05.04.2022
Setting up and running a successful company requires several obligations to be met from the very first steps of incorporation, to ensure that it is incorporated according to national regulations. This article gives a general overview of what is expected from companies, what will happen when they fail to do so, and how our team can assist you throughout the company’s lifetime.
Respecting regulations and filing documentation within their stipulated timeframes will ensure that the company runs smoothly. It is important to comply with obligations set out in the Companies Act (Chapter 386 of the Laws of Malta) throughout the company’s lifetime to ensure that all requirements to file statutory documentation are respected. Failure to adhere to such regulations, will see the enforcement of penalties as imposed by the Companies Act in accordance with the provisions of Article 401 (3) to (17).
Penalties that can be found in the Eleventh Schedule, provide a list and descriptions of infringements together with the fee related to such penalties and the maximum daily default penalty, where applicable. These are given for various reasons such as when partners fail to keep accounting records for ten years, failure to do an annual return or submit annual financial statements.
The Malta Business Registry (MBR), the Maltese government agency responsible for the registration and regulatory compliance of companies and commercial partnerships in Malta, is the body responsible to manage and oversee these deadlines for the registry of companies. Apart from the standard and annual deadlines, the MBR also issues additional notifications, providing general updates to companies in accordance with local legal notices and EU legislations. Such information varies from how to use electronic signatures to information about disqualification of Directors.
Having a good accountant as your corporate services provider can guide you through all obligations outlined in the Act, such as annual filings to ensure that the company meets all obligations in time and save money. As a business solution provider, Fairwinds Management is here to ensure that all obligations and important deadlines are met, so that your Malta company runs smoothly without being fined any penalties for not respecting deadlines. For further information, we invite you to get in touch with one of the directors, Ms Joceline Caruana M.Acc, MIA, Cert.Tax, CPA on jcaruana@fairwindsmanagement.net.
