According to the National Statistics Office (NSO), in 2018, registered business units amounted to 113,256, an increase of 8.1%, or 8,458 registered units, over 2017. These positive results for Malta are very encouraging for aspiring new business owners. Having said that, before setting up an own business, one requires a lot of planning, work and dedication. 

Firstly, you need to decide on how to set up your business legally, for example, you could opt to run the business as a self-employed, in a partnership, or through a limited liability Malta company. Once the basis is set, you need to apply for a Malta VAT number and register with the relevant tax department.

Depending on your business activity, you may also need to apply for a license, have inspections done by the relevant departments, and get all the needed paperwork sorted, such as permits and insurances coverage. It is also very important to have a clear idea of the initial set up expenses for legal consultations, accounting works, rentals, bills and so on.      

All this is not possible unless you have a good and clear business and financial plan. As much as there is a lot of free support through online portals and websites, or family and friends who can give you their word of advice, it’s very important to be able to rely on experts in the fields, starting from business advisors and accountants to assist you in the necessary paperwork and legal structures who will be able to look at your business and financial plans and guide you on the best possible ways to kick off your business activity.

If you are thinking or are ready to open a new business in Malta and need additional support, feel free to reach out to Accounting Services Ltd. They offer you the best advice for your new Malta business together with all the required services for self-employment, Malta company formation, Malta VAT number, bookkeeping, payroll and more. For more details, contact Ms Charlene Sciberras on csciberras@fairwindsmanagement.net.