BUTTON

KYLIN PRIME FAMILY OFFICE

GLOBAL WEALTH
ENGINEERING

Corporate
Services

INCORPORATION

Incorporation is the creation and setting-up of a company. From a client’s perspective, the process of incorporation is relatively simple.

The process starts with the collection of due diligence documents which we are legally required to collect in order to be able to conduct a due diligence survey. The same documents will be used for the purposes of registering the company with the Malta Registry of Companies.

Once this process is concluded, the client will be required to deposit the share capital of the company in a ‘company-in-formation’ account. The share capital of Maltese companies must amount to at least €1,165 which is preferably fully paid up. However, at least 20% of such share capital must be paid-up upon incorporation. The client will not need to have a bank account for this purpose, since a special ‘company-in-formation’ account will be opened specifically for that purpose. We will assist the client and coordinate the process of depositing the share capital with a Maltese bank.

Based on the information provided by the client, we will draft the necessary documents and submit them to the Registry of Companies for registration.

Following the deposit of the share capital and receipt of the requested information and the original due diligence documentation, the necessary documentation is submitted to the Registry of Companies for registration and the company is incorporated within 2 to 4 days.

REGISTERED ADDRESS

Every Maltese company must have a registered address in Malta. Our address in Malta can be provided to be used as the client’s company registered address. The actual business address may be different from the registered address, but certain official documentation will be sent to the registered address and certain documents should be kept at the registered address. Correspondence received at the registered address will be forwarded according to the instructions of the client.

DIRECTORS

Maltese companies must appoint one or more directors. The directors are the people who manage and control the company. The directors may be natural people or other companies. Although the directors govern the company, they may appoint other people to conduct the business of the company on a day-to-day basis. Maltese companies are not required to have Maltese directors. The directors can be foreign people. The shareholders or the ultimate beneficial owners of the company may also act as its directors.

In certain cases, it may be desirable or advisable to appoint local directors. In such cases, we will be able to provide a company to act as director, or assist the client in finding individuals who are willing to act as directors in their personal capacity. Directors will usually charge a fixed fee on an annual basis and may charge additional fees on an hourly basis depending on the time they spend rendering services.

COMPANY SECRETARY

Every Maltese company must appoint a secretary who must be an individual (with the exception of specific instances where the law allows for a corporate secretary to be appointed). The secretary is an officer of the company and, in general terms, is the person who is responsible for ensuring compliance with certain rules and procedures governing Maltese companies.

Although there are no legal requirements in this respect, it is advisable to appoint a person who is familiar with local rules and regulations and with the role of the company secretary.

The company secretary will usually charge a fixed fee on an annual basis and may charge additional fees on an hourly basis depending on the time spent rendering services.

OPENING OF BANK ACCOUNTS

Maltese companies are not required to have bank accounts in Malta. They can open and keep bank accounts in other countries. However, subject to the acceptance of the chosen bank, a Maltese company may open bank accounts in Malta.

We will be able to, subject to acceptance by the bank, to assist clients with the process of opening bank accounts for themselves and for their companies. Once a bank account for the company has been opened, the share capital is transferred from the ‘company-in-formation’ account to the company’s bank account.

ACCOUNTING RECORDS AND AUDIT

Maltese Companies are obliged to maintain proper accounting records that must be mandatorily subject to an independent audit regardless of the level of activity within the Company. The audit must be performed by an auditor duly warranted to practice in Malta and may be conducted in accordance with International Financial and Reporting Standards (IFRSs) or General Accounting Principles as applicable under Maltese Law. Kylin Prime has established an excellent professional rapport with a number of different auditors, ranging from big-four companies to sole practitioners, with whom the necessary introductions and subsequent follow through may be made.

Advisory and Consultancy Services

During the life of a company, clients may need various advisory and consultancy services. Clients may need assistance with the setting up of the company’s business, applications for licenses and permits and assistance with the review or drafting of legal documents, contracts and agreements. Such services may also be needed to maintain the company or to make changes to its structure.

