Starting & Setting Up a Business in Malta
Although being the smallest of the European Union’s member states, Malta is emerging as one of the fastest growing financial services centers. English, a joint official language with Maltese, is universally spoken and written and is the language of education and business.
Malta lies at a strategic crossroad between Europe and Africa acting as a meeting point of cultures and languages. Malta has a long-established and strong democratic tradition. It is a European Union member in which the rule of law is respected.
The Maltese archipelago is strategically placed in the heart of the Mediterranean Sea, approximately halfway between Europe and Africa. The archipelago consists of three islands: Malta, Gozo and Comino with a total population of over 400,000 inhabitants occupying an area of 316 square kilometers.
Malta is the largest island and the administrative, cultural and commercial centre. Gozo is the second largest island and is more rural, characterised by fishing, tourism, crafts and agriculture. Comino, the smallest of the trio, has one hotel and is largely uninhabited.
With superbly sunny weather, glorious beaches, a buzzing nightlife and over 7,000 years of fascinating history, there is a great deal to see and do.
It’s Good Business… Nowadays, Malta is internationally recognised as a region committed to providing excellence in financial services. It offers an attractive cost – and tax-efficient hub for companies looking for an EU-compliant, yet flexible domicile.
Malta has strengths and benefits to offer all business sectors: a well-trained workforce; a low-cost environment and an advantageous tax regime backed up by numerous taxation agreements.
Regulation & Tax… Malta has a strong, yet flexible single regulatory body in the Malta Financial Services Authority (MFSA). The MFSA is responsible for all licensed financial services activity on the Islands. The MFSA is structured in line with world best practice.
Malta is a highly developed financial centre. Financial services and financial intermediation and related sectors currently account for 12% of GPD - a figure set to double in the next decade.
It offers excellent possibilities for low-cost financing of investment transactions and international activities. All domestic and foreign transactions are handled quickly and reliably by Maltese and foreign banks with the latest technology.
Banking… Malta’s banking system is well regulated by the Malta Financial Services Authority and is part of the European System of Central Banks (ESCB) and the Eurosystem.
Language… English, a joint official language with Maltese, is universally spoken and written and is the language of education and business. Many Maltese are also fluent in Italian, and also speak German and French. Major world languages are easily sourced.
Education & Training… The high education and training level of the Maltese labour force is a key competitive factor. The Maltese have a very high regard for education and some 60 per cent of students remain in education to tertiary level. The Malta University is the oldest in the Commonwealth outside Britain, and enjoys an excellent reputation worldwide.
The Labour Market… Malta’s comparatively low labour costs, a strong work ethic and motivated workforce make it a very cost-effective location. There is a large pool of law, management, accountancy and communications professionals.
|Country’s Full Name:||Republic of Malta (Repubblika ta’ Malta)|
|Population:||413,609 (as at December 2008)|
|Official Languages:||Maltese and English|
|Currency:||Euro, Malta jointed the eurozone January 1, 2008|
|Religion:||Roman Catholicism is the religion of 98% of the population. Other denominations have places of worship.|
|Location:||93 km south of Sicily and 288 km east of Tunisia|
|International Dialing Code:||+356|
|Area:||Malta is composed of three major islands: Malta Island 246 sq km, (94.9 square miles), Gozo 67 sq km (25.9 square miles), Comino 3 sq km (1.1 square miles). There are also some minor uninhabited islands.|
|Terrain:||Mostly low, rocky, with dissected plains and may coastal cliffs|
|Climate:||Mediterranean with hot dry summers and mild winters. Annual rainfall is 23 inches and falls mostly between October and March.|
|Average temperature:||Dec – Feb 13.2°c, June – Aug 25.8°c|
|Administrative Divisions:||The country is administered directly from the capital Valletta. However, there are 68 local councils.|
If you would like an informal chat on how M Meilak & Associates can help you in seting up a business in Malta, then please do not hesitate to contact us.