A:
A limited liability company may be registered by the shareholders or their authorised agent.
A:
The length of time to incorporate a company depends on the type of company being incorporated and on whether all information and documentation is available and in order. Once all the documentation and information is in order and passed on to the Registrar of Companies, the process may take from as little as 24 hours.
A:
Every company registered in Malta must have a registered office in Malta. Any changes to the company's registered office must be notified to the Registrar of Companies.
A:
The minimum number of shareholders is normally two; however, a ‘single member company’ may also be registered. On the other hand the maximum number of shareholders for a private company is fifty. There is no maximum number of shareholders for a public company.
A:
Every private company must have at least one director whilst every public company must have at least two directors. It is worth mentioning that every company must have a company secretary. Furthermore, no company may have:
a) as company secretary its sole director (unless the company is a private exempt company)
b) as sole director of the company a body corporate, the sole director of which is company secretary to the company.
A:
All companies must prepare an annual return upon each anniversary of its registration. The Company Return must be filed with the Registrar of Companies within 42 days after the date to which it is made up, against a payment which is determined upon the authorised capital of the company.
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Companies are also required to file a copy of the annual accounts, which are generally accompanied by a copy of the auditors' report and the directors' report. The annual accounts must be filed within 10 months from the end of the financial year, with a grace period of 42 days.
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Any taxable person established in Malta shall apply to the Commissioner for Revenue to be registered for Value Added Tax (VAT) purposes. Registration must take place not later than thirty days from the date on which any taxable supply or exempt with credit supply is made.
A:
Malta has different tiers of VAT, depending on the type of taxable supply. The VAT rates are as follows:
Certain products are exempt and on which no VAT is charged.
There are two types of exempt supplies:
A:
A recapitulative statement is a periodical statement required to be made by suppliers in Malta who make intra-Community supplies of goods to customers identified with a valid VAT Registration number in another Member State. The new rules extend this requirement also to a supply of services made to a customer who is liable to pay the tax on that service in the Member State in which he is established, except when that service would be exempt in that Member State. The recapitulative statement must be submitted to the VAT Department.
A:
Your VAT Registration number and the VAT Registration number of the person acquiring the goods or receiving the services in the other Member State.
For each person who acquired goods or received services, the total value of the supplies of goods and the total value of the supplies of services carried out, would need to be entered.
You would also need to report any transfer of goods made by you to another Member State by including both your VAT Registration number by which you are identified in Malta as the supplier and also the VAT Registration number by which you are identified in the Member State of destination as the acquirer.
A:
The Recapitulative Statements needs to be drawn up for each calendar month and are to be submitted not later than the fifteenth day of the month following the relative calendar month. However, it is also possible to submit a Recapitulative Statement for each calendar quarter by not later than the fifteenth day of the month following the end of the quarter, where the total quarterly amount, excluding VAT, of the supplies of goods does not exceed either in respect of the quarter concerned or in respect of any of the previous four quarters, the sum of €50,000.00 (fifty thousand Euro).
Notwithstanding the above, if you make only supplies of services for which the customer is liable for payment of the tax, you may submit a Recapitulative Statement for each calendar quarter by not later than the fifteenth day of the month following the end of the quarter irrespective of the total value of services supplied. However, if you make supplies of both goods and services, the rules for the goods shall prevail.
A:
As per the VAT Act, you would be liable to an administrative penalty. Failure to submit a Recapitulative Statement when required is also a criminal offence.
A:
Corporate tax rate in Malta is 35%, however by means of the full imputation system shareholders are entitled to receive a refund of any tax paid by the company. This means that upon receipt of a dividend from the Malta company which operates trading income, shareholders will become entitled to a refund of 6/7ths of the total tax paid. On the other hand, upon receipt of a dividend from the Malta company out of profits derived from passive interest or royalties, the tax refund is minimized to 5/7ths of the total tax paid.
A:
A Malta company is obliged by law to register for Income Tax. The Malta company is then required to submit the annual income tax return by the end of nine months and to pay the balance of tax due to the Inland Revenue by the end of 12 months following the end of the company’s financial year.
