Record Number of Malta Companies Registered

CSB Group has recently learned that in 2010 there were 3,061 new companies registered in Malta. This is apparently the highest number ever recorded, according to the Malta Financial Services Annual Report 2010.

This is also excellent news if one is too see it from a career seeker’s perspective as it makes careers and job prospects even more accessible to the job seeker based locally. Especially in the financial sector, employment continued to increase during the year. The number of full-time gainfully occupied in direct financial intermediation services stood at 5,871 in October 2010 or about three per cent more than October 2009.

Sixty four companies transferred to Malta in terms of the Continuation of Companies Regulations under the Companies Act, including twenty one from Italy, nine from the British Virgin Islands, six from Luxembourg, seven from the Cayman Islands, three from the Bahamas, three from the Dutch Antilles, two from Gibraltar, two from Guernsey and two from Liberia. These included 13 who were involved in property activities, ten holding companies, nine securities companies, eight marketing businesses, six IT companies, six private investment companies and three real estate companies.

By the end of 2010, the Registry of Companies had 51,575 companies and 1,405 partnerships registered. It was also confirmed that there were new licences issued in 2010 in all areas of activity, among which were three new credit institutions and six new insurance companies. Significant increases were registered in the number of investor funds and investment services companies.

Making reference to this, MFSA chairman Joseph Bannister said in his introduction to the Malta Financial Services Annual Report that Malta’s economic stability gives international financial business valuable and genuine comfort. The report said The Gross Value Added (GVA) in the financial intermediation sector, increased to 7.5 per cent in 2010 or around €66,000 per capita per employee.

Despite debt crisis faced by other euro zone states, Malta maintained its robust position while still supporting the euro.