Statutory Requirements for Keeping a Company in Good Standing in Malta
Malta is a small island nation located in the Mediterranean that has established itself as a hub for international business. With its favourable tax regime, modern regulatory system, and stable political environment, Malta is an attractive destination for companies looking to set up operations in Europe. In this article, we will explore the statutory requirements for keeping a company in good standing in Malta.
Annual General Meetings
All companies registered in Malta are required to hold an Annual General Meeting (AGM) every year. The AGM is an opportunity for the company’s directors and shareholders to review the company’s financial performance and make decisions about the future direction of the company. Provided that so long as a company holds its first AGM within eighteen months of its registration it need not hold it in the year of its registration or in the following year.
Annual Returns
All companies registered in Malta are required to file an annual return with the Malta Business Registry. The annual return must be filed within 42 days of the made up date which is the date of Incorporation of the Company, and must include details of the company’s directors, shareholders, company secretary and registered office, as well as a summary of share capital and debentures. Failure to file an annual return can result in the imposition of fines and the eventual strike-off of the company from the Register of Companies.
Financial Statements
All companies registered in Malta are required to prepare and approve financial statements, which must be filed with the Registrar of Companies. The financial statements must be audited, unless the company is exempt from audit requirements. For private companies, the financial statements must be approved within ten months of the end of the financial year, and filed within 42 days from the end of the period for submitting the financial statements for approval. For public companies, the financial statements must be approved within seven months of the end of the financial year, and filed within 42 days from the end of the period for submitting the financial statements for approval.
Registered Office
All companies registered in Malta must maintain a registered office in the country. The registered office is the official address of the company, and is the location where official communications and legal documents will be sent. The records of accounts, financial statements and returns are usually kept at the registered office of the company in Malta.
Conclusion
Malta is a great place to do business, with a favourable tax regime, modern regulatory system, and stable political environment. Companies registered in Malta must comply with a number of statutory requirements, including the holding of annual general meetings, the filing of annual returns and financial statements, and the maintenance of a registered office. By complying with these requirements, companies can ensure that they remain in good standing in Malta and continue to take advantage of the many business opportunities available in the country.