MALTA OFFSHORE INFORMATION

Malta became a member of the EU on 1st May 2004 and is therefore an attractive jurisdiction with low taxation for non-resident taxpayers.

ADVANTAGES	- Malta is a Member of the EU and is therefore considered a respected jurisdiction - Extensive Double Tax Treaty Network (DTR) and unilateral tax relief (UTR) provisions and a system of flat rate foreigh tax credit (FRFTC) ensures that overseas income is not subject to double taxation - Non resident shareholders of Maltese companies are entitled to certain tax refunds paid by Maltese companies carrying out international trading activities or holding investments situated outside Malta - Advanced Revenue Rulings issued by the International Tax Unit provide certainty and a guaranteed tax position for the commercial operator - Maltese companies incorporated after 01/01/1995 are considered as being resident in Malta irrespective of the place of management and control - VAT registration is quite expeditious
DISADVANTAGES	Audited accounts must be filed each year
CORPORATE LEGISLATION SOURCE	Companies Act 1995
COMPANY STATUS	Trading Company Holding Company Shipping Company
USUAL MINIMUM CAPITAL	LM500 or its equivalent to be held in a local bank account (20% minimum paid up)
COMPANY NAME	Prior approval required
TIME TAKEN TO INCORPORATE	Trading Company: 3-4 days Holding Company: 3-4 days Shipping Company: 1-2 days
ARE SHELF COMPANIES AVAILABLE	No
ARE BEARER SHARES / SHARES OF NO PAR VALUE POSSIBLE?	No / No
MINIMUM NUMBER OF SHAREHOLDERS	Two
DIRECTORS: MINIMUM NUMBER / CORPORATE DIRECTORS ALLOWED / LOCATION	One / Yes / No restriction
SECRETARY: MANDATORY / CORPORATE SECRETARY ALLOWED / LOCATION	Yes / No / No restriction
IS THERE A REQUIREMENT FOR A REGISTERED OFFICE / REGISTERED AGENT	Yes / No
IS THERE A REQUIREMENT BY THE AUTHORITIES PRIOR TO INCORPORATION OR PRIOR TO TAX STATUS BEING GRANTED	References on Beneficial Owner and Directors
ACCOUNTS REQUIRED / FILED	Trading Company: Yes / Yes Holding Company: Yes / Yes Shipping Company: Yes / Yes
ANNUAL RETURN REQUIRED	Yes
WHERE ARE MEETINGS TO BE HELD	No restrictions but keep in view Management and Control issues
ANNUAL FEES PAYABLE TO THE GOVERNMENT: TAX / ANNUAL RETURN FILING FEE	Trading Company: 35%+$210 USD Holding Company: 35% +$210 USD Shipping Company: USD 210 *About 96% of tax paid is refundable to a non-Maltese resident tax payer.
ARE THERE ANY EXCHANGE CONTROLS	None
DOUBLE TAX TREATIES	Forty three and applicable to all types of Maltese Companies