Procedures related to the setting up of a business in Malta are very simple. Here are some tips to guide you.
Setting up a business in Malta is rather easy. In fact, many foreigners before you have already started this adventure, thanks to the various incentives provided by the Maltese government. Thanks to simple procedures and low tax rates, you can be your own boss, and why not provide jobs to locals. Note that the government greatly encourages entrepreneurship so as to further boost the country's economy. But in all cases, it is best to inquire on related procedures beforehand so as to determine which type of company would be more appropriate for your activities.
First of all, you must apply for a social security number which will allow you register with the VAT Department. Registration can be performed either online or in person at the Department's office. Once you have obtained your VAT number, you have to duly fill and sign a commitment form. This form can either be downloaded on the Employment and Training Corporation (ETC) website or collected in person at its office.
Thereafter, you are required to register at the Inland Revenue Department as an independent worker. This will allow you to make your social security contributions and pay tax. You then have to apply for a trade certificate from the Ministry of Commerce. You will also require an additional permit if your company is involved in the import and export of goods and freight.
Make sure to contact a local bank account to as to open a bank account in the company's name.
Formalities and fees
Once these steps have been accomplished, you will have to proceed as follows:
- booking a company name (8 euros)
- drafting the company's presentation and statutes (between 500 and 1,000 euros)
- depositing the minimum capital (free of charge)
- registering the company on the Registrar of Companies (910 euros)
- obtaining a trade license (around 60 euros)
- obtaining a tax identification number (free of charge)
- opening a permanent bank account in the company's name (free of charge)
- VAT registration (free of charge)
- obtaining an employer's number and registration of employees (free of charge)
- registration of employees with the l’Employment Training Corporation (ETC)
- registration at the Information and Data Protection Commissioner's office (around 25 euros).
If you have successfully filled in all these procedures, you can proceed with the opening of your business. Indeed, as an expatriate in Malta, you can not only work as an employee but also be your own boss. Congratulations!
Inland Revenue Department registry.mfsa.com.mt
VAT Department www.vat.gov.mt
Registration of an employer www.gov.mt
Licenses Department www.licences.gov.mt
Information and Data Protection Commissioner idpc.gov.mt
Employment Training Corporation (ETC) www.etc.gov.mt