As an expatriate in Malta, establishing a business can be a daunting challenge. Whether to make sure you comply with all the local legislation or simply taking care of all necessary documentation, it instils doubts and sometimes maybe even fear. However, Malta keeps its regulatory framework in sync with the changing demands of industries laid out at EU level which makes it easier for expats to start conducting business in.
Establishing a successful business in a foreign land just like Malta requires a combination of sound decision making and having a pro-business attitude. Home to a population of just over 421,000 people, Malta’s development has largely been attributed to its focus on knowledge and value-added industries. A major economic engine for growth is the financial services sector. Home to over 65,000 companies, Malta also boasts a thriving tourism industry, is home to a large maritime service cluster and supports a host of other sectors including ICT, advanced manufacturing and life sciences.
Steady economic growth for the last four years, strong labour market fundamentals, and recovering investments are factors to continuously favour Malta as a top destination to move management and control in. The Real Gross Domestic Product (GDP) in Malta is estimated to grow 4.1% in 2016 and projected to grow 3.5% in 2017. This has also allowed Malta to maintain one of the lowest unemployment rates in Europe, hovering around 6 per cent against the EU average of 10 per cent. Pillars of the Maltese economy are sectors such as: financial services, tourism and real estate. Businesses like aircraft maintenance, life sciences, high-end manufacturing and IT services are expanding fast indicating other add-ons contributing to the GDP.
Constantly emerging with new business opportunities, expats are encouraged to set up a base on the Maltese islands. The local authorities have been closely working on the latest international trends in finance and have identified a number of business opportunities to indulge in. Strong IT infrastructure, telecoms capabilities, and eFinancial services are some of the sectors to get involved in. As a politically stable and neutral country, Malta also has potential to become a startup hotspot for entrepreneurs. In addition, long-standing connections to North Africa and the Middle East make it a desirable base from which to establish Shariah-compliant structures.
The island is well-known for its excellent quality of life. Having to own a well-balanced rhythm between a typical Mediterranean lifestyle and strong entrepreneurial mindset, the country offers residents the opportunity to be part of Malta’s success history. Malta’s Mediterranean cuisine, rich in flavour and colour, is one of the healthiest and tastiest in the region. The island also offers a diverse range of shopping, cultural and leisure activities in addition to well-equipped public and private hospitals and clinics.
Malta’s government is pro-business oriented which makes it easier for expats to expand and develop their businesses. The country’s many strengths - from the quality of its workforce to its lower operational costs, high quality of life and Mediterranean location - offer expats and companies a unique match between doing business in Malta and lifestyle opportunities.Â