Frequently Asked Questions

FAQ Bank account opening malta

Due to increasing compliance demands, the process is becoming ever more laborious and tedious which is what makes the process somewhat difficult. Nevertheless, we have always found a way to successfully help clients open a bank account.

If an individual wants to open a current/savings account one would need:

  • A copy of your passport or ID Card
  • A recent utility bill or bank statement clearly highlighting your residential address (sometimes needs to be not older than 3 months and sometimes not older than 6 months, depending on the institution)
  • A bank reference from current or previous Bank clearly highlighting the number of years the customer had been using the Bank’s services and the financial status of the individual

If a company wants to open a corporate Bank account, it would need:

  • A copy of company’s incorporation documents such as certificate of registration, M&A, share registry and there are instances were Certificate of good Standing and certificate of Incumbency are requested
  • A copy of passport or ID Card for each Director, Shareholder, Beneficial owner and signatory on the account
  • A bank reference for each Director and beneficial owner of the company
  • A utility bill or bank statement as a proof of address for Directors, shareholders Beneficial Owners and signatories.
  • Supporting documentation to support the beneficial owner’s wealth declaration such as payslips from previous employments, Bank statements etc.

Usually to open a local bank account takes between six to eight weeks, and there are instances where the process takes roughly three months depending on the institution dealing with and the complexity of the approach.

Yes, of course, we can assist you to opt for a fast track solution in order to be able to initiate with the trading activities of the company. We have good relationships with Electronic Money Institutions (EMIs) both locally and foreign where it would be possible to open an account within few days.

Yes, Sure, in fact we always suggest that at least a company should have two operative accounts with two separate institutions.

From our end we make sure to introduce our clients to local Banks that falls within the Depositor Compensation Scheme. The Deposit Compensation Scheme is a rescue fund for depositors of failed Banks which are licensed by the Malta Financial Services Authority (MFSA). Depositors compensation scheme is subject to the limit of Euro 100,000 per depositor.

FAQ Bookkeeping malta

Most certainly. Our team are more than equipped to understand the business model presented – the type of ‘intermediation’ being offered and the corresponding service which would need authorization. We are privy to certain ‘tricks of the trade’ which can help us categorise a license accordingly such as: understanding whether or not you intend to maintain the holding and controlling of client funds.

Then you will probably need to register for MOSS and submit MOSS returns together with your quarterly VAT returns.

Yes, there are penalties for delays as well as penalty interest on unpaid taxes.

No, unfortunately we can’t do this for clients.

All documents relevant to the company: incoming and outgoing invoices, contracts that were processed through the company, etc.

It’s also quite typical that travel expenses such as hotels and flights billed through the company will need to be accounted for.

Upload the documents to our online platform.
There are 5 subfolders meant to be easily navigable:

  1. Agreements
  2. Bank Statements
  3. Purchase Invoices and Receipts
  4. Sales Invoices and Receipts
  5. Other

Yes, of course, that is also an option—we have individuals as clients for whom we do accounting.

Here, too, we offer clients assistance in dealing with the relevant authorities.  

Yes, we can also take care of the monthly payroll for you. Here, we administer registrations and deregistrations with the authorities as well as ongoing communications with them and—if necessary—supporting your employees with relocation.

If a new employee is not from the EU, we’ll assist with the residence permit.

We send our invoices through our system and the client receives the invoice by email.

We, DWP, settle the books after the service is provided.
That means when the quarter is over and everything submitted, you will receive an invoice.

There are two major software providers in Malta: SAGE and Shireburn, both licensed here.
We work with SAGE and are very happy with it. 

FAQ Company Formation Malta

The process for setting up a Company in Malta does not require a lot of time. Once the Compliance Team gives their clearance, it will take a few days for the company to be set up and running. Our team will prepare all the forms and the Memorandum and Articles of Association, this will take around one to two working days. As soon as we receive the signed documents from you, we will endeavor to submit all documents to the MBR on the same day or the next working day. The MBR will then officially register the company within two to three working days. Therefore, in total, the company formation process will take approximately five working days.

A Maltese Company may be registered under any name as long as there is no other company registered under the same name or one which is very similar to it. The MBR may also reject the registration of a company name if it deems such name to be offensive or undesirable.

A company name may be reserved for a period of three months and such reservation would ensure that the name is not taken by any other company.

The Companies Act provides for three types of commercial partnerships:

  • Partnership en nom collectif;
  • Partnership en commandite;
  • Limited Liability Company.

The Partnership en nom collectif has its obligations guaranteed by the unlimited and joint and several liability of all the partners. It may be formed by two or more partners and operates under a partnership name.

