The Malta Business Registry (MBR) has published its annual report for 2024, reflecting a year characterised by significant advancements in company registrations, digital transformation, and enhancement of regulatory standards. The report emphasises Malta's sustained dedication to cultivating a dynamic and transparent business environment.
Increase in Company Registrations
The year 2024 has been a pivotal one for Malta's business sector, with the MBR recording a total of 3,376 new company registrations. Among these, 3,231 were classified as private companies, while the remainder encompassed public companies, foreign entities, European entities, partnerships, and branches. This increase elevates the overall number of registered business units in Malta to 142,126 in 2024, highlighting the country's continued attractiveness as a destination for entrepreneurs and international investors, bolstered by efficient processes and a robust regulatory framework.
Driving Digital Transformation
The MBR's focus on digitalisation has set a new standard for public sector efficiency:
- Business Automation Registry Online System (BAROS): Enabled a fully digital, paperless operation, streamlining the registration process for businesses.
- Central Data Repository (CDR): Integrated AI to simplify bureaucracy and facilitate secure data sharing with other government bodies.
- API integration: Provided real-time access to registry data, empowering stakeholders and enhancing transparency.
- Online Self-Assessment Tool: Launched to help companies proactively evaluate restructuring options.
Commitment to Compliance and Good Governance
The MBR continued to prioritise regulatory compliance and transparency. Nearly 1,500 inspections were conducted, focusing on beneficial ownership and anti-money laundering measures, and over 21,000 notifications were reviewed by the Compliance Unit. Updates to legal frameworks ensured GDPR compliance and supported the Registry's digital transition. Throughout these changes, the MBR maintained close engagement with stakeholders to ensure that new systems met the needs of the business community.
In summary
2024 was a milestone year for the Malta Business Registry, marked by a surge in new company registrations and the successful rollout of digital initiatives. These achievements reinforce Malta's position as a forward-thinking, business-friendly jurisdiction, ready to meet the challenges of a rapidly evolving global economy. For more details, please refer to the MBR annual report 2024.
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.
