Last Updated on Tuesday, 16 July, 2024 at 10:42 am by Andre Camilleri
There were 3,150 new limited companies and investment companies with variable share capital in 2023, the Malta Business Registry (the “MBR”) said.
The MBR has published its Annual Report and Financial Statements for the financial year ending 31st December 2023.
During this year, the MBR continued to consolidate itself as an essential partner amongst top-tiers, both locally and internationally, it said. “At the same time, the MBR ensured to strengthen and safeguard the interests of the Maltese jurisdiction following years of legislative overhauls which have changed the corporate services sector as we know it today. Additionally, through the introduction of new legislative frameworks and the transposition of EU Directives, the MBR worked innovatively to ensure Malta’s competitive edge. This was evident through the implementation of the Pre-Insolvency Framework Act which aims at giving entrepreneurs a second chance and the Mobility Directive which helped to generate more activity within the business community,” the MBR said in a statement.
“On the other hand, during 2023, the MBR put itself as a referral point for other registers across the globe. This was highlighted through the hosting of the Corporate Registers Forum Annual Conference which was held in Malta for the first time, attracting over 250 delegates and 50 registers from across the globe. The 4-day conference focused on EU Legislation, Anti-Money Laundering, Digitalisation, Insolvency, and the Beneficial Owners’ Register amongst others. This served as an opportunity for registers to share their ideas, identify current and future challenges within the sector and establish bridges of cooperation particularly in relation to the enhancing of the sharing of information.”
“Moreover, a significant achievement was MBR’s leap forward into digitalisation. The work on the new online platform, the Business Automation Registry Online System (BAROS), showcased the MBR’s commitment to embrace digitalisation. Such stance introduced new digital methods such as the responsible use of the qualified electronic signature amongst others, bringing about a change in mindset and in the means of doing things.”
“2023 also saw a total of 3,150 new limited companies and investment companies with variable share capital, and the registration of 215,916 documents, including the issuance of 14,100 certificates by the Registry Unit. In continuance of its rigorous procedures to ensure proper governance and compliance, the Compliance Unit reviewed 21,928 notifications and conducted a total of 1,661 onsite inspections to verify beneficial ownership. In parallel, screening of involvements totalled to 96,700,” the MBR statement read.
The Minister for the Economy, Enterprise and Strategic Projects, Silvio Schembri remarked that 2023 was a year of significant achievements for the MBR particularly with regards to the materialisation of the MBR’s vision in digitalisation and in strengthening its voice on the international platform. “As a government, we retain our commitment in sustaining a positive, safe, and a dynamic ecosystem for the business community as well as strengthening and developing the skills of the MBR’s employees” said Minister Schembri.
The Chief Executive Officer and Registrar Dr Geraldine Spiteri Lucas remarked that 2023 consolidated the MBR’s internationalisation efforts particularly in voicing challenges of small jurisdictions on the international platform as well as its commitment in introducing new digital methods and legislative amendments in the best interest of the business community. “This year’s Annual Report conveys the MBR’s efforts in striking a balance between ensuring optimum daily operations whilst keeping up with developments both internationally and on a European level. Whilst putting quality at the core of MBR’s work, the entity ensured in enhancing commercial activity within the business community with the peace of mind in having an up-to-date register. On the other hand, at the core of our mission is digitalisation which is a long-term investment. I cannot stress enough in emphasizing the importance of continuously investing in technology which eventually betters our customers’ experience.” Spiteri Lucas said.