The Partnership en nom commandite also operates under a partnership name, however, in this case, the obligations are guaranteed by the unlimited and joint and several liability of one or more of the partners. Therefore, unlike in the Partnerhsop en nom collectif, in this case, not all the partners need to have unlimited and joint and several liability.

The most common form is the Limited Liability Company in which the members’ liability is limited to the amount, if any, unpaid on the shares held by such members.

Yes, the Companies Act provides that in the case of a limited liability company, the minimum share capital shall be of not less than €1,164.69, whereas, in the case of a public company, the authorized share capital shall be of not less than €46,587.47.

At least 20% of the nominal value of each share taken up shall be paid up upon the signing of the memorandum in the case of a limited liability company, whereas in the case of a public company, the amount paid up shall be of at least 25%. 

A private company may be set up with one shareholder (single member company) and it can have up to 50 shareholders, whilst a public company requires at least two shareholders to be set up and does not have a maximum number of shareholders. 

FAQ Compiance services malta

Money laundering is described as the process by which the illegal nature of criminal proceeds is concealed or disguised in order to give a legitimate appearance to these illegal proceeds. This process is of crucial importance to criminals since it enables the perpetrators to make seemingly legitimate economic use of their criminal proceeds. When a criminal activity generates substantial income, the individual or group involved must find a way to control the funds without attracting attention to the underlying activity or the persons involved. Criminals do this by disguising the sources, changing the form, or moving the funds to a place where they are less likely to attract attention.

Money laundering affects subject persons because the financial system can be used to channel illicit gains, and therefore subject persons need to adopt measures to ensure that money gained through unlawful means is not channeled and laundered through the system. Therefore, subject persons are affected because they are required by law in order to implement internal systems to identify & mitigate risks of money laundering, and where suspicion of money laundering exists, subject persons are required to file a Suspicious Transaction Report to the Financial Intelligence Analysis Unit.

  • Prevention of Money Laundering Act (Cap. 373 of Laws of Malta);
  • Prevention of Money Laundering and Funding of Terrorism Regulations (Subsidiary Legislation 373.01);
  • FIAU Implementing Procedures.

The Financial Intelligence Analysis Unit is a government agency established under the Prevention of Money Laundering Act (Cap. 373 of the Laws of Malta). It is the entity responsible for the collection, collation, processing, analysis and dissemination of information to combat money laundering and the funding of terrorism. The Unit is also responsible for monitoring compliance with the relevant legislative provisions.

A business relationship describes a relationship that has an element of duration attributable to it. An occasional transaction refers to a one-off transaction that normally stops upon the provision of the good or service. The difference in treatment arises from the on-going monitoring obligations that are attached to business relationships. This means that business relationships must undertake on-going monitoring, which involves both transaction monitoring as well as keeping information, documents and data held on the customer up to date.

This ultimate depends on the complexity of the business case. Simple business cases can take up to a week, and the duration increases as the complexity of the case increases.

As an EU entity handling personal data, we are duty bound to process data in line with the General Data Protection Regulation (EU) 2016/679.

FAQ GDPR malta

The Regulation (GDPR) was approved in 2016 and came into force 2 years later on the 25th of May 2018.

Money laundering affects subject persons because the financial system can be used to channel illicit gains, and therefore subject persons need to adopt measures to ensure that money gained through unlawful means is not channeled and laundered through the system. Therefore, subject persons are affected because they are required by law in order to implement internal systems to identify & mitigate risks of money laundering, and where suspicion of money laundering exists, subject persons are required to file a Suspicious Transaction Report to the Financial Intelligence Analysis Unit.

A Directive is a non-binding legislative act. A Regulation is a legislative act which is binding in nature.

Hence, whilst Member States were not obliged to adopt the 1995 Data Protection Directive, but could do so at their own discretion, with the introduction of the GDPR, Member States now have an inherent obligation to transpose this new Regulation within their domestic legislation.

If you are an organisation operating within the EU, it affects you… but not only. GDPR also applies to organisations outside the EU given that they offer their services to data subjects within the EU. If data is being processed and held within the EU, then GDPR applies.

Organisations may be fined up to 4 percent of their annual global turnover if there is a GDPR Breach or a fine of €20,000,000. These are the maximum fines imposed however it depends on the breach. GDPR rules applies to each processor and controller so do not take GDPR for granted.

Short answer is yes. Personal data refers to any information which can, directly or indirectly identify a person. By processing the name and surname of an Individual you will automatically fall under the regulation as you would be processing personal data. Personal data is not just your name and surname but includes numerous personal identifiers.

