit and the financial and worsening housing crisis and more loss explains Alfredo, “and that free legal context of the time. of businesses. This EGTC concept is transition of goods and workers across therefore important in that goodwill the border results in growing businesses, This means that even if Gibraltar has to between Gibraltar and Spain can generates employment and brings leave the EU as a result of Brexit, it can become something tangible, can create greater prosperity along with it. It is only still form part of a local EGTC to develop co-operation and collaboration which through establishing good and positive co-operative working arrangements with can then find solutions for parties on relationships that this can happen.” Spain. both sides of the border. GOES GREEN…….AND ACHIEVES THE ISO14001:2004 - Key to the steady, positive response This brings to Gibraltar the possibility In this climate of post-Brexit uncertainty, ENVIRONMENTAL MANAGEMENT SYSTEM- THROUGH to the CFG is its objectivity and that it will not be an isolated outpost of intangibles and speculations, a definitive ACTION AND NOT JUST WORDS independence which means that the UK at the tip of the EU but that there move to developing collaborative politicians, decision-makers, will be a bridge, so to speak, linking it working with Spain, and with other Horticultural contractors, Convent Garden, Convent Ramp, Tel. 20043134 parliamentarians are all willing to listen, with the EU through the remit of its countries is essential, and the Cross e-mail. [email protected] and the fact that both Spain’s and relationship with the EGTC. Frontier Group is focusing on just that. Gibraltar’s views are represented results in the CFG being very well received. With Gibraltar having voted so In recent meetings at the Houses overwhelmingly to remain in the EU, of Parliament in Westminster, and this could be one of the more positive meetings in Brussels and also in Spain, post-referendum developments. Indeed, Alfredo found that there was interest, Alfredo commented that the overall support, and, importantly, he found reaction to this initiative has been very that politicians in Spain are beginning positive. “Of course, there are many to recognise that there is a need to co- technicalities to deal with – the legal Alfredo Vasquez operate. context of two different countries as Cross Frontier Group Certification Body: Verification International of Nottinghamshire, England. well as all the relevant EU directives to

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PRESS RELEASE You can count on us. GOOD SERVICE MAKES THE DIFFERENCE NEW MULTIMILLION POUND INVESTMENT IN MAIN STREET DEFIES BREXIT UNCERTAINTIES AND CONFIRMS CONFIDENCE IN GIBRALTAR ECONOMY

new multi million new jurisdictions and have already been city into a shopping icon epitomises pound investment signed up include Michael Kors, Just the adaptability and resourcefulness in Main Street to Cavali, Armani, Hugo Boss, Versace, for which the local trading community Lacoste, Paul & Shark, Kurt Geiger and has always been redound,” states Mrs create a ‘Flagship’ A Polo Ralph Lauren. Gemma Vasquez, Chairperson of the department store has opened Gibraltar Federation of Small Business in Gibraltar. It is one of the “Tourism is one of the mainstays of the (GSFB). biggest multiple brand fashion Gibraltar economy and within in that stores not only in Gibraltar but the ‘shopping experience’ is one of the The investment has also been welcomed principal attractions for both the day by HM Government of Gibraltar. also in the southern Iberian We always put our customers first. and cruise visitors as well as the longer “I am delighted and welcome this That’s why we have 24/7 customer Peninsula. The project provides stay traveller,” says Mr Nihchalani, who project by local entrepreneur Bhisham a major contribution to the local is also at the helm of the very popular Nihchalani. Following the June vote service and technical support, with retail sector, re-energising the ‘Trends shops in Main Street’. “This mega I am encouraged and pleased to see any faults fixed within 24 hours. Gibraltar shopping experience store is not only a destination for locals such confidence in Gibraltar’s future. and boosting the tourist and tourists alike, it also places Gibraltar It will serve as a powerful and visible on the map alongside Marbella, Puerto ‘statement of intent’ that is sure to boost product. Banus and other shopping destinations confidence in this important pillar of the in the region and I am really excited at economy,” said Chief Minister, The Hon “As an established retailer for over 20 the opportunities it will bring in terms of Fabian Picardo MP QC. years, I am confident that Gibraltar economic activity and employment,” he can survive any challenge in faces,” continues. The refurbishment of the building comments Mr Bhisham Nihchalani, was under taken by Casais Ltd. and Managing Director of Bharat Ltd. and The restoration of the ex-Barclays completed in November 2016, timed the driving force behind the initiative. Bank building in the middle of Main perfectly to coincide with the annual Defying Brexit uncertainties, he has Street enhances the look of the holiday shopping season. managed to attract some of the façade and blends in naturally with biggest players in the fashion industry. the city scape. “The transformation Top brands who are normally very of this notable building with a strong cautious in partnering or opening in commercial tradition in the heart of our

