The total number of companies registered in Malta has exceeded the 70,000 mark, according to official figures published by the Maltese Ministry of Finance. 30% of these have been registered during the last 5 years alone, setting an average annual increase of 12% in Malta-registered companies during this period.
Finance minister Edward Scicluna attributed this in part to Malta's Companies Act and the recent legislation on company service providers and the benefit of limited liability for shareholders. It is imperatively important that this is regularly reviewed and updated in order to keep up and meet the requirements of the business sector, which is rapidly growing and advancing, thus becoming increasingly demanding.
He further stated that companies are comfortable and feel confident operating within this scenario. In addition, he referred to the EU's Single Accounting Directive which is to be integrated within Malta's laws. The aim is that of creating an accounting framework within which smaller entities can thrive, thus it is important that this is adapted to fit Malta's needs and reality.
Furthermore, the minister highlighted the fact that a considerable proportion of Malta's commercial activity is carried out through limited liability companies, emphasising the need to accommodate this sector as a way of contributing towards Malta's commercial and economic growth.
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