A data controller is the entity that determines the purposes, conditions and means of the processing of personal data. On the other hand, a data processor is an entity which processes personal data on behalf of the data controller.

Lengthy terms and conditions no longer do the trick. Under GDPR, consent needs to be obtained in a transparent manner and needs to be explicit. In some cases, consent is necessary however not everything revolves around consent.

Explicit consent is a must when processing sensitive personal data – (no pre-ticked boxes).  For other personal data clear-cut consent will suffice.

When a minor under 16 years of age is a data subject, parental consent is required for the processing of personal data.

FAQ international tax malta

That depends on your particular case and what you consider that makes it “worth it”. If you don’t want to move to Malta, it usually makes sense where there are annual profits involved of more than EUR 750K, or if you do want to move to Malta where there are annual profits of more than EUR 100K.

  1. Regardless of whether or not the local financial authorities find out about it, or whether or not they can prove it, it can still be considered tax evasion to be residing in another country and not paying taxes there.
  2. In many countries, the local financial authorities usually do not need to prove anything. You do. They make a claim, and you need to show the opposite.

First of all, for anyone who is not tied down and can imagine living in Malta. In our view, it’s particularly favourable for international entrepreneurs and internet-based business company owners who can work (and who do work) from any PC or telephone located anywhere in the world.

It can be, but it doesn’t need to be because you have us to analyze and structure everything for you. There is no formula or “one-size-fits-all” solution for everybody. What’s perfectly alright for one client may have serious consequences for another. Each case is different, and each requires individual expert advice.

FAQ legal advice malta

No, there is no need for you to be physically present in Malta. The Code of Organisation and Civil Procedure (Cap. 12 of the Laws of Malta) provides for such instances and allows attorneys to appear on behalf of people who are absent from the Maltese Islands. To this end, you may provide us with a power of attorney and we may be able to act on your behalf.

There is no set deadline for when such matters may be closed off and hence, we can never provide an approximate date when proceedings may be terminated.

Most actions may become time-barred after a certain amount of years or months under Maltese law, hence, we would suggest that you get in touch with us immediately so that we may be able to advise about such possible prescription periods.

We can never give a 100% confirmation that you will definitely win a case or that you will have a favourable outcome, especially if the matter is pending before the Maltese Courts or Tribunals. Nevertheless, before initiating such proceedings, we will let you know about any possible consequences and whether it is actually advisable to proceed.

Different proceedings usually have different fees related with them. Hence, we would suggest that you would get in touch with us and we shall guide you about this in more detail.

FAQ payroll services malta

We are responsibilities to start the payroll set up, for the companies and the employees, from applying for PE no, getting the company in JobsPlus, and the account in the payroll software,  to engaging employees, with inland revenue and JobsPlus, and of course calculating the payroll and sending it to you, every month.  

Memorandum and articles (M&A`s) and certificate of incorporation. M&A`s are needed to show the authorities who the director of the company is

We provide the forms which need to be signed, if the company has all package with us, we have these documents from the moment of incorporation. When payroll is all set, we send payslips and referral number and amount to be paid to Inland revenue department by email. 

All payroll related documents. 

  • Monthly payslip
  • FS3 (summary of the salary)
  • FS7 (year end assessment)

Yes, we do send an invoice every three months, according to the number of employees in the payroll for that period. 

FAQ Relocation Services malta

It depends what you need, but normally around 4-6 weeks. 

Preferably at least 2 weeks before travelling to Malta. 

No, we do the relocation service in Malta only. 

Copy of the passport or ID Card, and some signed forms that we will provide, or a contract in case of employment.

Middle of summer, schools starts on the 3rd week of september approximately, however summer rental agreements are high price, so that is good to consider as well. 

For example QSI International School of Malta, Verdala International School, Chiswick house school.

To put your mind in peace, and we will deal with the authorities.

EU Nationals, just need copy of passports, marriage certificates, birth certificates, and forms will be requested once living in Malta.

No, but we can provide you with an advice if necessary.

Yes, our team of experts (guided by our Banking Relationship Manager) can help you incorporate & establish a bank account on the island.

Malta is a politically stable parliamentary republic with a free press and is considered a safe, secure, and welcoming environment for investors to do business. There are no international sanctions in force against Malta and this is attributed to the country’s transparent administration and economy, low levels of official impunity, and small room for arbitrary spending of public funds. Maltese authorities have detected no terrorism financing activity, and Malta’s financial regulators consider the terrorism financing risk to be low.