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scheme therefore has to demonstrate Businesses should also show whether Applications to the Business Nurturing prudence in how this money is lent and they create jobs, whether they are going Scheme are assessed on a points- it has to ensure, as far as possible, that to be contributing to e-commerce, urban based system by a committee of businesses that receive these loans are renewal or touristic value. three individuals: one is a member of likely to be viable, sustainable and can Applying for a Business Nurturing the Chamber of Commerce, one is a meet the loan repayments. The scheme, Scheme loan is akin to a pitch to an member of the GFSB and one is an perhaps more than commercial lenders, investor and entrepreneurs have to official of the Ministry of Business and must be seen to be lending responsibly. have their facts right, their research Employment. The committee assesses done thoroughly, their figures stacking each application and awards it points. Applicants will find that they are up and their forecasting making sense If an applicant is awarded a score of expected to provide personal financial in order to be convincing, in a way over 25 points out of a possible 100, information to help develop a picture of similar to obtaining investment from then this applicant is invited to meet their financial circumstances and their any other quarter. Understanding that the committee to discuss any issue ability to repay the loan. They will also the Government has certain priorities in the committee may have regarding be expected to provide appropriate relation to the economy and community that specific application. After the ID and character references. Detailed as a whole, and that the Scheme is a part meeting, the score is finalised, and, a information about the business proposal of its policy framework to meet those recommendation is made as to whether is also essential, so a clear business plan priorities, helps to put the requirements the loan should be approved. will need to be drafted and submitted, of the scheme into context. along with a financial forecast. Focus In many ways, the scheme is similar to on business goals is important, as well The maximum amount of a single obtaining a loan from the bank, but the as good market research and a strong loan is £25,000, but this could be the loan provides another option, making understanding of potential customers significant difference between starting it a very useful way for some new small and the particular appeal of the product up and never getting off the ground. businesses to borrow money for starting or service. It is important to demonstrate The money is loaned at a fixed interest up. The Gibraltar Business Nurturing through the business plan how far the rate of 2% spread over 5 years of regular Scheme provides that helping hand that business is innovative, sustainable, monthly repayments. is often all an entrepreneur needs to get NURTURING BUSINESS – provides value for money and that there the ball rolling. is evident demand for the product. GIBRALTAR GOVERNMENT’S For more information, check the website: http://www.oft.gov.gi/index.php/ BUSINESS NURTURING departments/business-support-unit SCHEME.

f there is one thing that a new and the Business Support team eager business needs to be able to to help applicants understand what the start up and run, it is money - process entails and what information needs to be gathered for the application Icold, hard cash. Money is as to be made ready for submission. The necessary to the entrepreneur, team’s aim is to help new business start as oxygen is to the human up successfully and develop further, and, body. Recognising this, the where necessary, will point applicants Gibraltar Government initiated to places such as other government departments where they can obtain the Gibraltar Business Nurturing further advice to fully develop their Scheme: a fund specifically set business plans and financial forecasts. up to support the development of new business starts ups in In essence, the Gibraltar Business Gibraltar with cash, and, which Nurturing Scheme is primarily aimed provides up to £25,000 in the as a low-cost loan to new businesses, although it is also available to existing form of a low-cost business loan. businesses, which are seeking to expand for future success, as well as to meet or diversify. There are, of course, criteria regulatory requirements. Administered by the Ministry of Business to be met by the businesses, similar to and Employment through the Business those that are applied by banks and It is a particular feature of the scheme Support Unit, obtaining information is other lenders. In fact, the criteria are that the borrower demonstrates their remarkably easy. Nor is the process of little more than a business needs to fulfil ability to repay the loan. The scheme application particularly complex, with in order to keep its books in order and supports the local economy, helping to information readily available on-line to exert the financial control necessary generate wealth and create jobs. The

