Malta is one the best places to have your business. Malta is known as a tiny nation in the Mediterranean Sea, it is also situated between Europe and Africa. In this article, you will learn how to start a business in Malta successfully, the cost involved to setup this business and some of the amount it will cost you for your insurance.
Here are some of the simple steps you can follow in other to establish your business in Malta;
Steps To Start Business In Malta
1. Prepare registration documents
To start with any form of business, first you must draft the memorandum and articles of association. This requires the assistant of of a local accountant or lawyers.
2. Deposit the minimum share capital
Every business requires some amount of money as capital. This amount is also required to open up bank account in the name of the company.
3. Start aa business in Malta
At this stage, you present a filled-in company registration form together with a memorandum and articles of association. This documents must also include a receipt of the companies share capital deposit. However, all these documents must be presented to the Malta Business Registry (MBR).
4. Obtain the necessary licenses
To obtain a licenses for your business in Malta is very simple. All you need to do is to fill in the application form for a commercial activity of the business.
5. Get a tax identification number
Every business in Malta must have a tax identification number. The required form may be simply accessed online once more. You will not be charged any fees, but you will be required to complete a tax return form once a year.
Getting the proper education on how to open a business in Malta makes it easier for a person to establish a business and maintain its consistency.
6. Inform the VAT department that you will start a business
Registering with the VAT department is another necessity for starting a business. There are three crucial benchmarks to remember when doing so. You do not need to charge VAT if your annual revenue is less than €30,000 (January – December), but you must still register. Paying VAT varies based on the type of business with a revenue of more than €30,000.
7. Obtain a PE Number
If you’re self-employed and don’t plan to hire anyone, you may skip this stage. If you have a limited liability corporation, however, you are immediately an employee because you are working for the company. This step must be completed in any circumstance.
8. Data protection registration
This phase is only for businesses that will be collecting personal information from potential or current consumers. Malta has recently caught up with the rest of Europe in terms of protecting people’s personal information. It is critical to establish a data security procedure while starting a firm.