First announced last year, the new inspectorate verifying newly registered and existing businesses in Malta will be inaugurated this year. The main purpose of this inspectorate is to speed up the licensing process of companies waiting to start their activities after being registered with the Companies Registrar. Our company incorporation consultants in Malta can guide foreign investors interested in starting a business through the company registration procedure.
Until now opening a company in Malta was quite easy right up to licensing phase when the company had to undergo several inspections and submit different paperwork in order to be allowed to operate. Apart from the documentation, these procedures have also incurred various costs and time spent to prepare for the inspections, hence the decision of the government to streamline these procedures.
At the end of last year, the government had announced the launch of the new inspectorate and since the beginning of the year the authorities have worked towards gather 23 inspection offices into a single one which will coordinate the verifications on Maltese companies.
Our company formation agents in Malta can offer more information on the licensing requirements companies must go through upon registration.
The inspections companies had to undergo were quite costly, not to mention the authorities’ work which was calculated at 70,000 hours per year verifying these companies. So, it is safe to say that the new inspectorate will ease the burden on both the central authorities and companies in Malta.
Also, the money spent on the lengthy inspection procedures could be invested in new platforms or support programs for companies. The estimated amount to he saved with the new inspectorate was 1.7 million euros per year. The new verification process will also mean reducing the inspection from six hours to just one.
Foreign investors interested in starting a business in Malta can contact our company registration representatives for assistance. You can also benefit from support in preparing the documents related to opening a company in Malta.