Malta is one of the underrated countries in terms of running a business in Europe. Apart from the taxation system, which is the most “famous” benefit of having a company there, there are many things that have probably been left untold about Malta as an investment destination. This is no longer the case, as below, you will discover how to set up an enterprise there as a foreign businessperson, but also why you should do that.
Meet the registration requirements
The first thing to consider when setting up a company in Malta is to respect the legal requirements. The advantage is that in Malta, they are quite simple, as follows:
- you can be the sole shareholder, even if you are a foreigner;
- you need to appoint at least one director, who does not need to be a Maltese resident, as opposed to other European countries;
- you need to meet the company secretary requirement and hire a resident for the role;
- you need to have a legal address for the company.
As for the amount of money, if you discuss with any professional, they would recommend the private limited liability company, for which you only need a share capital of approximately 1,200 euros.
The preparation of the documents
To correctly proceed to the registration of your business, you need to prepare a set of documents. Fortunately, it is not extensive and should contain:
- the Memorandum and Articles of Association (you can have them created rapidly at a public notary’s office);
- a copy of your passport and proof of your residential address (a recent utility bill should suffice);
- passport/ID copy for the director and ID for the secretary;
- proof of the registered address (the lease or rental contract);
- proof of depositing the share capital (the bank statement).
It is vital to know that any foreign document, such as your passport copy, must be notarized.
Trade Register incorporation
Before filing the documents mentioned above, you must also reserve a commercial name. The procedure is completed with the Trade Register Office, which will issue a certificate you will add to the incorporation file.
In one to two weeks after filing the papers, you will receive the Registration Certificate.
Additional registrations
After the incorporation with the Trade Registry, you also need to file for a Tax Identification Number and a VAT number with the Malta Commissioner for Revenue.
Also, check if any special business permits must be obtained, based on the activities you intend to carry out.
Settlement in Malta
Here is an aspect that is not often covered when starting a business in Malta: the option of moving there to run your company. If you are a non-EU citizen, you can apply for the Startup Visa, which allows you to open an enterprise and settle here, but you can also choose the regular way of applying for a residence and work permit.
These are the procedures to complete to start a business in Malta as a foreigner. After completing them, not only will you be able to generate profit, but you will also enjoy one of the best taxation systems in the EU.