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Malta and CSB Group are fully equipped to act as the ideal partner to those UK entities which are seeking the right Brexit Strategy for the continuation of their business with EU partners, businesses and clients alike.
Malta is an Island in the middle of Mediterranean which has established itself as one of the European financial services centres of choice since joining the European Union. Malta enjoys a mix of Anglo-Saxon and continental (European) law and has in fact based its Companies Act on the UK Companies Act. Malta is also an island full of culture and history and holds a close link with the United Kingdom both historically and in today’s day and age with over five thousand UK expats living, working or enjoying their retirement in Malta.
Malta’s laws, rules & regulations and guidance notes are issued both in English and Maltese, with English being the Island’s second official language. There is a large team of professional bodies and a vibrant culture and work ethic.
Company Formation, Company Re-domiciliation
A Malta company can be established within two to three business days after the necessary documentation has been submitted to your Corporate Services Provider (CSP) of choice. You may wish to open a bank account in Malta or maintain relationships with your existing bank in the UK.
Malta also offers the possibility of having your business entity relocated to the Island without such entity losing its track record, financial history and contractual ties. In terms of the Companies Act, Continuation of Companies Regulations, a law established in 2002 and effectively used throughout the years, a UK company could transfer its base of operation to Malta seamlessly and effectively. This will allow you to continue to operate under the same brand and not lose your goodwill, contractual terms and agreements etc. In future, should you decide to relocate back to the UK, Maltese law also allows for the seamless outward re-domiciliation of your company.
Banking, MiFID, AIFMD, Funds, Insurance, EMI & PSPs
Malta has since its accession to the European Union in 2004, established itself as a strong jurisdiction in the financial sector. It has grown significantly in size and it is an industry which now contributes approximately 12% of the Island’s GDP. Being a member of the European Union, UK companies seeking a Brexit Strategy may very well look at Malta, either through an independent setup or through re-domiciliation as discussed above. Whilst following EU regulations and allowing you to service the EU market through passporting, Malta’s legal system allows peace of mind due to the similarities to that found in the UK. The Malta Financial Services Authority (MFSA), has been modelled on the then UK FSA (now FCA) and is very open to meet executives who are looking at Malta as their next home for the foreseeable future. The process of obtaining a licence is robust, yet transparent and if executives or members of staff which are already authorised by the FCA are to form part of the Malta structure, then this will make the process even smoother for the Malta application.
Corporate & Residential Tax
From a corporate perspective, companies are taxed at the rate of 35%. However, upon the declaration of a dividend by the Malta trading company (asset manager, bank, insurance company etc…) the holding company can claim a refund from the Malta Inland Revenue of 6/7ths effectively reducing the rate of tax to 5%. Such dividends and refunds do not suffer further tax within the holding company and may be re-invested either in the underlying trading company, used to setup a new venture or else be distributed to the parent company. Collective Investment Schemes on the other hand do not suffer any tax on income or capital gains if 85% or more of the assets are based outside of Malta.
From an individuals’ perspective, those members of staff which hold high ranking positions such as CEOs, CFOs, Compliance & Anti-Money Laundering Officers and a whole array of other senior positions within a licenced entity, and who earn more than €85,000 p.a. in salary, can apply for a flat rate tax of 15%. This rate of tax applies to all income up to a maximum of €5,000,000.
The hardest part for any corporate executive is to relocate to a new destination, find suitable accommodation, schooling for their children and gain their bearings. Malta facilitates all this through the provision of a number of residency schemes, high quality properties as well as schools which prepare the younger generations for the future. Malta will be granting UK expats a special ten-year residency status, which is higher than that afforded to third country nationals.
Likewise, adequate office space is essential when setting up or relocating your company. All this can be easily catered for thanks to the current and upcoming office spaces on the island.
CSB Group is well positioned to provide you with assistance in all of the above areas. Within CSB we have experts on the legal and regulatory matters in order to obtain the necessary licences or recognitions from the MFSA. Our close connections with the MFSA will enable us to facilitate this process for you. From a legal perspective we can assist you on a number of different matters in your day-to-day operations.
Our corporate team is there to assist you with all your company formation needs from registration to accounting, annual tax returns as well as VAT and tax refund matters. Our relocation team will assist you in obtaining the necessary residency and work permits, whilst together with our associated brands Malta Sotheby’s International Realty and Regus, we can assist you in identifying your office premises or living space and, why not, even investment opportunities. Together with our tax advisors we can plan the structure to be the most tax efficient structure in order to maximise your rate of return.
Finally, we can also assist you in identifying the right candidates through our highly specialised and skilled recruitment consultants at VacancyCentre, an effective recruitment agency operated by CSB Group.
At CSB we are here to assist with your strategy and give you an alternative option to the traditional European cities. We are more than willing to sit down with you and discuss your concerns as well as your needs.
Should you wish to set an initial call or else hold a meeting at your offices in London, please do not hesitate to contact our team.
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Need our assistance with relocation services?
CSB Group specialises in providing tailor-made advice to Individuals and companies looking to relocate to Malta. We strive for excellence and give tailor-made advice to our clients wishing to enhance their lifestyle and business prospects by moving to Malta.