MALTA

The Republic of Malta, is situated in the centre of the Mediterranean, east of Tunisia. Malta gained its independence from the United Kingdom in 1964 and became a republic in 1974. Since 1964 it has been a member of the United Nations and in 2004 it joined as a member of the European Union. Malta's strategic geographical location and its membership of the European Union plays a very important part in its economic, political and cultural development.

Malta has a competitive tax system (such as full imputation system and refundable tax credit) and an extensive network of Double Taxation Agreements with over 40 separate jurisdictions around the world. Together with its highly educated English-speaking educated workforce, especially in the legal, accounting, insurance, banking and maritime professions, Malta is an increasingly popular business vehicle and your choice of jurisdiction.

The most common company type used in Malta is the Maltese private limited company. Company formation in Malta is performed according to certain standard actions: drafting the articles of association and passport copies, as well as specimen signatures and special forms from the registration office in Malta. These actions should be performed through a public notary in Malta. These are some of the requirements in setting up a private limited company in Malta:

• - a registered office situated in Malta, as well as a bank account opened at a Maltese bank- at least one director, who may also act as the company secretary in certain cases
• - at least two shareholders (who may be individuals or corporate); or only one shareholder provided the company fulfils certain conditions
• - keep proper accounting records and to have their accounting records audited at the end of each financial year in accordance with Malta's Companies Act, 1995 and International Accounting Standards
• - minimum shared capital is approximately EUR 1,200, where partial payments are not allowed