There is currently some political turmoil on the island which has resulted in a Transparency International Corruption Index of 54/100. The country has been embroiled in a corruption scandal for some time when some high-level ministers where also implicated in the Panama Papers. On the 1st December 2019, under pressure from the 2019 street protests calling for his resignation in relation to the assassination of journalist Daphne Caruana Galizia, Muscat announced his resignation, and stepped down on 13 January 2020. He has been replaced by the incumbent Prime Minister Dr. Robert Abela who has promised to bring about some sweeping changes including reforming the police force and devoting particular attention to the home affairs ministry to ensure justice is done in its entirety. The political situation should not detract from the fact that the jurisdiction is still extremely safe and welcoming to all foreigners and entrepreneurs.

FAQ Trademark Registration malta

The Registration of a Trademark in Malta solely offers protection within the territory/jurisdiction of Malta – whilst an EU Trademark ensures protection of Intellectual Property in all EU Member States. Therefore, there is no need for a double-registration.

Yes, we will endeavor to also double-check your prospective ‘mark’ with the eSearch Plus and/or TM View option.

There is no legal obligation – but for aesthetics sakes, we would certainly recommend it!

Normally – between 4 to 5 months.

Of course! We will only proceed once you are happy with the contents.

If approved, it would be valid for 10 years!

The application fee costs EUR 850 and enables you to choose 1 Nice classification. For an additional fee of EUR 50, you can add a second class and for three or more classes you will need to pay EUR 150 for each class. This decision is entirely up to you.

You can send your logo in both .jpg and/or .png format although just make sure this is in High Definition.

Yes, you will be informed when the EUIPO approves the Trademark.

Yes, they will independently conduct their own checks.

The figurative mark you submit and any corresponding wording.

Certification and endorsement for protection of your mark throughout all 27 EU Member states.

FAQ VFA (Crypto) License malta

Most certainly. Our team are more than equipped to understand the business model presented – the type of ‘intermediation’ being offered and the corresponding service which would need authorization. We are privy to certain ‘tricks of the trade’ which can help us categorise a license accordingly such as: understanding whether or not you intend to maintain the holding and controlling of client funds.

Whilst, legally speaking, the responsibility to ensure that proper AML/CFT Policies, Procedures & Controls are borne by the MLRO & Compliance Team – we will be more than welcome to provide guidance and references to sector-specific legislation whenever necessary.

Yes, of course, we can assist you to opt for a fast track solution in order to be able to initiate with the trading activities of the company. We have good relationships with Electronic Money Institutions (EMIs) both locally and foreign where it would be possible to open an account within few days.

Most definitely. Our ‘sister entities’ are more than equipped to handle any concerns which might not necessarily be related to the VFA/Crypto-sphere. Just speak to us and we will guide you accordingly.

Yes. We will be more than willing to assist your CFO and provide guidance as to what the Authority might expect.

Throughout courses and seminars, we attended, speakers and lecturers have continuously ascertained that a comprehensive knowledge and understanding of MIFID II regulations is all but impossible. Our advice is to familiarize yourselves with Financial Instruments – since a thorough knowledge would certainly help in the event that the Financial Instrument Test needs to be conducted. It also helps to understand the ‘rationale’ as to how the VFA Act was promulgated in the first place. Finally, a basic appreciation of MIFID II will help you understand what the Relevant Authority will expect vis-à-vis ‘Investor Protection’, Best Execution and Pre/Post Trade Transparency – especially during your on-going obligations with clients.

Yes. Our Legal Project Managers will assist you accordingly with both the list of documentation and formal compilation.

The Moneyval assessment has merely requested that Malta beef up its AML Compliance Obligations – something that was already prevalent in the local Crypto sphere. Moreover, said assessment has highlighted the need to consider more AML implications which is why applying for any VFA License is no easy feat. Insofar as ‘Tax Haven’ status is concerned, Malta is an EU Member State with a bespoke and flexible tax structure which is tailor made to ensure businesses can benefit from the ‘full imputation’ system – a key factor as to why so many businesses consider Malta to be a success!

FAQ Work permit malta

Yes you need to have an employment offer in Malta before preparing any documents in relation to the application and / or proceeding to Malta. Non-EU nationals do not enjoy the right to stay in an EU country as job seekers.

Once all documents required to be enclosed with the application are duly compiled, it will take approximately two to three months from the date of submission for the Single Work Permit to be issued.

Yes, upon submitting an application for a Single Work Permit you will be give an interim authorization to legally reside in Malta until the Work Permit is duly issued. However, you would not be able to travel during such period.

No, the interim authorization is issued to you to reside in Malta. The applicant will be granted authorization to start working upon receiving the Residence Card / Work Permit.