HM Government of Gibraltar announced earlier this month that the existing Fair Trading Act 2015 will be replaced with the The Fair Trading Act 2023. The new Act is set to commence on 1st October 2023, and aims to:
- simplify the process of establishing new businesses by introducing a faster, more straightforward application process, including but not limited to:
- doing away with the requirement to publish adverts in the Gazette and Newspaper. The notice will be published on the Office of Fair Trading's (OFT) website.
- consolidating the forms into one application form that can be submitted online on the HM Government of Gibraltar's eServices platform.
- supporting small businesses by introducing simple registrations for most service providers with an annual turnover below £20,000.
- absorbing some of the licenses currently issued under the Licensing and Fees Act.
- enhance protection for consumers in Gibraltar by introducing a new framework under which the OFT will operate which will include:
- allowing other businesses, as well as consumers, to make complaints to the OFT.
- allow the OFT to assist parties to a complaint in achieving an agreed outcome.
- provide the OFT with regulatory powers to ensure compliance with the new Act, including investigatory and sanctioning powers. Furthermore, a new OFT Decisions Making Committee will be formed which will oversee the running of the OFT.
Those businesses that already hold a licence will receive a letter from the OFT with their new proposed licence (issued on a like-for-like basis). Licence holders should ensure that the OFT has their current contact details to avoid missing this important communication from the OFT.
For further information on these changes or information on how to apply for a business licence, please contact me (email@example.com) or Jesse Monteverde (firstname.lastname@example.org) and we'd be happy to assist.