The Annual Return is a document confirming the company details during the relevant year. The company details include, the registered address, the authorised and issued share capital and the percentage of which is paid up and the details of the officers of the company such as the name, surname, address, nationality and identification document number and in case of a body corporate, the name, company number and registered address.
About the Annual BO Confirmation
On the other hand, the Annual BO Confirmation confirms that there were no changes to the details of the declared beneficial owner. However, this document may not be applicable to all companies. This depends on whether there is a corporate shareholder within the structure or not.
Submission Requirements for Companies under the Companies Act
Every company which is duly registered under the Companies Act, is required to submit an annual return on a yearly basis to the Malta Business Registry. Thus, one year after the registration of the company, the annual return and annual BO confirmation (if applicable) are to be submitted together with the applicable fee. The documents are to be submitted within forty two (42) days from the company’s made up date. The applicable fee varies from €100 to €1,400, depending on the authorised share capital of the respective company.
The Importance of Timely Submission and Notification
Example: If the Company is incorporated on the 04th of January 2022, the Annual Return and Annual BO Confirmation (if applicable) must be submitted on 04th January 2023 or within 42 days from such date.
The Malta Business Registry sends email reminders to the Directors informing them when the annual return and annual BO confirmation are due. Such email reminders start being sent before the made up date of the company and continue periodically until the documents are duly submitted.
Penalties for Failure to Submit
Failure to submit the annual return and annual BO confirmation in a timely manner would result in hefty penalties being incurred by the respective company. The penalties for late filing will keep on accruing until the annual return and annual BO confirmation are submitted.
Exemptions During Company Dissolution
In the case where the company is placed in dissolution or is in the process of dissolution and has already filed the relative dissolution documents with the registry, the submission of the annual return and annual BO confirmation are not required if they are due after the dissolution date. Thus, the role of the liquidator does not include the filing of the annual return and the annual BO confirmation.
DW&P’s Compliance Services
DW&P ensures that the obligation of filing the annual return and the annual BO confirmation is complied with by every company it services. Our team prepares the documentation and ensures that they are filed with the registry on a timely manner.
Disclaimer: The above-mentioned article is simply based on independent research carried out by Dr. Werner & Partners and cannot constitute any form of legal advice. If you would like to meet up with any of our representatives to seek further information, please contact us for an appointment.