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Already convinced, I questioned Tom on In2Adventures goes much further members and in ensuring that health and the hows and whys of the business. than simply responding to customer safety is always paramount and never needs or taking advantage of sudden compromised - they have fully qualified “It all started some years ago when I fads and fashions. Tom clearly relishes instructors trained by the British Stand Up became involved with the manufacturers challenges, and not just those that Paddle Association within their team. of inflatable paddle boards. These can involve trekking the Atlas Mountains SUN, SEA be stored away in a simple carry bag and or climbing to the summits of both In2Adventures is fresh, new, unusual, and inflated when being used – perfect for Pillars of Hercules on the same day. A its case demonstrates that the Business space-strapped Gibraltar.” significant element of In2Adventure’s Nurturing Scheme loan is broad in its success must be attributed to his ability reach and open-minded in its support to Tom started using these himself, to forward plan, to push boundaries, to many different types of businesses. introduced his friends to them and then use imaginative approaches to create “The great thing about the Business & SUPPING found that there were a growing number products that don’t just spark interest Nurturing Scheme loan,” says Tom, “is of people keen to use the boards, which but generate a thirst for similar thrills in that it is low cost and it gives us time to meant they needed to learn how to use prospective customers. develop products that we know will work hat’s Stand Up Paddling, them. here in Gibraltar. The Business Support not wine, or beer, or even “We have a passion for what we do, Unit was tremendously supportive. The tea. Increasing in popularity, “In a way, the business grew in whether it’s climbing, mountain biking process was pretty straightforward and Tstand-up paddling is one response to the needs of the clients,” or stand-up paddling, and we find pain-free and the team were very helpful. of numerous activities offered in Tom explained and this remains that as we follow our passion we can The Scheme has been a lifeline to us Gibraltar by In2Adventures, and, a characteristic of the business, put together packages of events and and no-doubt is critical to our on-going which combines astute anticipation experiences that are eagerly being taken success.” as the name suggests, founder, of customer needs, with creative up by customers.” Tom Cawthorns, has a passion for responsiveness to customer requests This success is not just about profit or the adventure. and suggestions, and an As an explorer by nature, Tom is probing bottom-line. Tom is never more animated imaginative approach to the the possibilities in the holiday and than when he talks about involving natural resources available tourism markets. “Gibraltar is a fantastic different sectors of the community in Tom’s enthusiasm for the outdoors, sports and here in Gibraltar. What place,” he enthuses, “and what a great events and activities: “Adventures and challenging activities is immediately engaging. started as Saturday thing to be able to share its unique experiences like stand-up paddle in the morning fun at Sandy Bay locations and character with people moonlight can be made available to so “I’m not sure you could call stand up paddle a is now a thriving business from all over the world.” many groups of people, not least school sport,” he grins, “at least not in the competitive providing adventure kids, the youth clubs, senior people. We sense that you have in rugby,” (he plays rugby experiences on the Rock A sense of timing has also gone far in have had “team games on the beach” too), “but it is a wonderful outdoor activity for locals, holidaymakers enabling In2Adventure’s story of steady days for groups of school children for people of all ages and abilities. You can and for corporate clients. success. Tom, along with co-founder, and team paddle events for groups of make it as easy or as challenging as you want, Craig Sacarello, clearly has many grandparents. We’re all thrill-seekers at whether you’re six or sixty. You can paddle by “We organise team- innovative ideas and the capability to heart!” the shore, or lie on your paddle and breathe building events for create reality from vision, but they also in the sea air, disconnect, meditate in your companies, both local understand how to pace the business Tom’s special brand of “beachocology” peaceful surroundings, or have fun splashing and from abroad,” and what they need to have in place in is enthralling. Suddenly, as well as a about with your friends. Then again, you can Tom continues, “we order to move forward. thriving finance centre and a bustling city, join one of our trips out to sea and ride the work closely with the Gibraltar is on the verge of becoming waves with dolphins, enjoy incredible views of Tourist Board and with This is where the Business Nurturing a lucrative playground. If success is the Rock from the surface of the sea or slide local accommodation Scheme came in. Finance is crucial a balance of work, rest and play, then silently over the dark waters in the moonlight. providers and can prepare to young businesses trying to grow In2Adventures can lay claim to providing Whatever you choose to do, it’s fun and it bespoke packages for as well as to traditional start-ups. all of these in Gibraltar. makes you fit.” teams of people from In2Adventures needed finance to be different companies, able to develop some of their products from away-days to long and retain stability in order to progress weekends. We offer sea- and grow, and it provides a perfect based activities that can example of a less orthodox business attract holidaymakers to make model. Money was needed especially their stay in Gib longer, to enjoy to invest in the rigorous training of team Gibraltar’s magnificent views and natural history, and indeed, human history, from the sea, using a paddle board, a paddle and their own resources. It’s a unique, calm, uncluttered way of discovering Gibraltar.”

