Thanks to the backing of a stable government and solid economy, the Maltese financial and corporate sectors have the necessary infrastructure available to provide a wide range of corporate and financial services. Take a look at the following list to find out which of the financial and corporate services available in Malta are absolutely necessary for you and your business.
If you have a business in Malta, it’s important that you hire a book keeper or an accountant to manage your books and make sure that they’re up to date and in compliance with Company Law standards.
Ideally, you want to work with a company that will provide you with a dedicated Account Manager who will basically oversee all accounting records of your company as well as to prepare statutory financial statements.
Other accounting and book keeping services that your accountant will be responsible for include:
- Company registration and administration
- Everyday bookkeeping
- Banking maintenance
- Payroll support
- Preparation of VAT returns
- Assessment of your company’s projections, budget and accounting policies
- Financial statement preparation according to IFRS regulations
- Preparation of management reports on an ad hoc basis
- Management account preparation
2. Company Secretarial Services
According to the Companies Act 1995, it is a legal requirement for Maltese companies to hire a company secretary. Your company will require secretarial services in order to comply with statutory responsibilities, and their duties will include the following:
- Keeping a record of all the minutes from the company’s general meetings
- Keeping a record of all the minutes from the company’s board of director’s meetings
- Maintaining a proper record of all company members
- Maintaining the company’s records
- Informing board members of upcoming meetings in advance
- Offering technical advice on compliance issues, as well as financial and legal matters
- Making sure that the company complies with the Companies Act by following up on the filling of returns and documents
- Making sure to file all necessary company resolutions with the Registry of Companies
3. Compliance Services
To make sure that your company is in compliance with all the required rules and regulations that govern the operation and management of companies in Malta, it’s important that you have a compliance specialist within your team.
A compliance specialist will help you with the following:
- KYC (Know Your Customer) Services
- KYB (Know Your Business) Services
- Tax Compliance
- VAT Compliance
- Regulatory reporting
- They will perform an assessment of your company’s existing compliance policies and procedures
- Certification of documents by an appropriate body
4. Tax Compliance Services
It’s imperative that you align your business’ strategic vision with the latest tax regulations so as to reduce tax liability. The result will be that you’ll have more resources available at the end of each financial year that you can invest back into the enterprise.
Tax compliance starts with utilizing the best accounting practices for your business while making sure to pay all your business taxes, including direct and indirect.
In order to achieve all of this, you need to have an appropriate tax plan, which you can develop with the help of an accredited professional. Just be sure to hire someone who will be able to assist you with the following as well:
- Full tax compliance according to the latest regulations
- Tax credit incentive applications (if applicable)
- Advise on the direct and indirect tax implications that come with any and all transactions that involve your business in Malta
- Corporate and tax structuring
- VAT registration and deregistration
- Planning and preparation of VAT returns
- Communicating with the VAT department on behalf of your company
5. Management Accounting
Of all the Corporate Services in Malta that we’ve mentioned so far, Management Accounting has to be the most important. Why? For one, it involves being able to determine your company’s profitability as well as its solvency and liquidity. It will also give you the opportunity to find out what your company’s asset returns are, while helping you to compare between your company’s budget and actual spending.
A Management Accountant will also take care of your profit and loss calculations, cash flow forecasts, KPIs and management reports as well as help you figure out what the profitability of each project is before you go into it.
All of these will enable you to make good decisions for your company on a more consistent basis.
While we can admit that the above list of financial and corporate services is by no means all-inclusive, it does take care of the more critical services that every business needs in order to operate successfully in Malta. As your business grows, you may require Human Resource and Payroll support as well as Fraud Risk Assessments and Remediation among other more sophisticated facilities.