Malta: Corporate Health Checks

Last Updated: 26 February 2018
Article by Juanita Brockdorff

Corporate Health Checks is a service which will assist your Maltese company to be in line with the corporate obligations as set out under Chapter 386 of the laws of Malta, Companies Act.

Our team can provide your Maltese entity with a corporate health check which will help to determine whether your entity is up to date with all required filings and other company law obligations. We provide high-level corporate health checks which includes an analysis based on information received on your Maltese entity's corporate compliance, as well as an in-depth gap analysis and implementation of the corporate health-checks carried out.

The upheaval in the corporate and tax environment over the past few years has brought a need for a stronger and more focused approach to mitigating risks when it comes to corporate awareness and corporate housekeeping. Thus, no matter how small a company is, it is still subject to basic corporate obligations and thus a company which is not in line with its annual corporate obligations makes its officers in default guilty of non-compliance and liable to a fine.

What are Corporate Health Checks?

Corporate Health Checks is a service which will assist your Maltese company to be in line with the corporate obligations as set out under Chapter 386 of the laws of Malta, Companies Act. Our service includes two types of Corporate Health Checks:

  1. High Level Corporate Health Check which focuses on your company's three key areas, Registry's filings, minutes of the meetings and the statutory registers.
  2. In-depth gap analysis which focuses on your company's corporate obligations under the Companies Act for the last 3 years of its activities as well as a detailed analysis of the entity's corporate documentation and recording of the transactions in the financial statements.

Why are Corporate Health Checks important?

The ever-changing tax world, nowadays, pays even more attention into the details of company's proper management in order to avail itself of the advantageous tax benefits. In fact, the Maltese Tax Authorities interpret that a company is considered to be effectively managed and controlled in Malta if meetings of the board of directors of the company as well as general meetings are held in Malta, and that management decisions are taken in Malta. Even more, ideally, the company's records should be maintained in Malta in order to reflect the company's effective management in Malta.

Our services are tailored to act in accordance with the constant change of law as failure to meet corporate obligations and mouldy corporate governance practices can lead to serious consequences and damage the company's reputation.

Corporate Health Checks rest on three main pillars: Corporate Compliance, Good Governance and Risk Management.

Compliance

Our Corporate Health Checks is an effective tool of compliance which will allow you to monitor and design mechanisms that adhere to the company's policies, procedures and the applicable laws and regulations.

Good governance

Good corporate governance is reflected in the directors' work to oversee that there is continuous financial reporting, by keeping record of annual financial statements, directors' reports and minutes of the board of directors meetings.

Conducting these health checks will ensure that your company is adhering to the key corporate obligations and principles of good governance, and will also identify areas that need improvement.

Risk Management

Corporate Health Checks will provided guidance to the board of directors and will assist in predicting and managing risks that could hinder the company from achieving its objectives. We would be glad to assist you with drafting and implementing corporate governance policy which would describe the roles and responsibilities of the board, audit committee, management and internal audit function in order to mitigate your risks, should your company require it.

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How can we help you?

We understand that keeping up with corporate obligations may be burdensome and we are here to help you. Our Corporate Health Checks is an easy and fast exercise that will allow you to mitigate any risks of non-compliance and manage your company's costs allowing you to concentrate all your energy on the growth of your business.

With Corporate Health Checks, we will take care of your company's corporate well being by monitoring your company's corporate obligations, to make sure your company maintains the highest standards of corporate governance.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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Authors
Juanita Brockdorff
 
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