Maltese International Companies
Features
1. Corporate Requirements
2. Disclosure & Reporting
Requirements
3. Exemption from
Exchange Control Regulations
4. Expatriate Employees
5.
Bank Accounts
6.
Documentation Required for Formation.
The
basis statutory requirements for the formation of an ITC and its principal
characteristics are as follows:
|
Corporate Requirements |
|
Standard issued share capital |
Lm500
(approx. USD1500)
(in any foreign currency) |
|
Minimum paid up share capital on
incorporation: |
20% (Lm100 - approx. USD300)* |
|
Minimum number of Shareholders
required: |
One shareholder (if the company
director is a natural person) or
Two shareholders (if the director is
corporate).
(At least one non-resident shareholder) |
|
Nominee Shareholders Permitted: |
Yes |
|
Minimum number of directors: |
One. In certain cases, director
may also act as company secretary. |
|
Corporate directors permitted: |
Yes |
|
Local directors required: |
No |
|
Local meeting required? |
No |
|
Company secretary required? |
Yes |
|
Meetings: |
At least one General Meeting each
year, in addition to any other company meetings. |
|
Local Registered office required: |
Yes. We offer registered office
services. |
|
Malta Tax residence to benefit from
Tax Treaty network: |
Based on incorporation in Malta. |
|
Exchange Control: |
No exchange control regulations - may
conduct business in any currency |
|
Average timeframe to set up a new
company |
24-48 hours (depending on
availability and adequacy of documentation/information provided) |
* except where the IHC makes use of nominee directors.
|
Disclosure and
Reporting Requirements |
|
Disclosure of beneficial owner to
Company Registrar |
No (when using nominees) |
|
Government register of
directors |
Yes |
|
Government register of
shareholders |
Yes |
|
Annual return |
Yes |
|
Submission
of accounts |
Yes |
|
Audit |
Yes |
Confidentiality
Confidentiality is governed by the
Professional Secrecy Act which has established a high common standard of
confidentiality for all professional practitioners. Those who violate
professional secrecy may be prosecuted under Section 27 of the Criminal
Code and on conviction may be liable to a maximum fine of LM20,000 and/or
a 2 year prison sentence.
Shares may also be held on behalf of an
undisclosed beneficiary by F&A Services Limited, our nominee company
licensed by the Malta Financial Services Centre.
Exemption from
Exchange Control Regulations
If Company is fully owned by non-residents,
an exemption from exchange control is given.
Expatriate
Employees
Company may operate an office in Malta and
employ skilled expatriates in Malta. Foreign employees paid in Malta will
be subject to National Insurance and local Income tax regulations. Tax
rates vary between 0 - 35%, depending on the declared salary of the
employee.
Bank Accounts
Company may hold Bank accounts in Malta or elsewhere.
Documentation Requirements for Company
Formation
1.
A letter of reference from a professional office in respect of each
beneficial shareholder, or:
2.
If the shareholder chooses to appear in his name, the Central Bank of
Malta must be provided with details (name and fax number) of the foreign
Bankers of the said shareholder and will request a short status report
from such Bank confirming that the client is in good-standing.
This
requirement is not applicable where the shareholder remains anonymous and
uses the services of a licensed Nominee.
3.
A completed application form (available on request).
A full documentation package and
details of fees and costs will be provided on request.