A:
A limited liability company may be registered by the shareholders or their authorised agent.
A:
The length of time to incorporate a company depends on the type of company being incorporated and on whether all information and documentation is available and in order. Once all the documentation and information is in order and passed on to the Registrar of Companies, the process may take from as little as 24 hours.
A:
Every company registered in Malta must have a registered office in Malta. Any changes to the company's registered office must be notified to the Registrar of Companies.
A:
The minimum number of shareholders is normally two; however, a ‘single member company’ may also be registered. On the other hand the maximum number of shareholders for a private company is fifty. There is no maximum number of shareholders for a public company.
A:
Every private company must have at least one director whilst every public company must have at least two directors. It is worth mentioning that every company must have a company secretary. Furthermore, no company may have:
a) as company secretary its sole director (unless the company is a private exempt company)
b) as sole director of the company a body corporate, the sole director of which is company secretary to the company.
A:
All companies must prepare an annual return upon each anniversary of its registration. The Company Return must be filed with the Registrar of Companies within 42 days after the date to which it is made up, against a payment which is determined upon the authorised capital of the company.
A:
Companies are also required to file a copy of the annual accounts, which are generally accompanied by a copy of the auditors' report and the directors' report. The annual accounts must be filed within 10 months from the end of the financial year, with a grace period of 42 days.
A:
Any taxable person established in Malta shall apply to the Commissioner for Revenue to be registered for Value Added Tax (VAT) purposes. Registration must take place not later than thirty days from the date on which any taxable supply or exempt with credit supply is made.
A:
Malta has different tiers of VAT, depending on the type of taxable supply. The VAT rates are as follows:
Certain products are exempt and on which no VAT is charged.
There are two types of exempt supplies:
A:
A recapitulative statement is a periodical statement required to be made by suppliers in Malta who make intra-Community supplies of goods to customers identified with a valid VAT Registration number in another Member State. The new rules extend this requirement also to a supply of services made to a customer who is liable to pay the tax on that service in the Member State in which he is established, except when that service would be exempt in that Member State. The recapitulative statement must be submitted to the VAT Department.
A:
Your VAT Registration number and the VAT Registration number of the person acquiring the goods or receiving the services in the other Member State.
For each person who acquired goods or received services, the total value of the supplies of goods and the total value of the supplies of services carried out, would need to be entered.
You would also need to report any transfer of goods made by you to another Member State by including both your VAT Registration number by which you are identified in Malta as the supplier and also the VAT Registration number by which you are identified in the Member State of destination as the acquirer.
A:
The Recapitulative Statements needs to be drawn up for each calendar month and are to be submitted not later than the fifteenth day of the month following the relative calendar month. However, it is also possible to submit a Recapitulative Statement for each calendar quarter by not later than the fifteenth day of the month following the end of the quarter, where the total quarterly amount, excluding VAT, of the supplies of goods does not exceed either in respect of the quarter concerned or in respect of any of the previous four quarters, the sum of €50,000.00 (fifty thousand Euro).
Notwithstanding the above, if you make only supplies of services for which the customer is liable for payment of the tax, you may submit a Recapitulative Statement for each calendar quarter by not later than the fifteenth day of the month following the end of the quarter irrespective of the total value of services supplied. However, if you make supplies of both goods and services, the rules for the goods shall prevail.
A:
As per the VAT Act, you would be liable to an administrative penalty. Failure to submit a Recapitulative Statement when required is also a criminal offence.
A:
Corporate tax rate in Malta is 35%, however by means of the full imputation system shareholders are entitled to receive a refund of any tax paid by the company. This means that upon receipt of a dividend from the Malta company which operates trading income, shareholders will become entitled to a refund of 6/7ths of the total tax paid. On the other hand, upon receipt of a dividend from the Malta company out of profits derived from passive interest or royalties, the tax refund is minimized to 5/7ths of the total tax paid.
A:
A Malta company is obliged by law to register for Income Tax. The Malta company is then required to submit the annual income tax return by the end of nine months and to pay the balance of tax due to the Inland Revenue by the end of 12 months following the end of the company’s financial year.