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MFSA Reduces Company Fees for SMEs

MEDIA ROOM

December 23, 2008

The Malta Financial Services Authority is reducing its fees and charges for small businesses, in line with measures announced in the Budget, Finance Minister Tonio Fenech said this morning.

Fees for the bigger companies will rise.

The minister said the revision was part of a process undertaken by the MFSA every five years following consultation with the operators.

The fee for the registration of companies with a share capital of less than €1,500 will be reduced by 30 percent, and a further 10 percent if online services are used. The annual fee for such companies will be reduced from €163 to €85 if done electronically.

These measures, the minister said, would benefit some 60 percent of all companies in Malta and Gozo.

At the other end of the scale, companies with a share capital of over €50,000 will see their annual fee rise by between between seven and 23 percent.

Mr Fenech praised the MFSA, saying the international financial crisis had shown the strength and efficiency of the local regulator.

He said some 2,500 companies were registered over the past year, in line with last year’s growth.