Declaration on Beneficial Owners

Companies and other commercial partnerships registered in Malta prior to 1st January 2018 are required, in terms of regulation 8 of the Companies Act (Register of Beneficial Owners) Regulations, 2017, to set up their own register of beneficial owners by the end of June 2018. These companies are furthermore required to submit to the Registrar…

The Companies Act (Register of Beneficial Owners) Regulations, 2017 – Registration of new companies as from 1st January 2018

As from 1st January 2018 the documents to be delivered to the Registry of Companies for the registration of a new company are to include a declaration, in the form prescribed (Form BO1), containing information on the beneficial owners of the company. This declaration is to be signed by two of the proposed directors of…

Changes in Companies Act

Directive 2013/34/EU of the European Parliament and of the Council regarding annual financial statements of companies was transposed in Maltese laws by means of Legal Notice 289 of 2015 entitled “Accountancy Profession (General Accounting Principles for Small and Medium-Sized Entities) Regulations, 2015”, and amendments to the Companies Act, 1995. The changes will affect financial reporting…

Notice Regarding Article 211 of the Companies Act

Article 211 of the Companies Act, concerning the private exempt company, has been amended to the effect that the condition that a body corporate shall not hold, or have interest in, any shares or debentures of the company for a company to be able to qualify for the status of exempt company has been removed.…

Knowing your responsibilities and duties

As directors and company secretary of a newly registered company you should be aware of your responsibilities and duties under the Companies Act. The company is a separate legal person, distinct from the shareholders or the directors. You are therefore expected to act honestly and in good faith in the best interests of the company.…