Registration fees for SMEs reduced as those for larger companies rise
Charlot Zahra
The Malta Financial Services Authority (MFSA) announced a revision of the various fees that it charges to companies for the use of the companies’ registry.
This was announced during a press conference by Finance Minister Tonio Fenech yesterday morning. The fees for Small and Medium Enterprises (SMEs) will decrease, however the fees for larger companies will increase substantially.
Under the new rates, the fees for the registration of new companies or partneships with an authorised share capital of less than €1,500 will go down from €349 to €245, a decrease of 29.7%. If made electronically, the fee would go down a further 10% to €210.
Moreover, the annual fees for this category of companies will go down from €163 to €85 in the case of electronic registration of the annual registration form.
Fenech said that this decrease would affect more than 60% of all the companies registered in Malta.
On the other hand, companies with a share capital of more than €50,000 will face an increase from 7% to 23% in their annual registration fees.
In addition, there will also be an increase of the registration fees for credit institutions and the registration of insurance companies and trustees, which have thrived in the past few years.
The last time the fees were revised was in 2003, and the MFSA was binding itself not to raise its fees’ structure until 2014, that is, for the next six years.
Fenech said that the new fees’ structure for the MFSA was agreed upon following “wide consultation” with the associations that respresent banks, financial institutions, insurance companies, insurance brokers, insurance management companies, investment companies, and trustees.
He explained how the goverment wanted to continue with its continuous exercise, in view of the Lisbon Strategy and the goverment’s committment towards small and medium enterprises, to reduce expenses for SMEs in recognition of their role as the backone of the Maltese economy.
Fenech said that the MFSA’s electronic company registration system was still underutilised despite the fact that this could lead companies to save up to 15% of their fees.
Any comments?
If you wish your comments to be published in our Letters pages please click button below. Please write a contact number and a postal address where you may be contacted.
Download front page in pdf file format
All the interviews from Reporter on MaltaToday's YouTube channel.
Artists, art critics and friends unanimously gather to remember the impact and value of Ebba von Fersen Balzan’s work and her strong connection with the Maltese islands