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6. Does it fit your organisation’? 1. Apply the test. Find three things you a. Ensure they are written for the currently do in your department or majority of sensible employees, and not If you can’t answer yes to at least a organisation that you can stop doing the ones that will do something wrong couple of these questions, consider immediately, and just do it. Don’t ask or dumb. stopping the process or practice. anyone for permission. Just stop doing them. b. Put yourself in the customer’s shoes – SECOND, THE HOW TO: if you were on the receiving end of the 2. Identify three things that you do in policy / procedure how would it make 1. Do a quick and dirty list of all your your department or organisation that you feel? main processes and procedures within you can simplify or strip back, and just the function – where is your time going do it. Don’t ask for permission. c. Generate discussions between you STREAMLINE every day? and managers and employees. 3. With the processes you decide you 2. List all the documents you produce. want to retain, define a clear measure AND FINALLY THESE ARE of success, so you can clearly explain THE MEASURES OF SUCCESS: TO ADD 3. Hold a workshop. Your choice - just why you are retaining them. This needs your department or involve the business. to be articulated in terms of need for 1. Less paperwork, more talking the business, and not just need for your 4. Apply the test and take the streamline department. 2. A clear rationale for processes challenge. 4. Policies / procedures. Review all of 3. Reputation improvements 5. After you have completed the test them, and simply delete, remove or VALUE and the challenge, sit down as a team chuck in the bin any that do not meet 4. More time for value adding – and figure out what you are going to do the test. Take every policy / procedure determine what this means for you! with the time you have saved. you have and aim to reduce its size Create your own best practice. by half, removing any sections that NOW IT’S YOU TURN TO state the obvious. With what is left of If you take this challenge please share TAKE THE CHALLENGE: the policy, use the following design your success stories with the GFSB principles: community on their Linkedin group.

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ne of the interesting We find that some organisations that FIRST, TEST YOURSELF things about working at one would imagine are ‘cutting edge’, AND YOU STAFF ON YOUR the HR Dept. is meeting have very old-fashioned ways of doing POLICIES AND PROCEDURES: things. While on the other hand, there Oa variety of businesses are a number of organisations that 1. Can you explain in simple terms to a and discovering what goes on appear to be old-fashioned who we find, Sign up to online banking today and you’ll non professional the value of the activity are making use of new apps to make inside different organisation. As to the business? be managing your money in minutes with people, what you see on their businesses more efficient. the outside is not always what 2. Does anyone do anything with the Having access to this type of information you get on the inside. output, or use it to make decisions or helps us to choose the best practices changes? to manage our business in an effective and efficient way. We thought we 3. Does it help, change, or improve your would share some ideas to start you business? off streamlining your processes and procedures and freeing up time to 4. Is there a bloody good business consider where you can add value to Visit natwestinternational.com/online Follow us @NatWestGib reason? your organisation.

5. Is there a legal requirement to do the The Royal Bank of Scotland International Limited trading as NatWest (NatWest). Registered Office: P.O. Box 64, Royal Bank House, 71 Bath Street, St. Helier, Jersey JE4 8PJ. Tel. 01534 282850. Regulated by the Jersey Financial Services Commission. NatWest is the registered business name of The Royal Bank of Scotland International Limited under the Business Names Registration Act. Gibraltar business address: process or does it significantly reduce National Westminster House, PO Box 707, 57 Line Wall Road, Gibraltar. Tel. 200 77737 or 200 73200. Regulated and authorised by the Financial Services Commission, Gibraltar to undertake Banking and legal risk to the organisation? Investment Business from 55 and 57 Line Wall Road and 1 Corral Road, Gibraltar. Network charges may apply.

