The civil aviation industry is intrinsic to the globalised world facilitating economic growth, world trade, international investment and tourism. The industry currently transports approximately 4 billion passengers each year and accounts for half a trillion of the world’s GDP. The International Air Transport Association (“IATA”) expects 7.2 billion passengers to travel in 2035, a near doubling of the 4 billion air travelers in 2016.
“People want to fly. Demand for air travel over the next two decades is set to double. Enabling people and nations to trade, explore, and share the benefits of innovation and economic prosperity makes our world a better place,” said Alexandre de Juniac, IATA’s Director General and CEO.
However, the industry is sensitive to economic cycles, ever increasing fuel costs and environmental matters. Airlines are required to operate more efficiently and competitively in order to appeal to the airlines’ shareholders. There is a gradual trend to privatisation as in the European Union governments are not be allowed to subsidise their loss-making airlines and in other jurisdictions, governments' have concerns over their own finances.
Further to the Civil Aviation Act 2009 Gibraltar has solid regulation of civil aviation in Gibraltar airspace and Gibraltar Airport. Gibraltar complies with the Chicago Convention, EU obligations and other international agreements and obligations.
Through our international network our dedicated specialists can provide you with a suite of services to maximise operating efficiencies:
- External audit to include statutory and non-statutory audits, specialist knowledge in funds and spv structures in aircraft leasing;
- Accounting to include preparation of financial accounts and management accounts, technical accounting support, payroll and staff secondment;
- Fund administration to include fund set up, NAV valuations, accounting for spvs, company secretarial and shareholder/transfer agency services;
- Tax to include international tax structuring, tax computations and other local tax compliance work; and
- Advisory to include internal audit, IT and internal control process improvement, business and asset valuations, due diligence, corporate finance, restructuring and mergers and acquisitions.