GSL / Offshore and International Law / Offshore zones / Western Europe / Malta / Legislation of Malta

Legislation of Malta

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List of laws and regulations

Act name
Scope of law
regulation of commercial companies and partnerships
encouragement and promotion of business
continuation of companies
trading licenses
business of banking
establishment of the Central Bank of Malta and determination of its functions and powers
business of financial institutions
authorisation of regulated markets, central securities depositories and the orderly trading in transferable securities
insurance business
registration and enrolment of insurance intermediaries and insurance intermediaries activities
investment business
regulation of merchant shipping
establishment of a Freeport system and regulation of its operation
gaming by means of distance communications
prevention and prohibition of the laundering of money
protection of professional secrecy
tax on income of individuals and legal entities
imposition of a value added tax
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Tax treaties entered

Albania
Andorra
Australia
Austria
Azerbaijan
Bahrain
Barbados
Belgium
Bulgaria
Canada
China
Croatia
Cyprus
Czech Republic
Curaçao
Denmark
Egypt
Estonia
Finland
France
Georgia
Germany
Greece
Guernsey
Hong Kong
Hungary
Iceland
India
Ireland
Isle of Man
Israel
Italy
Jersey
Jordan
Korea (Republic of)
Kuwait
Latvia
Lebanon
Libya
Liechtenstein
Lithuania
Luxembourg
Malaysia
Mexico
Moldova (Republic of)
Montenegro
Morocco
Netherlands
Norway
Pakistan
Poland
Portugal
Qatar
Romania
Russian Federation
San Marino
Saudi Arabia
Serbia
Singapore
Slovakia
Slovenia
South Africa
Spain
Sweden
Switzerland
Syrian Arab Republic
Tunisia
Turkey
United Arab Emirates
United Kingdom
United States
Uruguay
Viet nam

Tax Exchange Information Agreement (TIEA)

Bahamas
Bermuda
Cayman Islands
Gibraltar
Macao (China). Convention on Mutual Administrative Assistance in Tax Matters

List of state regulatory authorities

Ministry of Justice and Home Affairs
Ministry of Foreign Affairs
Malta Financial Services Authority
Registry of Companies at Malta Financial Services Authority
Inland Revenue Department of the Ministry of Finance
VAT Department of the Ministry of Finance
Malta Financial Intelligence Analysis Unit
Central Bank of Malta
Malta Branch of the Society of Trust and Estate Practitioners (STEP)
Malta Bankers’ Association
Malta Tourism Authority
Lotteries and Gaming Authority
Chamber of Advocates (the Bar Association of Malta)

Corporate info

Legal system
a hybrid system containing elements of both English common law and Roman civil law
Types of entity
sole proprietorship; partnership en nom collectif, partnership en commandite (or limited partnership); limited liability company; cooperative; branch of overseas company; trust; foundation; association
Shelf companies permitted
No
Incorporation timescale for a new company
1 day
Company suffix
"Limited" or "Ltd"
Sensitive words
Fiduciary, Nominee, Trustee
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
Yes
Information to be kept at the registered office
original certificate of registration, original Memorandum & Articles of the company, share certificates, register of members, minute book of general meetings of the company, minute book of meetings of the board of directors, and accounting records
Seal required, type of seal
not required
Redomiciliation (to, from) permitted
permitted

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
Yes
Directors’ meetings/frequency/location
No requirements
Disclosure to local agent
Yes
Disclosure to public
Yes
Company secretary required
Yes
Residency requirements for a secretary
No
Qualified secretary required
No
Corporate secretary permitted
No

Shareholder and beneficiary

Minimum number of shareholders
2
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
Yes / annually / no requirements
Disclosure to local agent
Yes
Disclosure to public
Yes
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
1165 EUR
Minimum issued share capital
1165 EUR
Minimum paid share capital
1165 EUR
Authorized capital payment deadlines
Upon registration
Issued capital payment deadlines
Upon registration
Standard currency
EUR
Standard authorized share capital
1200
Standard par value of shares
1
Shares with no par value permitted
No
Bearer shares permitted
No

Taxes

Personal tax
0-35%
Min. rate for corporate tax
35%
Corporate tax (in detail)
Income tax is paid by companies at a rate of 35%. However, in the future distribution of dividends, Maltese shareholders can set off this tax against income tax. Non-resident shareholders can receive a refund of most of this tax, which allows a significant reduction in the effective tax rate, depending on the type of income of the company, the tax can be reduced, as a rule, to 0 - 10%
Capital gains tax
Regular rate
Capital gains tax. Details
included in a tax base of coporate income tax
VAT
18%
VAT. Details
The standard VAT rate is 18%. For some goods and services, the tax rate is 7% and 5%
Withholding tax
No
Other taxes
Social contributions, Property transfer tax
Exchange control
No
Government fee
Stamp duty
2-5%

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
Yes
Publicly accessible accounts
Yes
Requirement to file Annual Return
Yes
Publicly accessible Annual Return
Yes
Audit required
No

General information shortly

Location
Southern Europe
Total area
316 sq. km
Population
493.559 (2019)
Capital
Valletta
National currency
EURO
Conditional reduction of currency
EUR
Against USD
0.93 (2022)
Climate, average max and min t°
Mediterranean; mild, rainy winters; hot, dry summers; avg. maximum temperature (August) +35°; avg. minimum temperature (January) +12°
Time difference from Moscow
- 1 hour
Dialing code
+356
State language
Maltese, English
Ethnic groups
Maltese 95.3%, British 1.6%, others 3.1%
Literacy rate
94,5% (2018)
History
Advantageous geographical position of Malta always attracted invaders, this caused frequent change of invaders until 13th century. In 1530 Emperor Charles V gave Malta to the Knights Hospitaller, now known as the Knights of Malta. The Knights' reign ended when Napoleon captured Malta on his way to Egypt during the French Revolutionary Wars in 1798. In 1800 the British captured the capital of the island – Valetta. Great Britain formally acquired possession of Malta in 1814. The island staunchly supported the UK through both World Wars and remained in the Commonwealth when it became independent in 1964. A decade later Malta became a republic. Since about the mid-1980s, the island has transformed itself into a freight transshipment point, a financial center, and a tourist destination. Malta became an EU member in May 2004 and began using the euro as currency in 2008.
Credit rating
A+
Government type
parliamentary republic
Executive branch
Prime minister and Cabinet of ministers
Legislative branch
House of Representatives (69 members)
Judicial branch
Inferior Courts, Civil and Criminal Courts of Appeal, and a Constitutional Court
Unemployment
3,2% (2021)
GDP per capita rank
30 (2020)
Corruption perceptions index rank
54 (2021)

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