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PRESS RELEASE delivering quality service, the continued development of our staff and upholding the highest professional and ethical standards.” ARGUS INSURANCE Alison Hill, CEO of the Argus Group, COMPANY (EUROPE) says: “I would like to congratulate the Argus team in Gibraltar for this well- LIMITED AWARDED deserved designation. The Chartered Insurer title is highly exclusive and reserved for leading insurance firms CORPORATE CHARTERED around the world. Joining other INSURER STATUS worldwide Chartered Insurers, Argus earns formal recognition that we work SECURITY, SAFETY, SURVEILLANCE– hard every day to provide consistent he Chartered Insurance standards of professional practice in and world-class service to meet the Institute (CII) has their business dealings. needs of our diverse client base.” NEW MEMBERS, SECURITEK, TALK TO awarded the prestigious Argus Insurance Company (Europe) To date, fewer than 30 firms worldwide ‘Chartered Insurer’ title INTOUCH MAGAZINE T Limited specialises in providing have achieved Chartered Insurer status, to Argus Insurance Company insurance for individuals and businesses and Argus is the first company in (Europe) Limited, one of in Gibraltar as well as in Malta. Gibraltar to be awarded this designation. alking about focus Gibraltar’s leading providers of to two surveillance insurance advice and support. Tyrone Montovio, General Manager, For further information, contact Argus Insurance Company (Europe) equipment experts Kathleen Wilkes, Office Manager, on Limited, and holder of the individual 200 79520 ext. 235. could have been a little The Chartered Insurer status is an Chartered Insurer title commented: T exclusive title awarded only to firms daunting. Securitek’s directors “Securing Chartered Insurer status is a that meet rigorous criteria relating and business founders, Stuart landmark achievement for Argus. We to professionalism and capability. All are delighted to be recognised by a Poggio and Keiron Yeo are Chartered Insurers commit to the CII’s prestigious industry body like the CII. As both expert in a range of hi- Code of Ethics, reinforcing the highest a Chartered Insurer we are committed to tec systems that range from intruder alarms and digital cameras to sophisticated biometric systems with remote Internet access. That in no way These days they offer some of the best equipment was integrated into a product technical security equipment in the upgrade a few months later,” Keiron detracts from the fact that world through their partnership with recounts. they are both highly focused Hikvision, a leading international video businessmen and extremely surveillance equipment provider. Response to customers is one of the personable individuals. Our reasons for Securitek’s growing success discussion was friendly, “We focus on professionalism and and expansion. informative and absorbing, quality,” Stuart explains, “we are thorough in everything we do, from “Technology evolves and the and our half hour interview running a cable to a camera, to carrying community’s needs change so fast,” inadvertently became a two- out a complex site risk assessment and Stuart observes, “and we insist on always hour chat. then researching worldwide to bring being at the forefront of our industry, our customers a value-added product making sure we are up to date with all Founded in 2008, Securitek was the specific for their needs.” developments, in technical terms and brainchild of the two directors who also in terms of regulations and changes have been friends since their childhood. This means an intense level of personal to security needs.” They were both fascinated by electronic investment in technical training which systems and by the world of information has recently led to their receiving This means liaising with security technology, and in combining their skills, certification as Hikvision’s sole partners organisations including the Royal almost as a hobby, as Keiron described and agents in Gibraltar. Gibraltar Police and the City Fire it, they realised that they were able to Brigade, and developing high standard develop a comprehensive range of quality “This relationship has brought us in systems that are tailored toeach security services for a growing market. close contact with Hikvision’s world- individual client. Examples of this would They started with installation of CCTV class R&D department. Hikvision’s ability include their innovative work with the systems, but in response to the fast- to communicate so closely with its Gibraltar Bus Company and the paced evolution of technology and to partners has meant that we can offer Portuguese manufacturers of the buses the changing security needs in Gibraltar, user feedback direct to R&D teams. It to ensure that the security systems Securitek has consistently updated its really was quite a proud moment when installed in the vehicles were exactly equipment, its systems, its knowledge we found that one of the suggestions we and its business. made at a training session for a piece of

