The candidate must not be less than 18 years old and have a clean criminal record. That applicant is referred to as the primary/principal candidate, after which one can include his family members including their spouse, children and other members.
The principal applicant has to contribute EUR 650,000 to the National Development and Social Fund. The other individuals included under the application of the main applicant have to make a contribution of EUR 25,000 each.
In the case of a public company the minimum number of directors is 2, and in the case of a private company, the minimum number of directors is 1.
Subject to certain exceptions, it has to be a natural person; a company cannot act as a company secretary. Every company must have a company secretary.
The registration fee paid depends on the amount of authorised share capital of the company, with a minimum fee of around €245.
Yes, in this case, it is called a private exempt company where the individual can also act as director and company secretary. The company would also benefit from certain exemptions (advantages).
Provided that all documents are in order this usually takes about 2-3 days. Once a company is incorporated, a Certificate of Incorporation is issued by the Malta Business Registry.
Yes, and such service may be provided by a Licensed Corporate Service Provider in Malta.
Not necessarily. The names of shareholders can be kept confidential from public access if one opts to have trustees representing them. Licensed Corporate Service Provider can assist in such service.
The company is not required to have a local bank account and can have an account with a bank in an alternative jurisdiction. Companies may also open accounts with licensed Electronic Money Institutions.
Employment through a contract requires this document to be signed by both employer and employee. The employer will then provide the employee with a letter of engagement needs to within 8 days from commencement of employment.
This is usually taken as six months from the date of commencement unless agreed otherwise between the employer and employee.
Yes, if the length of service is longer than one month, that one week’s notice is given.
Usually, the normal hours of work (excluding overtime) are based on 40 hours a week. However, in certain cases as may be established by law, normal hours of work can be more, but not exceeding a maximum of an average of 48 hours a week spread over a reference period of 17 weeks.
Yes.
18 weeks. The first 14 weeks are paid by the employer and the other 4 weeks are paid by Social Security.
As an EU Member State, Malta’s funds are registered to other European countries giving them instant access to the EU market. Furthermore, the financial services sector is well regulated and also offers tax advantages, making Malta attractive for funding prospects.
Yes, these are regulated by MFSA which is the only regulator for financial services in Malta. The Investment Services Act Chapter 370 of the Laws of Malta controls investment services, collective investments funds and any investment fund having a license in Malta.
The MFSA Investment Services Rules provide for the below type of funds:
Funds registered in Malta are not subject to Malta tax.
The benefits include:
In the case of a self-managed fund, the NAV must not be less than €125,000 for PIFs and €300,000 for AIFs or the equivalent on an ongoing basis.
Usually, 9 to 12 months, provided all information given is in order.
EU citizens who are either visiting or resident in Malta have access to free public health.
a. For pet animals entering the Malta from another EU Country
b. For pet animals entering Malta from Non-EU Countries
Yes, however one has to pay tax on the care depending on its value and age. VAT will be payable as well if one is bringing a car from outside the EU.
Both individuals from the EU and non-EU countries may apply for Permanent residency under the Residents Scheme Regulations 2004. The Inland Revenue Department issues a certificate for an indefinite period subject to certain conditions and such certificate will be reviewed annually.
A form needs to be completed for both EU and non-EU nationals which can be found at the Police in the Immigration Section. This has to be submitted within 3 months from arrival in Malta.
FS3 and FS7 forms are due on the 15th of February of the following year, while FS5 forms must be submitted on the 15th day following month-end.
All of the below conditions need to be met:
a) The employment has to be registered with Jobsplus
b) Less than 30 hours a week are worked in relation to such part-time job
c) One does not have a job with the Government
d) If an employee has both a full-time and a part-time job, these must be with different employers
e) The individual is married and his spouse has a full-time employment
If the above conditions are not met in full, that income will be added to the main income and be taxed accordingly. If 15% applies the part-time income must not exceed EUR 10,000 (in the case of a part-time employment) or EUR 12,000 (in the case of a part-time self-employment).. Any amount above this maximum amount should be added to the Main income and be declared in the tax return.
This is calculated through the IRD website providing a spreadsheet for such workings.
A company should register for VAT within 30 days from its first economic trading activity.
If a person carries out an economic activity, one has to register for VAT usually under article 10. If turnover does not exceed the established threshold article 11 one may register under this article as exempt.
This has to be compiled every 3 months and submitted one month 15 days following the calendar quarter for which the VAT Return is being submitted.