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October, 14 2019
September, 26 2019
Help yourself with right legal advise in Malta
If you wish to invest in Malta or acquire citizenship of Malta, you would do well to secure the moves you make with sound legal advice. Inadequate legal advice may lead you to sub-optimal decisions with adverse long-term impacts. So, it is worth your while to spend a little time to engage the right advisors – the information here is organised to help you find the most appropriate legal advisors in Malta.
If it is a business you wish to set-up or expand, whether it is local or international, in traditional or emerging sectors, you should carefully select someone qualified to represent your interests and help you navigate through options and compliances while executing legal documents.
As the world economies integrate and new technologies emerge, the legal framework keeps on changing and becoming more complex. Depending upon your requirements, you may need to reckon with local laws, country’s laws, international laws and sector specific laws.
Malta, is classified as an advanced economy with 32 other countries by the IMF. With total population less than half-million and a population density of 1254/SqKm it is one of the densest countries in EU. The per capita income of 45.7K International Dollars almost equals that of UK and France. Following the European Council of 21–22 June 2007, Malta joined the Eurozone on 1 January 2008. The laws of Malta are based on i) Constitutional law, ii) The primary and secondary legislation, iii) The common law, European Community Law and iv) Custom law local traditions for example the Code de Rohan. Both Maltese and English are official languages and Euro is the country’s currency.
It is apt to select lawyers or law firms specialising in domains of interest. While there may be law firms which work with mandates spanning a wide variety of subjects, you may be better off with domain experts.
Here is an illustrative list of wide-ranging domains in which you can find legal experts practicing in Malta:
Malta has sunny weather 300 days a year and it is strategically located to address the markets in EU, West Asia and North Africa, with English speaking educated population. It offers low-cost office space and the Maltese Government provides incentives for companies and start-ups to invest in the ICT (Information and Communications Technology) leveraged sectors employing blockchain technologies, Cryptocurrencies and VFA. There are law firms which specialise in each of these emerging technologies and you can find them at this website. You could also check out http://www.startupmalta.com for the help you may need in giving wings to your ideas or https://www.eu-startups.com/2019/01/10-maltese-startups-to-watch-in-2019/ to understand the sort of technologies and start-ups in Malta which have secured funding.
Though EU is driving the concept of a single digital marketplace, Malta’s legislation regime in domains of IT and Virtual Financial Assets (VFA) is contemporary and quite a few steps ahead of most EU member states. Malta is considered a leader in iGaming enterprises.
Malta has earned a reputation of being known as “the world’s first blockchain island”: read the Forbes article: https://bit.ly/2LWNL7H Just recently, in July 2018, the Maltese Government enacted three laws that will serve to give Malta a lead for blockchain and other Distributed Ledger Technology (DLT) based projects. The Malta Digital Innovation Authority Act (MDIA Act), Innovative Technology Arrangements and Services Act (ITAS Act), and Virtual Financial Assets Act (VFA Act) in combination provide a robust legislative and regulatory framework that will empower the growth of technology companies that use DLT. [MDIA Act, July 15, 2018, cap. 591; ITAS Act, 2018, cap. 592; VFA Act, 2018, cap. 590 (all on Ministry for Justice, Culture and Local Government’s Laws of Malta website).]
Tourism and leisure are thriving sectors in Malta. More than one-third of the GDP of Malta comes from tourists. International tourists exceed 1 million p.a. Malta’s biggest trading partners are Italy, UK and Germany. Besides imports and exports there is a good potential for export-oriented manufacturing companies in the sectors of electronics, pharmaceuticals and IT and ITeS (IT enabled Services) as mentioned above. Over 200 companies are foreign owned. FDI or setting up a new company are the means to get a good ROI. The business entities can be set up as Sole Trader, Private Limited Liability Company, Limited Partnerships and General Partnerships.
The Maltese economy is stable and the Government is business-friendly. Malta Enterprise is a single window for addressing all permissions related or regulatory issues. The tax regime in Malta is designed to make it a competitive investment destination for a non-resident shareholder of a Malta company (Trading). Full profit repatriation and no withholding tax for non-resident owners are often workable with proper legal arrangements. Secondly for incorporating a new Company, the fees are low in comparison to competitive markets in the EU.