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inductions processes experts and that expertise has led them and provide in-depth to the very forefront of their industry in training and strong Gibraltar, able to provide comprehensive career progression for risk assessments, innovative bespoke our team. We know security solutions and management of that a strong, skilled complex security systems at specific workforce is essential events. for our customers and we invest It is frequently the case that a company heavily in our people. takes on some of the personality traits That said, Keiron of its founders and leaders. In the case and I set ourselves of Securitek, it is the drive towards high standards of excellence, the insistence on constantly performance and we raising the bar and the total focus on communicate that clients that have created an energetic, high expectation to evolving, forward-looking company our workforce. We determined to continue to grow. are proud to have low suited to requirements; or the installation staff turnover and “Today we’ve focused on business, of CCTV systems in the Upper Rock high levels of loyalty.” In a company security, technology and professional which meant finding solutions for the that trains its reception staff to standards,” grins Stuart, “next time we unique problems presented by miles and technical levels so that customers can meet, we’ll talk about football.” I’d better miles of damp, poorly lit caves. immediately access technical advice, the allow a whole afternoon for that. dedication to skills and standards is The energy and determination of the evident. Directors permeates the business. “We believe we need to train and learn in Stuart and Keiron wear their uniform order to keep ahead in our industry,” alongside their workforce and tread the says Stuart, “and that means all of us. same beat with pride. But of course, We have thorough recruitment and that’s not all. They are risk and security

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GFSB MEMBERS EXCLUSIVE OFFER GFSB MEMBERS EXCLUSIVE Argus is the only Chartered Insurer in Gibraltar. The exclusive Chartered Insurers status is ON DENTAL CARE GYM MEMBERSHIP RATES evidence of our commitment to an overall standard of excellence and professionalism to our customers, partners and employees. For more details call 20047722 or email [email protected] PO Box 45, Regal House, 3 Queensway, Gibraltar Telephone +350 200 79520 Fax +350 200 70942 ISSUE 29 | WINTER 2016 | intouch intouch | ISSUE 29 | WINTER 2016 www.argus.gi | Regal House, Queensway, Gibraltar | Licensed by the Financial Services Commission 32 32 33

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If you are a top executive or writing correspondence, taking dictation days and employee benefits. a business overwhelmed by and dealing with confidential matters IN ASSOCIATION administrative work and want for their executives. Today the role Virtual PAs are a viable and attractive has evolved from purely reactive to option that businesses big and small to use your resources wisely I proactively finding new ways to improve should consider as it allows for a flexible then this article is made for you. processes and contribute to the goals working environment, at a reduced cost of their executives and organisation. and is not dependent on the border Time is money and no business wants They screen and maintain email inboxes, and freedom of movement. Today’s to waste time or resources. Conversely manage multiple calendars and organise resources make virtual Pas a real part saving time and properly directing team travel arrangements throughout of businesses. FaceTime, Skype, Google resources adds value and as a result the UK, Europe and worldwide. They Docs and a long list of apps make increases your profit or income. Remote organise events locally, nationally and communication over the web just as PA businesses can help you do all of internationally and even source locations easy as it is face to face; it is certainly that, these businesses tend to be run for major events. On top of all this, they faster and more succinct. In fact, there Accept payments any way your customers want to pay by PAs with years of experience in the can be given responsibility for project is very little a virtual assistant cannot do field of administration and executive management, email marketing, social online, except pick up your lunch. But assistance. media, content marketing, calendar even then they can arrange for it to be management, bookkeeping, customer delivered by your favourite restaurant to In modern business, many executives service, WordPress Maintenance and the your desk. struggle with time management. list continues to grow. CARD ONLINE PHONE EMAIL Without time to think, plan or dedicate The PA and EA of today is someone who MACHINES PAYMENTS PAYMENTS PAYMENTS to priorities businesses do not fully The way in which the service is provided is smart, quick on their feet, resourceful, develop to their maximum potential. PAs has also evolved to bring about virtual diplomatic, a lifelong learner, is open to and Executive Assistants (EAs) around Pas and EAs. The option to hire a new experiences, and thrives on new the world provide their executives with full-time employee as an assistant is challenges. Their role is always changing, the gift of valuable time which can then always an expensive solution and often growing, and evolving to provide their GFSB Card Payment Processing is provided by Worldpay, the UK's release them to focus on growing their not a logical decision for delegating executives and organisations with the business and making money or setting tasks that do not have a high-value. ultimate gift of all – the gift of time. leading payments provider*, trusted by over 300,000 small businesses strategic operational goals. Many Already popular among start-up owners PAs and EAs are not just a luxury successful leaders are in agreement and entrepreneurs, virtual assistants only afforded by the top leaders and that they would not have been able are available on an ‘as needed’ basis. executives, but available to everyone No 24/7/UK Flexible to achieve their goals without their In practice, this is a sub-contracting through the evolution of the virtual joining fee support pricing plans assistants battling their diaries full of of administrative assistance when a personal assistant, a cost-effective and commitments, managing the deluge business requires it. This makes this flexible solution to PAs employed full of emails and demands on their time. valuable service accessible to everyone time. Despite this, the profession does not and not just high-level executives and receive the recognition that it deserves. leaders. They can provide all the same Do you have a to-do-list that you could diverse skill set as a full-time employee delegate to make time and capacity Speak to our payment expert Ricky Bond The role of PA has changed enormously but with the flexibility and at a much available for more important high value in the last 10 to 15 years. It has evolved lower cost as you only pay for the time core business activities? If you do, then and developed through changes in spent on projects. Furthermore, virtual you may profit from engaging a PA or T: +44 (0)441179619324 M: +44 (0)7780855887 technology, working practices and assistants are independent contractors EA. working environments. Traditionally which means that you do not need to PAs had a role of managing diaries, even think about taxes, holiday pay, sick *The Nilson Report, June 2015. GFSB Card Payment Processing consists of services provided by Worldpay (UK) Limited and/or other Worldpay group companies. Worldpay’s terms and conditions apply to all of the services it provides. The content of this material may not be reproduced without the prior consent of Worldpay. Worldpay (UK) Limited (Company No. 07316500 / FCA No. 530923), Worldpay Limited (Company No. 03424752 / FCA No. 504504), Worldpay AP Limited (Company No. 5593466 / FCA No. 502597). R Walbrook Building, 25 Walbrook, London EC4N 8AF and authorised by ISSUE 29 | WINTER 2016 | intouch the Financial Conduct Authority under the Payment Service Regulations 2009 for the provision of payment services. Worldpay (UK) Limited is authorised andintouch regulated | by ISSUE the Financial 29 | ConductWINTER Authority 2016 for consumer credit activities. Worldpay, the logo and any associated brand names are all trademarks of the Worldpay group of companies. 34 35

