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 "It may be the smallest country in the EU, but Malta is by no means the smallest player on the international stage. Not only has it developed a vibrant banking and financial services sector, it is also one of the most important hubs in Europe for online gaming firms and it continues to build on its long history in the shipping industry."
The Report Company.
International Trading Companies (ITC company) in Malta
Malta has been establishing itself as a serious and well regulated financial jurisdiction since 1988 when the relevant legislation was adopted. In 2004 Malta joined the EU thus enhancing the image of a respectable financial center.
The major advantages of a Maltese company:
- easy access from and to all of Europe, North Africa and the Middle East;
- attractive tax benefits for an ITC company, while the legal and tax systems of the Maltese jurisdiction comply with European highly regulatory and anti-money laundering standards;
- possibility to register for VAT;
- an ITC company can be easily formed by a foreigner. A minimum of one director and one shareholder is required. There can be individuals or bodies corporate. Nominee directors and shareholders are allowed.
ITC company in Malta taxation
The essential advantage of the International Trading Companies is that the net tax levied on Maltese company profits is only 4.1%. The provisions in the Maltese tax law provide for the taxation of all companies in Malta at the standard rate of 35%. However the law allows shareholders in IT Companies to reclaim refund of 30.9% on profits distributed to them as dividends. This basically means that although the company pays the full 35%, the shareholders will get a refund of 30.9% once dividends are distributed. The law also stipulates the deadline for such refund which is the 15th day of the month following the distribution of the dividends.
ITC company share capital
Maltese International Trading Companies are usually incorporated with the minimum authorized share capital of Euro 1165 divided into 1165 shares of Euro 1.00 each. The minimum paid up capital on incorporation is 20% of this amount, i.e. Euro 233.
Documents and information required for incorporation:
- 1. Two proposed company names.
- 2. A passport copy, full residential address and a bank reference for each shareholder.
- 3. A passport copy, full residential address and a bank reference for each director.
Fees - company incorporation and corporate package
| ITC formation fee is Euro 2500, which includes: registration (with the minimum of authorized share capital and including the payment of the minimum paid up capital), filing with the Registrar of Companies, provision of a Certificate of Incorporation, provision of a company Registered Office, income tax registration |
Euro 2500 |
| Optional services fees: |
| Local Maltese secretary |
EUR 600 |
| Extended company documents package including Memorandum & Articles of Association, Certificate of good standing and Certificate of directors |
EUR 200 |
| VAT registration |
EUR 150 |
| Additional documents: |
| Tax Residence Certificate |
EUR 80 |
| Apostilling of the documents |
EUR 85 per document |
| ITC company renewal: |
| Annual renewal of the ITC on the anniversary of the incorporation costs Euro 1 600. This includes provision of the company Registered Office, preparing and filing of the government annual return |
Euro 1 600 |
Important
The company in Malta is required to submit for each accounting period audited annual accounts in accordance with International Financial Reporting Standards (IFRS), which currently include:
- a director's report (a review of the development of the business, the names of the persons who were directors of the ITC company during the accounting period, the principal activities and proposed dividends);
- a balance sheet (as at the last day of the accounting period);
- a profit and loss account for the period;
- statement of changes in equity (or statement of recognized gains and losses);
- notes to the financial statements.
For your convenience we may assist in preparation of these accounts and statements. Fees charged by the accountants and auditors depend on the work load.
We typically charge audit fees of around EUR 1200, which would include the preparation of financial statements in line with IFRS, and the financial statements in line with the Companies Act for submission to Registry of Companies and other reports. We also normally charge EUR 200 for the preparation and submission of the income tax return, which fee would also include the refund claim for the non-resident shareholders (if necessary). We generally charge for accounting at EUR 40 per hour. These are only ball-park figures and we would need to discuss matters on a case-by-case basis. However, these may serve as an indication of the fees level.
If you wish to proceed, please list the required services:
- 1. Incorporation of a company in Malta.
- 2. Any of the listed above additional services.
- 3. Assistance with opening a bank account (please ask for available banking options).
- 4. Mail forwarding address (in DE, USA, or in Toronto, Canada) for collection and forwarding your sensitive business and private mail.
- 5. Anonymous and secure e-mail address at Mutemail.com - US$ 84 per year.
- 6. Offshore web hosting - starts from US$ 99 annually.
Please ask for the options if interested and send us a request.
When we receive you order we will email an invoice with wire transfer instructions.
Companies in Malta law:
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