Company Registration in Malta

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What is Company Registration in Malta?

Malta is quite attractive for foreign investors as it has been classified as an advanced economy by the International Monetary Fund and the World Bank. Malta is also ranked among the most prosperous countries in the European Union. In order to become competitive, Malta has undergone significant changes.

In Malta, numerous businessmen are interested in company formation because of the strength of the Maltese economy which comes from its strategic location, taxation system, skilled and multilingual workforce and it’s developed financial, tourism and IT industry.

Malta has a great advantage in case of foreign investments because of strong economic ties with EU countries and with states outside the European Union. For economic growth, government has designed various programs and schemes providing incentives or tax deductions for foreign entrepreneurs from various industries. There are some incentives related to the easiness of setting up different types of companies in Malta.

Types of Companies

In Malta, here are the following types of companies available for registration:

  • Limited Liability Companies;
  • Limited Partnerships;
  • General Partnerships.

In Malta, private limited liability company is considered to be the most employed type of business vehicle.

As per the Maltese Company Act, for a private limited liability company, there must be a minimum share capital of 1,165 Euros. However, in case of share capital does not exceed the minimum requirements, and then it must be fully subscribed upon incorporation whereas in case where it exceeds the minimum share capital, at least 20% of the amount must be deposited.

For a private company, there is a requirement of at least two shareholders, one director, one company secretary and a registered office.

In Malta, the legislation does not require company’s directors to be Maltese residents.

Limited liability Companies may also be registered as Public Companies. For this type of company, there is a requirement of having at least two shareholders and these shareholders have to subscribe minimum share capital of approximately 46,600 Euros out of which at least 25% must be paid upon the incorporation of the company.

In comparison to private company, public company must have at least two directors and may trade its shares on the Maltese Stock Exchange.

In Malta, foreign companies may also set up branch offices.

In case of individuals, sole proprietorship is the best option for doing business in the country.

Incorporation Procedure

For opening a company in Malta, the most important documents are the memorandum and articles of association. It must consist the following:

  • Name of the company;
  • Type of company;
  • Objects of activity;
  • Name and residence of each shareholder;
  • Details of the registered office;
  • Share capital details;
  • Details of the directors;
  • Detail of the company secretary.

With the Maltese Trade Register, copies of the passport or other identification papers of the directors and secretaries must also be submitted. For incorporation procedure, it is not required for foreign citizens to come to Malta. They can give representative power of attorney for legal representation.

After the registration procedure, it is necessary for company to apply for a business license and other necessary permits depending on the activity to be carried out.

After this, company must also apply for a tax identification number (TIN) and register for VAT.

In the end, company has to obtain an employer identification number (PE number) and register its employees with the Employment Training Corporation (ETC).

Taxation

In Malta, corporate tax is calculated on the gross profits based on the audited financial statements of the company at a flat-rate of 35%.

However, in case of holding company structure overall net effective tax rate could be reduced to 0%through the availability of tax refund system which is granted to the shareholders of Malta-registered companies and 5% in case of trading companies but there are specific legal requirements which must be satisfied in order to benefit from such tax refunds.

In Malta, licensed shipping organizations which operate tonnage tax ships are exempt from taxes.

Accounting & Auditing Requirements

In accordance with the Malta Companies Act, 1995 and International Accounting Standards, it is required for registered companies to keep proper accounting records and have their financial statements audited at the end of each financial year.

Under this, financial statements include directors’ report, the auditors’ report, balance sheet, profit and loss account, notes to the financial statements, together with schedules to the profit and loss account.

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