Malta Trust

 

Malta Trusts have gained momentum since the enactment of the Trusts and Trustees Act in 2004. Prior to this date, trusts were not recognised under Maltese law, since the Maltese private law is largely based on the Civil Law tradition.

The key players in a Malta Trust are (i) the Settlor being the person or entity settling assets on trust, (ii) the Trustee who can be a professional trustee licensed by the MFSA or, in the case of private family trusts, the trustee can be someone related or known to the settlor and finally (iii) the Beneficiaries who can be named beneficiaries or form part a class of beneficiaries. A Malta Trust also allows for the appointment of a Protector.

Malta Trusts can be set-up as private trusts to cater for family interests including estate planning or for charitable purposes. Malta Trusts can have a fixed interest or discretionary, the latter allowing the Trustee discretion in relation to the appointment of beneficiaries and/or the extent of the benefit to which such beneficiaries are entitled.

Malta Trusts offer an effective and flexible instrument for estate planning since the drafting and preparation of the trust is tailor-made to cater for the particular needs of the case at hand. A Malta Trust can be set-up to operate inter vivos, that is, during the lifetime of the settlor, or alternatively, as a testamentary trust that operates causa mortis, on the incidence of the demise of the settlor. A Malta trust may be created verbally, in writing, by operation of law or by a judicial decision.

Malta Trusts can also be set-up as commercial trusts and can be used in collective investment schemes and in security offerings as security trusts. In the case of commercial trusts, a more extensive degree of latitude and flexibility is afforded in the set up of the trust insofar as the terms of the trust are determined from the ad hoc trust deed which reflects the contractual agreement of the parties, whilst also stressing the security and certainty which is required in the commercial context. The regulation of commercial trusts is adept to the needs of the commercial world, and has been conducive to the proliferation of trusts in this field.

EMD aircraft registration services

 Every business needs specific kind of support for is establishment and successful run. Often many small scales or start up industries are in need for more support than already established one. Malta Corporation provides for a helping hand to support entrepreneurs and small-scale industries to get a hold in the competition. One of the most required services in airline sector is the need for appropriate aircraft registration. Malta Aircraft registration provides for a flexibility to all kinds of international flight operators. Such aircrafts are free to stay stable anywhere or operate from anywhere across the globe. Even if a carrier is under construction or maintenance, Malta Aircraft Registration act provides for its registration as well. All these activities are overlooked by efficient team and for their unmatched service and potential, EMD also offers for Covid 19 wage supplement as well.

Advantages of Aircraft registration in Malta

 

The registration act offers an unmatched yet innovative concept of registering the damaged o under construction aircraft until it gets a unique identity. There is no limit to nationality of the owner until and unless the operations are done under permissible law limits. Other key benefits are listed below:

·         As per the law of Malta corporation, non-residents can avail tax refunds which in turn ensures that after registration, transportation of goods to and from Malta will be exempted from Maltese tax

·         Malta is a small yet powerful island nation which is part of the European Union that provides easy flying access in the eurozone allowing a commercial tax-free flying operation

·         The aircraft registration register comes under European Union Aviation Safety Agency or EASA which is legally bound and has some of the highest levels of jurisdiction regulations

·         There I utmost flexibility offered to international operators as the registered flights are free to operate anywhere on the global map

·         The registration act allows flight operators to have a fraction of the ownership rights by single aircraft

EMD is a Maltese based company that offers ample business-related support to every kind of business set up not just limited to aircraft registration. It is a multidisciplinary firm offering services in domains related to legal, tax, advisory and corporate. The trust services of EMD are licensed officially under Malta Financial Services Authority. There are clients from different sectors of the industries and the retention rate is quite satisfactory as well. Malta being a small yet powerful nation is the primary choice for international business. There are different kinds of industries flourishing in the region including the likes of financial services, information technology, advanced manufacturing, remote gaming, shipping, aviation and block chain industry. It is the smallest new part of the European Union that provides for a flourishing competitive edge to successful establishment and running of any kind of business.

Aircraft registration is just a part of the multitude of services offered at the firm. Other business support services include Fintech & Blockchain, Financial Services, iGaming, ICT services, taxation and many more. Be it any kind of business setup- small scale, start up or established MNCs, EMD is undoubtedly a one stop destination for all kinds of support services.

Financial institution in Malta

Malta is an evolving business region which is a small island country in the European Union. The country has a flourishing business space that allows multiple business entities to survive the hard core competition. There are many established and well renowned financial institution in Malta that helps different business to establish themselves. 

Malta company incorporation is a difficult task as there are many business ventures that finds it difficult to thrive the existing competition. A person needs to have a valid Malta passport to visit the place, however citizenship can be availed at later stage. A business must be registered with the Malta incorporation for successful establishment.

One of the most widely acknowledged and accepted passports in the world is Malta passport. The Maltese passport office is functional throughout the day and it offers quick and efficient service even on an urgent basis. If you happen to get a second citizenship, then there can be no better option than a Malta passport. 

