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GFSB Welcomes OFT Licence Waivers
The Gibraltar Federation of Small Businesses (GFSB) welcomes the Office of Fair Trading’s (OFT) recent decision to waive business licence fees for young entrepreneurs aged 21 and under.
Under the new regulations, which came into effect on the 5th September, the OFT has the discretion to waive business licence fees for businesses where the controlling interest is held by individuals aged 21 or younger. This initiative is part of a broader effort to support young people in establishing and growing their businesses, particularly in the early stages when financial barriers can be most challenging.
The OFT’s decision to waive business licence fees for young people is a significant step in encouraging youth entrepreneurship in Gibraltar. The move aligns closely with the GFSB’s Youth Membership Scheme, which launched in May this year. The scheme offers young entrepreneurs access to valuable resources, networking opportunities, and mentorship designed to help them thrive in business.
Key Points:
Encouraging Youth Entrepreneurship: The waiver of business licence fees removes a significant financial barrier for young entrepreneurs, making it easier for them to start and grow their businesses in Gibraltar.
Supporting Young Talent: This initiative complements the GFSB’s Youth Membership Scheme, which was introduced to provide young entrepreneurs with the tools and support they need to thrive.
Commitment to Future Growth: The GFSB remains committed to fostering a business environment where young entrepreneurs can thrive, contributing to the long-term growth and diversity of Gibraltar’s economy.
The GFSB looks forward to seeing the positive impact of this initiative and remains dedicated to supporting Gibraltar’s next generation of entrepreneurs.
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