The following is a summary of the relevant features of Malta as an international financial centre.<\/p>\n\n\n\n
(a) Location:<\/strong> Malta is situated in the centre of the Mediterranean Sea, about 60 miles south of Italy and 180 miles north of North Africa.<\/p>\n\n\n\n (b) Political factors:<\/strong> \nMalta gained independence from the United Kingdom in 1964 and became a \nRepublic within the Common Wealth in 1974. The remaining foreign \nmilitary forces left in 1979 and Malta incorporated neutrality into its \nconstitution in 1987. Malta became a member of the European Union on 1 \nMay 2004.<\/p>\n\n\n\n Malta\u2019s legislative power is exercised \nby an independent judiciary. The President of the Republic is appointed \nby the House of Representatives every five years.<\/p>\n\n\n\n Malta is a member of the Council of \nEurope and of the Commonwealth of Nations. It entered into an \nassociation agreement with the European Union regulations and directives\n are a major source of legislation.<\/p>\n\n\n\n (c) Legal System:<\/strong> Malta\n is basically a civil law country; however, 160 years of British rule \nhave left their mark on Malta\u2019s legal system. In fact, although Malta \nhas a civil code largely based on the Napoleonic Code, other aspects of \nthe Maltese law bear a British stamp. This is particularly true in the \nareas of public law (constitutional law, administrative law, fiscal law,\n public international law and criminal procedure) and certain important \naspects of commercial law. European Union regulations and directives are\n a major source of legislation.<\/p>\n\n\n\n (d) Population and language:<\/strong>\n The population of the island is approximately 410.000. Maltese and \nEnglish are the official languages, with English being the business \nlanguage. Italian is also widely spoken.<\/p>\n\n\n\n (e) Currency:<\/strong> from 1 January 2008, Malta\u2019s official currency is the euro (\u20ac).<\/p>\n\n\n\n MALTESE COMPANIES<\/strong><\/p>\n\n\n\n The law regulating Maltese companies is \nthe Companies Act, which in line with various concepts of European Union\n company law. A commercial partnership established under the Act may be \neither:<\/p>\n\n\n\n 1. a partnership en nom collectif The first two follow civil law \nprinciples, whereas the limited liability company envisaged by the \nCompanies Act is based on the UK Companies Act. European Union Company \nLaw Directives have also been incorporated in this Act. The limited \nliability company is by far the most commonly used. Please see more \ninformation below:<\/p>\n\n\n\n (a) Incorporation (2) The memorandum and articles of association of a company must state: (b) Capital Structure (c) Shares and Shareholders<\/strong> A private company must:<\/strong><\/p>\n\n\n\n (1)<\/strong> restrict the right to transfer its shares (d) Management<\/strong> Every company is required to hold and \nannual general meeting in each year, and not more than 15 months should \nelapse between one annual meeting and the next.<\/p>\n\n\n\n (e) Local Presence<\/strong> (f) Accounting and Audit requirements<\/strong> Audited financial statements are to be \nfiled with the Registrar of Companies. A copy of these statements is \nalso submitted with a company\u2019s income tax return to the tax \nauthorities.<\/p>\n\n\n\n (g) Double Tax Treaties<\/strong> (h) Directors<\/strong> The following is a summary of the relevant features of Malta as an international financial centre. (a) Location: Malta is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":119,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-162","page","type-page","status-publish","hentry"],"yoast_head":"\n
\n2. a partnership en commandite, or
\n3. a partnership anonyme or limited liability company.<\/p>\n\n\n\n
\n(1) Procedure:<\/strong> A company is constituted when its memorandum and\n articles of association are entered into and subscribed by at least two\n people, unless the company is a single member company, field with the \nRegistrar of Companies and a Certificate of Registration is issued. Most\n companies are incorporated within 24 hours from the submission of all \nnecessary documentation, including evidence that the initial paid up \nshare capital has been deposited in a local bank.<\/p>\n\n\n\n
\n(i)<\/strong> whether the company is a public or private company
\n(ii)<\/strong> the name, surname and residence of each of the \nsubscribers. The identity of the shareholders may be either disclosed or\n enclosed
\n(iii)<\/strong> the name of the Company
\n(iv)<\/strong> the registered office in Malta of the Company
\n(v)<\/strong> the objects of the company
\n(vi)<\/strong> the amount of share capital with which the company\n is to be registered (authorised capital), the division thereof into \nshares of a fixed amount, the number of shares taken up by each of the \nsubscribers and the amount paid up in respect of each share
\n(vii)<\/strong> the number of the directors and the name and \nresidence of the director or directors, and in the case of any such \ndirector being a body corporate, the name and registered office of the \nbody corporate.<\/p>\n\n\n\n
\nCapitalisation:<\/strong> Companies must have a minimum authorised and \nissued share capital of \u20ac 1.165, at least 20% of which must be paid up \non subscription. There are no dept\/ equity restrictions except in \nrelation to banks and insurance companies. Companies whose activities \nare within Malta and which have foreign shareholders are also subject to\n these capitalisation requirements.<\/p>\n\n\n\n
\nShares in Maltese companies must be registered. Registered shares must \nbe issued partly paid (20% minimum). Authorised fiduciary companies may \nhold shares on behalf of the beneficial owner.<\/p>\n\n\n\n
\n(2)<\/strong> limit the number of its members to 50
\n(3)<\/strong> prohibit any invitation to the public to subscribe for any of its shares or debentures
\n(4)<\/strong> the minimum number of shareholders is two<\/p>\n\n\n\n
\nA Maltese company\u2019s affairs are managed by a board of directors \nconsisting of one or more directors appointed by the shareholders.<\/p>\n\n\n\n
\nA Maltese company must have its registered office in Malta. Director\u2019s meeting may, however, be held anywhere in the world.<\/p>\n\n\n\n
\nA Maltese company is required to keep proper books of account and the \ndirectors must lay a profit and loss account and balance sheet before \nthe company in general meeting at least once every calendar year. The \ncompany\u2019s financial statements are to be audited by an auditor duly \nappointed in general meeting.<\/p>\n\n\n\n
\nMalta has many tax treaties which can be used in tax planning<\/p>\n\n\n\n
\nThe minimum number of directors is one. Bearer shares permitted: No<\/p>\n","protected":false},"excerpt":{"rendered":"