Malta is a great country for those looking to do business in Europe. It has a unilateral tax relief system as well as double taxation treaties that it has with nearly every country in the globe. This is why Malta is a favorite for international trade companies.
Malta has a solid telecommunications infrastructure and financial services infrastructure. Even though it’s not the biggest country, it offers skilled labour at competitive costs. It’s politically stable, modern, and has a fair legal system.
Here we’ll go through the various market opportunities available in Malta, the visa requirements for citizenship, opening a company, and moving your company there:
Through fibre-optic cables, satellite technology, the country has excellent information and communication technology connections with Europe. This makes it a perfect location for any cryptocurrency or blockchain, initial coin offering, iGaming, or other cryptocurrencies. These industries also get the backing of Malta’s legislative framework which is among the most advanced in the world.
Insurance, banking, software development, and communications are the largest industries in Malta. Both the ship repair and maintenance industries as well as ship registration have seen significant increases. After Brexit, the registration and certification of medicines has seen a significant increase.
A US Visa Waiver Program provides visa waivers for citizens of the United States who travel to Malta. However, they will need one for a stay of more than three consecutive months.
If you’re planning on working in Malta, you will need to get a work visa. It’s easily available at the immigration department of the Malta police department on submission of a few basic documents.
You might also consider other programs, such as the citizenship through investments program. These programs can be used to get Malta citizenship, which comes with all the benefits of being an EU citizen.
Opening a Company
The business-friendly approach of Malta makes it easy to set up your company. There are many options for incorporating your company in Malta, including partnerships, limited liability, holding corporations, and cooperatives. Private Limited is the most common type.
- To open a company in Malta, you’ll need to have a physical address in the country. This could be your office or the office of one of your accountants.
- The authorized share capital to open a private limited company is approximately $1,325. Another reason Malta is a popular location to open a business is the low capital requirement.
- Private limited companies incorporated in Malta cannot have more than 50 shareholders. A minimum of one director and one secretary will be required. These usually can’t be the same person but there are some exclusions for single-member companies.
- To complete the incorporation, the company must also open a Malta bank account. The bank will have to grant a certification required by Malta’s financial authority before the incorporation formalities are complete.
Moving your company to Malta
Malta also supports the transfer of your company (also known as redomiciliation), as long your current jurisdiction allows it. These documents are required to complete the process:
- The shareholders and directors must approve the company’s decision to migrate to Malta.
- All constitutive documents will need to comply with Malta’s legislation. This can also be accomplished through amendment.
- The company will need a certificate of goodstanding to prove it has met all requirements of incorporation within its current jurisdiction.
- A declaration from the company directors confirming: The current name of the company, its primary jurisdiction, the decision to move in Malta; that no legal proceedings are pending against it; and that it doesn’t have solvency problems.
- This comprehensive list includes the directors and secretaries of your company.
Once all the documents have been collected, a request must be submitted to Malta’s Registry of Companies. Once the application is approved, you will receive a provisional certificate. The provisional certificate will allow the company to continue being registered in its original jurisdiction. It will then be subject to all legal proceedings in its original jurisdiction. The final registration certificate will then be issued after six months.
There are many reasons why an application can be denied, including creditors restricting the rights of the company or criminal or civil proceedings. Companies that are blacklisted by Financial Action Task Force won’t be approved.
If you’re looking for a way to avoid high taxation, Malta can be a great place to move your company from the USA. It is a simple process that most companies can complete in a matter weeks.
There are many reasons why moving your business to Malta is a smart decision. You also know what your company will need to do to complete the process. All that’s left now is to complete your application and start reaping the benefits of your new jurisdiction.