Foreign corporates complying with requirements may also register a vessel in Malta. However, Malta companies owning a vessel will avail of the special regulations within the Merchant Shipping (Shipping Organisations – Private Companies).
Shipping companies may elect to be incorporated under, and regulated by, the Merchant Shipping (Shipping Organisations – Private Companies) Regulations (MSR) instead of the Companies Act, which means that shareholders and directors need not be Maltese nationals, and there will not be the requirement of a company secretary (amongst others).
Foundations, trusts and other bodies corporate may also be constituted as shipping organisations in Malta and register own vessels in Malta, as long as such shipping organisations are provided with a legal personality.
A shipping company is incorporated in Malta by filing a duly executed Memorandum & Articles of Association and effecting payment of the relative fees.
Requirements for Incorporation
The basic requirements and information necessary for the registration of a shipping company under the MSR are as follows:
The proposed name of the company. The words ‘Limited’ or ‘Ltd’ must be inserted at the end of the proposed name. Reservation of a proposed name prior to registration is possible.
The name, residential address, nationality, passport number, date and place of issue and date and place of birth, of each shareholder.
In general there must be a minimum of two shareholders, which may be individuals or corporate entities, however one shareholder may be permitted (A non-Maltese owner must appoint a resident agent in Malta).
The name, residential address, nationality, passport number, date and place of issue and date and place of birth, of each director. Companies may have a minimum of one director and directors may be corporate entities.
Any special instructions on the company structure, voting rights and similar matters as may be deemed necessary by the shareholders.
There are obvious inherent advantages in having a local individual acting as Special Attorney, as corporate documentation and authorities may be attended to in Malta, as this would facilitate the communication with the authority. The services of a Special Attorney can be provided by CSB Group at an annual nominal fee.
This is to express my absolute satisfaction in my dealings with Sacha Farrugia in the process of opening my company over the last few weeks. I was really blown away with their level of professionalism and customer service. They went above and beyond to ensure that all of my questions and curiosities were met and understood, and their level of knowledge was excellent. I would have no problem recommending your company to others in the future and will continue to use your services myself.
Phoenix Classic Charters Limited
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