Maltese company law is in conformity with EU legislation. The principal legislation regulating corporate matters is the Malta Companies Act of 1995 (Act XXV of 1995) which is primarily based on UK legislation.
Maltese law states that a commercial partnership may be of the following kinds:
i. a partnership en nom collectif;
ii. a partnership en commandite;
iii. a company
A company may be formed for any lawful purpose and has a legal personality distinct from that of its’ shareholders. It also offers its’ shareholders limited liability to the amount of capital subscribed in the company.
A company may be formed as a private or as a public company.
Although Maltese law provides for different kinds of partnerships and companies, the most popular vehicles for carrying on business, trading and holding activities in Malta are limited liability companies.
Maltese Law provides some basic principles and regulations including:-
- Public companies must have a minimum of two (2) directors;
- Private companies a minimum of 1 director is sufficient;
- The number and identity of the first directors of the company is to be included in the Memorandum of Association of the company;
- Appointment of any subsequent is carried out through an ordinary resolution taken at a general meeting of the company. Likewise, directors may be removed by an ordinary resolution at a general meetings, or resign or not have their terms renewed upon expiry thereof;
- All companies must have a company secretary;
- All companies must have a registered office in Malta;
- All Maltese registered companies must prepare annual audited financial statements and file these with the relevant authorities.
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