Our world, business world is changing with tireless speed. The challenge is keeping up with it.
Whilst maintaining traditional sectors such as manufacturing, tourism, ship-register activities new economic sectors have emerged, namely investment services, iGaming, pharmaceutical industry, medical cannabis, cryptocurrencies, and as well as within the artificial intelligence. That’s why so important to have industry experts.
Griffiths + Associates’s multi-disciplinary team has in-depth knowledge, proven experience and a proven track record. Are you considering starting a business in the reputable jurisdiction of Malta?
We help clients not only setting up of new companies, but properly adapt to these changes through the tailored services we provide.
Business Sectors in Malta
It is estimated that around 30% of the world’s i-gaming companies are operating via Malta.
The Maltese i-gaming scene, with its solid regulatory environment bolstered by the Malta Gaming Authority (“MGA”), has proven to have become a very popular i-gaming platform for companies wanting to operate within this sector.
Malta has attracted various fund administration companies and also fund managers within its shores, and the latter are servicing the ever increasing collective investment schemes being set up in Malta.
Professional Investor Funds, with their attractive “light” regulatory approach and very generous tax regime have become a very popular investment vehicle being set up in Malta and regulated by the Malta Financial Services Authority (“MFSA”).
Malta, an English speaking country, has invariably pushed its education system as one of its pillars of its success.
The study of the English language is one of the main areas that have attracted various students from all over the world to further their studies in Malta. English language schools in Malta have flourished over the years, and this has been aided by qualified and experienced staff and organised packages specifically tailor made for the needs of the ever-demanding foreign students.
The Maltese shipping sector is a thriving part of the economy, which is made up of various support services to the shipping industry apart from the actual shipping movements passing via the ports of Malta.
The Maltese shipping register has proved to be one of the most reputable registers in the world, and the Valletta flag has garnered international recognition as reputable and stable.
The property market in Malta has been booming over the last few years, especially the area of construction. Challenges arose over the years in finding firms with the necessary tax and accounting knowledge to guide the constructions companies in their day-to-day requirements and niche area of operations.
Our firm has successfully advised and structured various businesses operating in the property sector in and outside Malta.
Media and Entertainment has become a globalised product – Malta has been trying, over the years, to tap into this expanding industry and garner a reputation as a jurisdiction which offers the right incentives to international businesses setting up shop here.
The “elite”, or rather the High Net Worth Individuals (“HNWI”) typically search for countries which are politically and economically stable, with good standard of living, suitably located geographically, having good health and educational systems, a favourable tax regime, possibly enjoying good weather throughout the year.
Malta, a European Union member within the Euro zone having a sound banking sector and political and economic stability is one of the prime European locations for HNWIs.
Griffiths + Associates understands the needs of HNWIs and the high level of service which the latter would expect from an organisation servicing international clients. The level of expertise has to be matched by the level of service, which is of paramount importance in the business model of our firm.
Passing on successfully one’s family business to the next generation, is one of the great dilemmas facing various first and second generation owners. Indeed, after years of sacrifice in building a thriving business, it easy to have this solid set up lose momentum and profitability due to lack of planning.
The introduction of the Family Business Act provided some positive features to enable local business to be better assisted in passing on family businesses to the next generation, and we are ready to assist in advising in this regard.
Maltese structures can be very attractive within the realm of international retail and wholesale business. Online retails shops need to be set up in a robust environment providing legal and tax certainity, whilst allowing for the use of double tax treaties to enable the location of certain warehouses for the delivery of items in the jurisdictions where the sales of the goods will be effected.
Investing in renewable energy is a strategy that is sound on a long-term basis in view of the respective international protocols signed including at European-level where countries have to reach certain sustainable targets within specific time-frames.
Although the import and export market in Malta is relatively small compared to the other EU member states, Maltese companies have been used over the years as vehicles for the importation of goods within the EU from non-EU sources, and also as an exit point for goods leaving the EU to third countries.
Despite Malta, like other European countries, has lost ground in the manufacturing industry due to the realities emanating from the Far East, its infrastructure and workforce, together with its investment and tax incentives have rendered it a destination of choice for multinational companies setting up business in Malta.
An economic snapshot with statistics figures (for 2019 years):
Maltese economy is highly industrialised and service-based, while the agricultural sector only represents 0.9% of the Maltese GDP and employs around 1% of the workforce.
Industry employs 19.3% of the workforce and represents 12.1% of the GDP. Its economy is primarily based on manufacturing, especially microchips and pharmaceutical products.
The tertiary sector represents 84% of the GDP and employs 79.7% of the workforce.
The financial sector contributes about 15% of public revenues.
The tourism industry continues to be one of the main pillars of the economy and over the past few years it has experienced an unprecedented boom, both in terms of tourist arrivals and expenditure levels – its direct contribution to GDP (around 29%) is among the highest in the EU.
Malta was the first EU state to regulate the online gaming industry and has established as a significant iGaming hub in the region, contributing to GDP by 13.2%.
In fact, the improvement and increased contribution of the gaming sector also led to the very fast growth in the professional services sector and improved performance in financial services.
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