We will be available to assist and advise in most circumstances, and in cases that fall outside our areas of expertise, we will be able to help our clients to find suitable experts to assist. In such cases, we will also be available to act as a central point of contact on behalf of the client and will also be able to act as project managers, ensuring that the client gets what he needs and that the client’s interests are safeguarded.

Kylin Prime’s Licensed Entities in Malta

Kylin Prime Corporate Services Limited (C88217)

Licensed by the Malta Financial Services Authority in accordance with the provisions of the Company Service Providers Act (Chapter 529 of the Laws of Malta) The services provided by Kylin Prime Corporate Services Limited include

  • Incorporation and registration of companies and other commercial partnerships (partnerships en commandite and partnerships en nom collectiff);
  • Re-domiciliation of companies into and from Malta;
  • Provision of Registered Office Address;
  • Company Secretary Services;
  • Corporate Directorship Services;
  • Book-keeping and accounting Services;
  • Corporate Compliance Services;
  • Value Added Tax Compliance Services;
  • Payroll Registration and Compliance Services;
  • Legal drafting services (depending on nature and complexity of client’s requirements);
  • Bank account opening services;
  • Assistance with Bank Transfers;
  • Registration and maintenance of intellectual property rights;
  • Yacht and Aircraft Registration and Maintenance;
  • Securitisation vehicles;
  • Being the client’s primary point of contact with regulatory or government authorities as well as public and private institutions in the corporate world.

Malta as a
jurisdiction for
corporate entities,
trusts and
foundations

Basic facts about the country

Malta is an archipelago of islands strategically located at the centre of the Mediterranean Sea, a few kilometres south of Italy and a few kilometres north of Africa. Malta is a Member of the European Union (“EU”), part of the Eurozone and a member of the Commonwealth of Nations. Malta’s official languages are English and Maltese.

Attractiveness for corporate entities, trusts and foundations

Malta is safe and reputable and it is not an offshore jurisdiction. The Maltese economy is strong and the banking sector is stable and secure. Malta is considered a first-class financial services centre with a sound and solid regulatory environment.

Maltese Companies are taxed at the flat rate of 35%. However, the shareholders are entitled to receive in their hands a 5/7 or 6/7 refund of the taxation suffered at the corporate level, depending on the nature of the income derived by the Maltese Company. Furthermore, in the case of a participating holding or the disposal of a participation holding, a participation exemption would apply bringing the net tax effect to nil.

Malta does not levy withholding taxes upon the distribution of dividends to a company’s shareholders and there are no withholding taxes on interest and royalties paid to non-residents. Following the implementation of the EU’s Anti-Tax Avoidance Directive (ATAD), Malta applies thin-capitalisation rules in specific circumstances. There are no debt to equity ratios or transfer pricing rules, but it is important to be aware of the General Anti-Abuse Rule introduced by ATAD in curtailing tax avoidance schemes. furthermore, Malta does not charge capital duties or wealth taxes.

Trusts and foundations may opt to be treated as companies for tax purposes.

Malta is also party to over 75 double taxation agreements. Moreover, Malta is an active participant in the field of automatic exchange of information and besides implementing BEPS has concluded exchange of information agreements with 6 states.

Maltese corporate and fiduciary structures are becoming increasingly popular within international structures and are increasingly used as part of international tax planning solutions for both businesses and private individuals.

Contact Us
United Kingdom

+44 (0) 20 8099 0999


116 Park Street, Park House, London,
W1K 6SS, United Kingdom.


Email: uk@kpfo.com

Luxembourg

+352 (0) 2620 0506


5 Rue de la Boucherie
L-1247 Luxembourg


Email: luxembourg@kpfo.com

Switzerland

+41 (0) 44580 2159


Bahnhofstrasse 21, 6300 Zug,
Switzerland


Email: switzerland@kpfo.com