While Malta may not be the cheapest European location, many companies that either outsource work to Malta or have operations in the country comment that it offers value for money: the workforce is highly educated and wages are reasonable. The island also boasts an excellent ICT infrastructure and a wide choice of commercial properties.
Starting a business is relatively easy and only takes a couple of days. The Limited Liability Company is the most common form of business entity in Malta. Registration of companies is handled by the Malta Financial Services Authority, and fees range from €210 for a company with an authorised share capital of up to €1,500, to €2,500 for authorised share capital of over €2.5 million. Applications can be made in either paper or electronic format. The length of time required depends on the type of company and whether all the required information and documentation is available. The process can take from as little as 24 hours. Further information is available from the Malta Financial Services Authority.
Other essential processes: There is no charge for the following other essential processes:
- Obtaining a Company Tax Identification Number (TIN) from the Inland Revenue Department
- Opening a permanent bank account;
- Registering for VAT - VAT Department
- Obtaining a PE number (employer identification number) and register employees from the VAT Department;
- Registering employees with Employment Training Centre
- Register for Data Protection: Such registration must be completed though the Office of the Information and Data Protection Commissioner before the company carries out any data processing operations. The process takes a day and costs €23.29.
Commercial Property is well sought after in Malta, and if you’re looking to lease or purchase commercial premises in a centrally built up area in Malta, it is definitely recommended to seek advice from a professional real estate agent in Malta. Costs vary according to location, size, amenities and finish. There are many providers of IT and Software, furniture and office supplies and equipment to cater for all requirements. Costs naturally vary.
Although on the rise, labour costs are roughly two-thirds of those in the more established member states.