MALTA - A Mediterranean Paradise which caters for all ages and tastes

The pub was certainly a magnet for social activity, where pints of Guinness and Irish Coffee’s flowed freely , Irish dancing and singing adding to the attraction of the pub. Major business deals were often concluded over a pint of Guinnness.

The craic was mighty as they say (that translates that there was great fun and spirit to be enjoyed). It is alleged that every US president is, and has been a descendant of Ireland. Barack Obama joked with Brian Cowen the Irish Prime Minister that they may be distant cousins on St Patrick’s Day last at the White House

Ireland is known as the Emerald Isle because it is so green, as a result of the climate, rain, rain and more rain, although the salmon fishing is good in Ballina. King Jack Charlton the ex Irish football manager is often seen spending many a happy hour fishing there.

England and Isle of Man
I moved to the UK from Ireland and spent ten years there before moving to the Isle of Man, a small island situated in the middle of the Irish sea. The Isle of Man is famous for the TT motor cycle races which occurs every year around the end of May beginning of June

I spent about ten years there working on the island, firstly for Group 4 as Finance Manager and then as Managing Director of a Corporate Service Provider.

It, like Ireland has fantastic scenery, but again the rain, the cold and dampness was never far away.

It was at this point I decided to move to Malta, a paradise in the Mediterranean.

Malta
Malta has many attractions but for me the climate is the top of the list. It is a densely populated island. You are never too far away from the sea. It has a total area of 316sq km and is just south of Sicily ( Italy ).Swimming is excellent and it is also a treasure for snorkelers and divers.

Paceville in the center of the island and is a hipe of activity for the younger generation especially at the weekend where an abundance of pubs and clubs can be found.
Sliema and St Julians is quieter but very active with many coffee shops and restaurants.

Getting to Malta is easy with major airlines servicing the country. Malta is part of the Schengen and as such ease of movement within this Schengen area is free moving. Malta joined the Euro in January 2008.

I myself established Royal Company Formations Limited, a corporate service provider which caters for incorporations in most jurisdictions. This company caters for all the back office and ancilliary services associated with the running of a company.

To work in Malta, you are required to have secured an employment licence. Even EEC national need employment licences to work in Malta, a concession that was granted to Malta on joining the EEC during the transition period. However it would be highly unsightly for an employment licence to be refused to an EU national

Setting up Business in Malta for both EU and Non EU nationals
To set up a business for nationals from the EEC and the EEA is relatively straight forward. Once you decide on the company name, you can reserve that name with the Registry of Companies for a small charge and this will be available normally to you for a period of three months. . However the name must be approved by the registry of companies, before reservation is allowed

The Memorandum and Articles is drafted outlining the objects of the company and naming the intended first directors, shareholders and company secretary. Corporate directors are allowed, but the company secretary must be an individual, although need not be resident in Malta.

The share capital is paid into a bank account known as Companies in Formation account, and these funds will remain there until the company opens up its own bank account. This is the procedure for Bank of Valletta, a highly reputable bank and customer friendly.

HSBC on the other hand insists on the account being opened first before issuing an account number. I asked HSBC why they insist on this method as it delays the process of incorporating a company. Their response was that they will only deal with certain types of businesses and certain types of clients.

It also from a corporate service provider point of view creates difficulties when a client may wish the corporate service provider to incorporate, but the client may wish to open the bank account.

The new company can now be formed. The registry will require certain KYC (Know your client) eg copies of passports and bank references in some cases.

NON EEC / EEA Nationals visa and work permits

The work permit section is governed by the Employment and Training Corporation (ETC) As stated previously, every national from the EEC/EEA/ and Swiss nationals needs a work permit or employment licence even to work for one day. These are usually issued for one year. However, for NON nationals of the above, one of the conditions below need to be satisfied to work as self employed eg director of a company that has just been set up.

A Investors intending to establish a business in Malta in which they invest at least 100,000 Euros without an EEC national as a partner, or a shareholding equivalent to 40,000 Euros with an EEC national as a partner

B Highly skilled innovators (who would qualify under the highly skilled route) with a sound business plan, who commit to recruiting three Maltese/EEC nationals within a period of eighteen months of establishment, and at any time in the future, no less than three Maltese/EEC nationals for every non EEC national

C Sole representative of an established overseas company that wishes to establish a branch in Malta. The foreign company must have been established for at least three years and must provide with its application various accompanying documentation

Finally for me the decision to move to Malta was wise. There is an excellent quality of life here, with all the advantages of a modern European society and developed infra structure, whilst at the same time retaining an easy pace and relaxed way of life.