Opening a company in Malta is quite simple as it involves a few steps which can be completed in a few days. After the paperwork is drafted and filed with the Maltese Trade Register, the business license will be issued for the company to start operating. However, the company must also comply with the accounting regulations imposed by the Maltese tax authorities, which is why requesting the services of an accounting firm which can handle the tax filing and audit requirements is recommended.
Our company incorporation consultants in Malta can assist those who want to open a company here and can also explain the accounting and audit requisites related to having a business in this country.
The Commercial Law is the main legal framework providing for the accounting principles Maltese companies must follow. It should be noted that a Maltese company, whether private or public, must prepare annual accounting records and statutory books which must be filed with the Malta Financial Services Authority (MFSA). Also, the financial statements which will be submitted with the MFSA must first be audited. This is why audit services could be considered a must in Malta.
Apart from Maltese company formation assistance, you can also rely on us for audit services.
All financial documents prepared by a Maltese company during the year must be properly audited and presented to the shareholders prior to the annual shareholders’ meeting. The reports presented to the stockholders must contain the opinion of the auditor on each set of financial documents presented. The auditor must inform the company’s owners on whether the business complies with the International Financial Reporting Standards (IFRS).
It should be noted that companies operating in the financial sector in Malta are subject to additional audit requirements.
The accounting of a company must be kept by a professional, in this case by an accountant who has been acknowledged by the Accountancy Board within the Ministry of Finance. Foreign investors opening companies in Malta usually choose to work with local accounting firms because they offer various bookkeeping and audit services and they are also familiar with the accounting compliance requirements imposed by the MFSA. It is also useful to know that audit services can be requested outside the scope of filing the annual financial statements, as every business owner can have the company audited any time for the simple purpose of improving the business.
If you need company registration or audit services in Malta, do not hesitate to contact us.