iven the tremors caused by the Brexit vote, Geven a long-standing specialist business that prides itself on a “rock solid” reputation, as is ITMS Ltd., can feel a little unnerved.

“The referendum result had an immediate impact on our business,” director Michael Lane told me, “ for a short while, everything seemed to freeze, projects were paused while clients took stock of their situation and tried to plan for a future that is still uncharted territory.”

Business founder, director Neil McCarthy along with co-director Michael, immediately set about taking stock and finding a way of re-focusing their business. “We are glad to say that because of services are set to expand, and this, get to operate it no longer recognises “We are very aware of our clients’ needs those strong relationships, combined both directors firmly believe, will not that data. And I talk from experience of and aspirations and have spent a long with messages of robust planning from only expand their customer base, but having to help clients overcome this.” time building up good, strong working our government and a degree of lack will provide greater efficiencies and relationships,” Neil explained, “however, of activity as far as an immediately opportunities for their local clients too. Online backup services are just one of we have some clients based outside imminent departure from the EU, ITMS’ initiatives to beat the Brexit blues. Gibraltar and deal with many suppliers that we have found that calm has “We have invested in developing our from overseas and we had to make been restored to the market place local server facilities so that we can offer “We have our eyes firmly fixed on the sure that all channels of communication to a degree, and that confidence is secure and affordable online data back future,” said Michael, “and our feet were used to the full to make sure we returning,” said Michael. up services to clients, for example,” Neil equally firmly set on the ground. We understood how the sudden drop in explains, enthusiasm sparking from him know that to continue to thrive, we need sterling against the dollar and the Neil grins at this. “The flip side of that as he talks, “the beauty of this for local to deliver basics as well as innovation, euro impacted our clients as well as has been that projects that were paused clients is that their data is held here – and thankfully, we are in a position directly upon ourselves.” for a few weeks in the summer have not somewhere on another part of the where we can do both.” now been resumed – but keeping to the planet where recovery in the unusual Established in 2004, ITMS Ltd have original deadlines!” event that it is necessary can take days They make it sound as if it is just a FOCUSED grown steadily and are a firmly and days. Businesses can’t waste a coincidence that ITMS is well-placed established IT company that provides ITMS’ top team nevertheless appears couple of days on data recovery. We can to face the new post-Brexit business support and IT services aimed primarily imperturbable and have the dedication recover here, same day, within hours.” environment and the relative uncertainty ON THE at small and medium enterprises. They and flexibility to respond to those in the lead up to it. But it is perfectly have experienced highs and lows, customer demands and meet those With so much technology available for clear to me that it is the twelve and currency fluctuations and economic deadlines. While the future does appear businesses, online back up is becoming more years of unstinting work, and a turbulence before and have learnt from uncertain, they are determined to use an essential part of business security. passion for the quality of the services FUTURE each experience. those skills to realign their business. that they can deliver to businesses “External hard drives are all well and locally in Gibraltar, that keeps ITMS rock “It is precisely because of our in-depth “Our main area of work is to provide good, and you might want to store your solidly focused on the future. understanding of our customers as well support to other businesses and we images on one of those if you happen as our specialist skills in technological are in the field of innovation,” Neil to be a photographer, for example,” Neil solutions for businesses that we have elaborates, “so it is second nature continued, “but most businesses need been able to realign ourselves so quickly to us to look to the future, to get to to recover their programmes as well to a more turbulent and unpredictable know our customer base so well that as their basic data, and in these days operating environment,” Neil continued. we can anticipate their needs and find of data protection, it is essential that solutions for them so that they can businesses can reassure their customers Both quiet and unassuming men, they successfully overcome current and as well as regulatory authorities that are both completely in tune with the future challenges.” data is secure. There is nothing worse local business environment. Their than buying new computers and services are aimed mainly at local Brexit may be unnerving, but like so programmes for your business after a businesses, providing tailor-made, many other businesses in Gibraltar, breakdown of your old system, only innovative solutions which facilitate ITMS are determined to seek out to find that the data you thought growth for their clients. opportunities and make the most you’d backed up on an external drive of them. While still providing onsite is no longer usable because the only support services to clients, their online versions of the programme you can ISSUE 29 | WINTER 2016 | intouch intouch | ISSUE 29 | WINTER 2016 36 37

