Malta, a beautiful Mediterranean island, has a thriving business community that attracts entrepreneurs from all over the world. The country offers various advantages to those who want to start a business, including a strategic location, a highly skilled workforce, a stable economy, and a business-friendly environment.
If you are thinking of starting a business in Malta, here’s a step-by-step guide on how to register your business.
Table of Contents
Choose a Business Name and Legal Structure
The first step in registering your business in Malta is choosing a unique name for your company. The name should not be similar to any other registered business name in Malta to avoid any legal conflicts. After choosing your name, you will need to decide on the legal structure of your business. The most common types of business structures in Malta are:
Sole trader
Partnership
Limited Liability Company (LLC)
Public Limited Company (PLC)
Each structure has its advantages and disadvantages, so it’s essential to research each one to determine which is the best fit for your business needs.
Open a Bank Account
The next step is to open a bank account in Malta. You will need to provide the bank with the necessary documentation, such as your passport, proof of address, and business registration documents. It’s crucial to choose a reputable bank that offers the services you need, such as online banking, credit card facilities, and foreign currency transactions.
Obtain Necessary Licenses and Permits
Depending on the nature of your business, you may need to obtain specific licenses and permits from the relevant authorities. For example, if you are opening a restaurant, you will need to obtain a food and beverage license from the Malta Tourism Authority. It’s essential to research which permits and licenses you need and apply for them before starting your business.
Register Your Business
Once you have completed the previous steps, it’s time to register your business with the Malta Business Registry. You will need to provide the following documents:
Application form
Memorandum and Articles of Association
Identification documents for all shareholders and directors
Proof of address
Bank account details
Business plan
Registration fee
The registration process usually takes about one week, after which you will receive a Certificate of Registration.
Obtain a Tax Identification Number (TIN)
After registering your business, you will need to obtain a Tax Identification Number (TIN) from the Maltese Inland Revenue Department. The TIN is required for all tax-related matters, including VAT registration, income tax, and social security contributions.
Register for VAT
If your business turnover exceeds €20,000 per year, you will need to register for Value Added Tax (VAT) with the Inland Revenue Department. You will need to provide your business registration certificate and tax identification number to register for VAT.
Generis Global Can Help You Register Your Business in Malta
Starting a business in Malta can be a complex process, and it’s essential to get the right legal advice and support. At Generis Global, we have a team of experienced lawyers who can help you navigate the legal requirements and procedures involved in registering your business in Malta. Contact us today to learn more about our services and how we can help you with your business journey in Malta.