The document is mandatory travel document and it is granted to those who are having Maltese citizenship. This document will allow you to travel, study or work in any of the countries in the European Union. This can be used to avail visa free travel service to more than 160 countries in EU.

EMD is one of the well established and trustworthy financial institution in Malta that offers valuable cost-effective services to every kind of business, be it a small scale start up or an established business venture. By the term financial institution, it defines a firm that offers different kind of financial services. Malta is considered to be one of the leading financial centres in the Mediterranean region which is a fastest growing business economy.

Malta company incorporation is incomplete without financial services in Malta. The island country is smallest in the European Union but it is a growing financial centre which has single regulatory body for different types of financial services. Different sectors of business accounts for 12 percent of the GDP which means that the country efficiently handles foreign investors in the business domain.

Why choose EMD for financial and other business-related services?

·         Legal services

·         Financial services

·         iGaming in Malta

·         Malta Taxation

·         Administrative Services Taxation

·         Citizenship by Direct investment

·         Temporary Service

·         ICT service among others

 

The services are not limited at EMD but Malta has scope for multiple kind of business-related services mainly due to the flourishing atmosphere and set up of the country. The country requires one to possess a valid Malta passport to set up a business in the country. Malta has accepted Euro as its national currency since 2008. The economy is quite fast growing and hence opens its door for different kinds of business. 

It has an added advantage of having a high global credit ranking as per the rankings of 2018 survey. Owing to its large financial sector, the rate of unemployment is also pretty low in the country of Malta. Despite being the smallest member of the European Union, many new establishments find Malta as an ideal location to set up their dream business.

Employment Law and Industrial Relations Malta

Malta is a small island country that of late has been flourishing in terms of business. To have a successful establishment, one must be aware of the rules and regulations pertaining to business in the particular region. The employment law in Malta is stringent and must be strictly adhered to.  EIRA or The Employment and Industrial Relations Act is the main reference source for the employment law.  Not just employment law, but EIRA provides for a legal framework that even regulates industrial relations in Libya. Another valuable reference is Occupational Health and Safety Authority Act which ensures well-being of the company’s employees.

The employment law in Malta applies to all types of employees whether they are self employed or not.  An employee can also be categorised as full timer or a part timer, but in that case also, the law will be applicable while salary might change as per the working hours. The employment contract for the employee must be either written or verbally put forth for the law to be applicable. In case a company wishes to terminate the service of a particular employee, the employer has full power to decide whether to terminate him with immediate effect or after completing the notice period as per the employment law in Malta.

Industrial relation in Malta is nothing but a coordination in the industry that is generated as a result of diversified approaches of both management and employees with respect to the management of the industry. It takes into account the wellbeing of the entire management not particularly only the employees or management. An industry can be a primary one or the secondar one. The major objectives of the Industrial relation in Malta are listed below:

·         Maintaining well-being of both management and employee

·         Improvement the overall economic condition of the employees

·         Nationalization of the industry

·         To improve efficiency and productivity by safeguarding the interest of both labourers and management

·         To lower the number of absentees, strikes, lockouts etc. by improving the working condition of the working class

Overall, the main of the industrial relation in Malta  is to ensure that labourers are treated like a vital part of the organization (which they are) and they must be given a pivotal role in decision making as well. This will help in developing a cordial relation with the management which will ultimately improve the productivity. Both Malta and Libya are constantly flourishing areas where start-ups found a favourable condition for growth and revenue as well. Hence companies like EMD exploit this nature of the country to provide quality reliable services to their clients. Over years, there has been some relevant modifications in the Maltese employment and labour law mainly due to constant evolution in the business domain. The law regulates the working procedures in any kind of business where there is an employer and many employees working under his supervision. Union and ither labour bodies work in close knit with the management to maintain a healthy positive industrial relation in Libya as well as in Malta.

Online Gaming License and Industry in Malta

Malta iGaming industry is a vast industry which is growing with every passing day. We all loves to play games, and if that is available in online mode, then the child is us will be more than happy. With digitalization in every sector, gaming industry Malta too has been actively following the path.  But to get digital or online, it is important to acquire a valid Malta online gaming license.  EMD is one such establishment that provides ample support in getting the formalities of licensing done.  It was in late 2000 that the Malta online gaming industry gained wide popularity. Malta too has been an incredible part of the gaming industry with many leading developers.

iGaming industry is vast and there are numerous products to choose from. A gamer can choose from different categories like casino games, betting games, esports betting games and many more. It is basically an online platform where bets are placed on the result or outcome of a particular game or event. Going by the data of 2017 released by MGA or Malta Gaming Authority, Malta has around 294 iGaming companies that forms a major part of the Malta iGaming industry. It contributes to around 10 percent of the country’s GDP. This number is pretty good as this gaming industry Malta is not very old and came into picture in the year 2014. Malta online gaming license is a document that is mandatory to conduct betting or online games gambling in online mode. These licenses are granted by special commissions who are responsible to regulate the online gaming process. Malta online gaming has existence until the licence is valid and without that there is no legal ground for the business and hence there will no investors.