PRESS RELEASE Not only that both companies will sponsor the exhibition ‘Signe sans Signe’ by the Moroccan painter Leila Cherkaoui in Gibraltar. The exhibition ‘Sign without Sign’ will start on the 21st of October 2016 and will be available for the public from 9am to 5pm, Monday to Friday, at 92 Irish Town until the 21st HYPERION SOLUTION PARTNERS of November.

PROMOTES POSITIVE EXCHANGES Leila Cherkaoui was born in 1962 in Casablanca, where she lives, works and has created a space for meetings, the Creative Workshop. Self-taught, she has exhibited since 1992, WITH MOROCCO with both individual and group exhibitions in Morocco and abroad (especially in Casablanca, Rabat, Asilah, Tournon-sur- Rhône, Monaco and Portland).

Hyperion provided a positive contribution to the development of relations between Morocco and Gibraltar in its organisation of the conference “Meeting Morocco in June 2015, as well as its co-sponsorship with other firms, the Gibraltar World Music Festival, which offered the theme of ”Khamsa”.

Within the spirit of improved relations, Gibraltar has made substantial efforts within the last two years by facilitating Moroccan nationals crossing its border via a Schengen visa welcoming a new flight by Royal Air Maroc and increasing the number of the tourism road shows in Morocco.

BM G MMB

ibraltar continues to GreenStar is positioned as one of the GreenStar has the following objectives: multiply initiatives pioneers of Wealth Management in to foster its relations Morocco and Africa and proposes, for • In line with the ambitions of Casa £15 per hour the first time in Morocco, Independent Finance City, targeting West African with Morocco. G Financial Advice focused on customers Aware of this fact Hyperion International Financial products. £55 for half day Solution Partners, a Gibraltar With the Brexit debate currently at • Wealth Management dedicated to based company and part of the heart of the European political and serving Moroccan customers in Morocco the Hyperion Group, remains economic framework, the GreenStar venture is proof of a concrete expression • Capital Partners proposing to £80 for a full day committed to promoting of the desire of Gibraltar to favour accompany foreign clients in their Tea/ Coffee will be provided. positive exchanges between cooperation between the two countries. African ventures officials and businessmen from This new bridge is already in place is both sides of the straight and expected to produce business links for GreenStar provides a strategic has set up, in collaboration with years to come. positioning for both the Gibraltar (Hyperion) and Geneva (Onyx) entities e r an ld a aiu ele standing and ele training Onyx Wealth Management in Morocco offered within the context e ai t use te ne ade n te rental tese ailities t deel and from Geneva, the new entity, of numerous discussions regarding GreenStar (www.greenstar.ma). the possible liberalisation of exchange ire ur training ailities r ur ebers control.

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