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Once a company is registered with the Malta Business Registry, it is crucial to establish and follow processes and procedures that ensure the company remains in good standing. This blog post highlights the legal obligations that every Malta registered company must adhere to in order to maintain compliance and avoid penalties. By understanding and fulfilling these requirements, businesses can safeguard their reputation, maintain regulatory compliance, and access important official documents from the Malta Business Registry.

Statutory Registers and Filing:

Malta registered companies are obligated to maintain various statutory registers, including those for shares, members, directors, company secretaries, and beneficial owners. These registers must contain comprehensive information from the company’s inception and be consistently updated. Additionally, companies must file essential documents, annual returns, and BO form confirmations with the Malta Business Registry to ensure ongoing compliance with reporting obligations.

Financial Statements:

Companies registered in Malta must prepare and submit audited financial statements annually, even if the company has not been actively operating during the period. The year-end for the first set of financial statements is determined by the incorporation date, ensuring a timeframe of not less than 6 months and not more than 18 months from incorporation. To meet this requirement, it is crucial to engage accountants promptly to initiate the accounting work and allow auditors sufficient time for the audit and submission of the company’s tax return.

Compliance and Corporate Governance:

Malta registered companies must comply with the provisions of the Companies Act, both legally and from a corporate governance perspective. This includes holding annual general meetings and other board meetings as required. While meetings can be conducted in person or online, it is advisable to hold at least one annual general meeting in person at the company’s registered office for approving financial statements. The first annual general meeting should be held within 18 months of incorporation, followed by subsequent meetings within 15 months.

Communication and Updates:

Immediate notification of any changes within the company, such as ownership, structure, operations, or potential court cases, is crucial. It is essential to inform auditors and company service providers promptly, including those providing registered office, directorship, and company secretary services. Such changes must be communicated to ensure relevant documents reflecting the updates are submitted to the Malta Business Registry within 14 days. This ensures compliance with regulatory bodies such as the Malta Financial Services Authority, the Malta Business Registry, and the FIAU, preventing potential fines and maintaining the reputation and licensing of auditors and service providers.

Adhering to the legal obligations outlined above is paramount for maintaining good standing and compliance for Maltese companies. By diligently maintaining statutory registers, filing necessary documents, preparing financial statements, observing corporate governance requirements, and promptly communicating changes, businesses can avoid penalties and access important official documents from the Malta Business Registry. Prioritizing these obligations safeguards the company’s reputation, ensures regulatory compliance, and contributes to long-term success.

At Zampa Debattista we can assist your business with all your outsourcing needs. Get in touch with us for a discussion on how we can assist your team with incorporating your company.