Under Malta iGaming industry, there are a wide range of games available which can be played via distance communication modes like internet, mobile, digital TV etc. All these are operated via means of Malta online gaming licence network. Malta EMD offers various attractions that pressurises I Gaming companies to play under its legal jurisdiction. Malta being a part of European Union, is one of the pioneers to regulate remote gaming networks. Malta online gaming industry has a significance of having well-regulated jurisdiction which ensures that interest of both players and operators are well maintained. The entire process of getting licence for regulating gaming industry Malta is very easy and has an objective based approach providing scope for modification in future.

Requirements for getting the iGaming license in Malta

• The developer or operator must be established within EU or EEA
• The applicants must be fit and proper
• The business must be able to provide a demo for business and technical ability that will have capability to manage the iGaming platforms
• It must provide guarantee that the players will be paid on winning and that they have sufficient reserves to maintain the operation

The operator must provide all required documents to MGA for getting the Malta online gaming license.  There is a fee that is applicable while submitting the form along with annual license renewing fee.

The Individual Investor Programme (IIP)

A growing number of wealthy individuals seek to invest and migrate elsewhere due to political and socio-economic instability in their countries, giving another chance to themselves and their families to improve their life in a more stable environment while expanding their business interests.

Malta has seen this opportunity and has created the IIP Programme to attract wealthy high net worth private individuals who are interested in migrating elsewhere by contributing to the growth of the Maltese economy. A yet small country but with a booming economy and a stable political climate, Malta, gives the opportunities through sound and smart investments. Malta has weathered the financial crisis and has maintained economic growth during this challenging time.

The Malta Citizenship by Investment Programme is designed in a way that is intended to expand opportunities and also attracting to Malta those people willing to invest and believing in the potential of such a small island.

The investment required under the IIP Programme takes the form of a monetary contribution to the National Development and Social Fund established by the Malta Government for the purpose of bringing about qualitative improvements in Malta through public interest, social and capital projects, the main applicant is required to contribute at least Eur650,000 to Malta. Applicants are also required to invest at least €150,000 in bonds or shares approved by the Maltese Government and must be kept for at least five years.

Through a rigorous due diligence process, applicants must show that they are in good health and that they wouldn’t be a burden on the Maltese health system, purchase or lease a property and also provide sufficient links to Malta.

The applicant (and dependents) must also be of good repute and must show a good criminal record, and the Maltese authorities would then carry their checks with various other authorities and sources. All citizenship applications under the Malta Individual Investor Programme go through a systematic review and evaluation process. 

An overview of the government fees involved for the Malta Citizenship by Investment Programme would be as follows –

Contributions

Main applicant – €650,000

Spouse – €25,000

Each and every child aged below 18 – €25,000

Each and every dependent unmarried child aged 18-26 – €50,000

Each and every dependent parent aged above 55 – €50,000

Passport Fees

per person – €500

Due Diligence Fees

Main applicant – €7,500

Spouse – €5,000

Each and every child aged 13-17 – €3,000

Each and every dependent unmarried child aged 18-26 – €5,000

Each and every dependent parent aged above 55 – €5,000

Bank Charges

per application – €200

The IIP Programme requires the applicant to be a resident in Malta for a period of at least 12 months.

 

The Malta Gaming Authority’s Eligibility and Competency for Key Function holders

The Malta Gaming Authority’s (MGA) main aim behind the recently introduced policy in respect of eligibility and ongoing competency is in fact to delineate thecriteria that the MGA will consider forappointed Key Persons and individuals still to be appointed to these specific roles. The amendments also brought about an amalgamation of certain Key Functions. The major focus of this newly introduced policy isidentified below:

• Key Persons will be required to fulfil a number of continuous professional development (CPD) hours during each calendar year; for the duration of the Key Function certificate period
• any activity to be considered as CPD must be relevant and verifiable
• fitness and propriety considerations based on Integrity, Honesty and Reputation as well as Competence and Capability
• competency and capability are based on related professional qualifications as well as related experience to the role being appointed to
• Key Function Certificate holders and Authorised Persons must comply to notification of changes in Key Persons’ roles by the established deadlines in 2022. Failure to submitting such notifications, may result in a total revocation of any Key Function Certificate held related to the particular Key Person
• the MGA introduced further guidance in respect of conflict of interest between roles and compatibility of roles

The list below includes the updated Key Function roles for B2C licensees and B2B licensee respectively;

B2C

• CEO
• Gaming Operations including responsibility for finance, administration, risk management and fraud prevention
• Legal Affairs
• Data Protection Officer
• Compliance Officer including responsibility for responsible gaming, player support and marketing & advertising
• Technological Affairs including responsibility for network and information security
• Money Laundering Reporting Officer
• Internal Audit

B2B

• CEO
• Gaming Operations including responsibility for finance, administration and risk management
• Legal Affairs
• Data Protection Officer
• Compliance Officer
• Technological Affairs including responsibility for network and information security
• Internal Audit

For furtherdetails on the above changes contact EMD’s gaming team on gaming@emd.com.mt.