Re: limited liability company
In Malta, similar to in the UK, a limited liability company (Ltd) is a corporate vehicle, and a legal person, regulated by the Companies Act. It consists of shareholders and directors, and a company secretary.
The shareholders are the members, who pay up at least 20% of the nominal value of the share capital on incorporation (or a later issue of equity). The liability of shareholders is limited to the nominal amount of their shares (which is why it is called limited liability company). The minimum share capital in Malta is 500 MTL of which 100 MTL (the 20%) must be paid up. Maltese companies must have a minimum of two shareholders (the second often being a local professional). Nominee shareholders are possible but not necessary for tax planning purposes.
The company is run by the directors. Nominee directors are possible, and often necessary for tax planning purposes. The directors are assisted for formal administration (official filings, etc.) by the company secretary.
Anyone can, even at distance through a Maltese law or accountancy firm, incorporate a Maltese ltd. Usually, payment of fees and expenses is required in addition to various items of information needed for incorporation. Setting up a company includes, amongst other things, drafting and registering memorandum & articles of association, opening a bank account where the share capital is deposited, and often making applications for the company to be treated in a fiscally favourable way.
Indeed, the tax planning aspects of Maltese companies are what makes them so interesting internationally. Maltese companies with purely international activities often have an overall tax burden of less than 5%.
More information can be obtained from me, the Malta Financial Services Authority (mfsa.com.mt) and the various other law firms as well as accountancy firms on the island.
