Offshore Financial Centres - Malta
General InformationThe Republic of Malta consists of three Islands in the Mediterranean Sea approximately 80km. from Sicily in Italy. It was formerly a British colony and became independent in 1964. It is a full member of the European Union.
Malta has been home to a financial services industry since 1988 when legislation introducing an offshore company was originally introduced. The Islands are now an onshore financial services centre, offering an attractive choice of low tax facilities. The Malta Financial Services Authority is the regulator for the banking, insurance and fund management sectors and businesses which provide company and trust formation and management services.
Taxation
Under instructions from the European Commission the preferential tax regime for International Trading Companies and International Holding Companies was effectively abolished as from 1st January 2007 although existing companies may continue to benefit until 2010. In its place the Government is to introduce a new refundable tax credit system which treats foreign owned and domestically owned companies in the same way. Following these changes the effective tax rate to non-residents will remain substantially the same. Details will appear here in due course.
| Type of entity | Limited by shares |
| Type of law | Modelled on U.K. company law |
| Corporate taxation | See above |
| Double taxation treaties available | Yes |
| Share Capital | |
| Usual currency | Maltese pound |
| Minimum paid up | 20% |
| Usual authorised | £500 |
| Bearer shares permitted | No |
| Directors | |
| Minimum number | One |
| Local resident required | No |
| Records publicly available | Yes |
| Location of Meetings | Anywhere |
| Shareholders / Members | |
| Minimum number | Two |
| Records publicly available | Yes |
| Location of Meetings | Any Where |
| Company Secretary | |
| Required | Yes |
| Local or qualified | Yes - Local |
| Accounts | |
| Required | Yes |
| Audit required | Yes |
| Filing required | Yes |
| Publicly available | Yes |
| Other | |
| Annual return required | Yes |
| Change of domicile permitted | Yes |
For more information please contact us.
