After a few scouting visits and careful consideration, you have decided to start your own business in Malta, and you are quite right! You can discover properties for rent in Malta by this highlighted link. Just click on the link and visit our official site for the best rent plans in Malta. In this article you will learn about the digital nomads, taking apartments for rent, and investing in Malta. All of these are very beneficial in Malta. Learn below investing and renting in Malta for digital nomads;
Why start a business in Malta?
Indeed, in addition to an exceptional living environment, Malta offers many advantages to encourage entrepreneurs to settle there: an international entrepreneurial environment, simplified procedures, a low rate of charges, tax advantages, and geographical proximity with many capitals of Europe and North Africa. Malta also has one of the strongest banking systems in the world and the country is placed on Europe’s white list. At this point in your plans to start a business in Malta, you have a lot of questions and want simple and precise answers. Le Petit Malta’s investigated for you and found the answers to your questions:
- What are the stages of starting a business in Malta?
Creating a business by giving you every chance of success requires acting methodically by respecting chronological stages. Thus, there are three important phases:
Prepare a summary of your project (Executive Summary)
During your various steps to start a business in Malta, you will be required to provide precise information on the nature of your project.
This information will on the one hand help your interlocutor to offer you the best solutions in terms of structuring and statutes and on the other hand provide them with the information necessary to carry out their preliminary study required by Maltese. The more detailed your Executive Summary, the more time it will save you and help your contacts to provide you with optimal solutions. This document of a few pages may contain the following information:
- Project summary
- Customer problem and proposed solution (products, services)
- Competitive advantage
- Distribution channels
- Expected turnover
To carry out his preliminary study (Due Diligence), your Maltese lawyer will need to ask you for information on your professional background and the origin of the funds invested in the project.
Validate the feasibility of your project in Malta
The choice of Malta to set up a business can be motivated by various reasons, including:
- Tax advantages
- A privileged sector of activity in Malta: online games blockchain, digital economy, aviation, etc.
- The geographic position and practice of English as an official language
The framework of life
We read everything and its opposite on the Internet. This is why, before embarking on business creation, it would be necessary to validate whether:
- The activity requires a special license
- My company can benefit from the advantages offered by Malta
- The structure is optimized from a legal and fiscal point of view
- Local banks agree to open a bank account for my business
The validation of these points in advance is essential to avoid incurring creation, maintenance, and sometimes liquidation costs. Some unscrupulous firms will paint you an idyllic picture and forget to give you some crucial details to push you to set up a business in Malta. Going back could prove to be very costly in terms of energy and associated costs. If you have a business idea in Malta, you can also consult the complete guide to taxation and starting a business in Malta.
Incorporating a business in Malta
Incorporating a business in Malta can be quite easy and fast: 10 to 15 days on average to collect the documents and carry out the necessary procedures. However, it is advisable to go through a specialized firm for advice and assistance in these procedures. Indeed, the documents are written in English in a legal language that is not within the reach of everyone. A specialist could share their experience with you to understand everything and help you make informed decisions.
- Does the business creator have to reside in Malta?
You do not need to be resident in Malta to set up a business in Malta.
From a methodological point of view, there are no fundamental differences. However, if your project is aimed at the Maltese market, it is important not to neglect cultural differences, consumption habits, and understanding of the local economic fabric. Malta remains a European country and these differences are not that big compared to what one can meet in the Middle East or Asia. It is advisable to immerse yourself in the local culture, join professional groups and talk about it with other local entrepreneurs to avoid making mistakes that could negatively impact your business performance. On the other hand, if your project requires certain confidentiality, it is preferable to seek advice from specialists bound by professional secrecy.
- We often talk about Malta’s tax advantages, can you tell us more?
Like any other country, Malta encourages foreign investment in its territory. It depends on the nature of the project, the potential of jobs created, and the sector of activity. Industries, online games, and technological innovations are among the sectors supported by the Maltese government. But in general, any foreign investor can benefit, under certain conditions, from important advantages. Indeed, it is quite possible to have an effective tax rate of 5% for companies owned by foreign shareholders. To this is added a rate of employers’ contributions of 10%, which is quite low compared to other European economies. For industrial projects, the Maltese government encourages entrepreneurs by offering significant tax cuts, tax relief, and industrial premises at bargain prices.
- Can you advise us on some specialized firms?
Your accountant and your lawyer will accompany you throughout your project. You must choose them based on your criteria. A lawyer who suits me may not suit you. You can ask your friends or other entrepreneurs for advice, but I recommend that you meet several advisers and make up your mind. We will advise you to take residence in Malta but if you plan to visit then you should take the apartment on rent. We are renting a sailing yacht in Malta.
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