Setting up a business in Malta
There are two ways to set up a business in Malta, you can either do it yourself or you can hire a Law firm to do it for you. Naturally, doing it yourself will save you some money but by letting someone with experience handle it for you will save you a lot of time and it will also allow you to concentrate on your future business actions.
Opening a bank account in Malta
The very first thing you need to is to open a bank account in Malta and when doing so you will need the following documents:
- Your valid passport.
- A rental agreement or proof of residential ownership in Malta. However, if you choose to live elsewhere, any address on which you will register your company will do, including a PO Box.
- A copy of a utility bill showing your address in your home country.
- A bank reference in English from your bank in your home country showing that you are in good standing. This should be done before your depart for Malta and your bank reference needs to be addressed directly to the Maltese bank.
Register your business in Malta
You will find all the information you need regarding how to register your business and access to all the necessary legal forms on Malta Financial Services Authority’s website. What you need is documentation of the following:
- Name of your business.
- The address on which your business will be registered.
- Number of owners, board members and secretaries. All parties involved will be required to show identification.
- Home addresses of the owner/owners.
- Business operations.
- A minimum of 1164.96 Euros in share capital. The fee for setting up your business is only 245 Euros, however, if your share capital is exceeding 1500 Euros the fee will increase.
Once you have all your papers in order it’s time to set up an appointment with:
The Registry of Companies
Malta Financial Services Authority,
If you, instead of visiting The Registry of Companies, choose to register your business electronically it will be cheaper but you will need a Maltese e-identification. Two weeks after registering your business you will receive your VAT number and you can start billing your customers.
Need help setting up your business?
If you feel it’s too complicated setting up your business in Malta or if your time is limited you can always hire a law firm to do the job for you. This is a great alternative if you are moving an already existing business to Malta, if you want to start a holding company or if you want to start a business while residing in another country. This is how it’s done:
- Let your lawyer know if you are intending to start a new business, move an existing business or start a holding company.
- Send a notarized copy of your passport, a bank reference in English and a copy of a utility bill showing your current address in your home country. You will also need to send a completed Maltese bank account application form. This form will be sent to by your lawyer. If you send these documents by e-mail before putting them in the regular mail, your lawyer will be able to get started right away.
- Sign necessary forms to authorize your lawyer to set up your business for you.
- Deposit your share capital once your lawyer has opened your Maltese bank account.
- An advance notice for the start of your business can be collected in Malta within three weeks.
- Your business will be set up, your bank account will be ready to use and you have received your Maltese VAT number.