MALTA INTERNATIONAL TRADING COMPANIES
From the 1st of January
2007 it no longer remains possible to incorporate this type of company in
Malta. All International Trading Companies registered until 31st of
December 2006 will however retain their status and tax regime until the
31st December 2010. It is also possible for such International
Trading Companies registered before 31st December 2010, to convert to the
newer and more advantageous tax regime for Malta
Companies.
For information about the new Malta Companies and their very attractive
tax regime, please go to our new Malta
Company pages.
Although it is no longer
possible to register International Trading Companies as explained above,
there might be particular circumstances where it might be advantageous to
acquire an International Trading Company registered prior to 31st December
2006, rather than incorporating a new Malta Company. We have a
number of clients who are owners of International Trading Companies who
would be willing to consider transferring their beneficial ownership in
these companies and therefore please contact
us if you wish to explore this possibility.
The information given
below is therefore only of historical value but is still applicable to
International Trading Companies registered before 31st December 2006 which
will remain valid until the 31st December 2010.
An
International Trading Company (ITC) is a normal onshore Maltese company
registered in Malta, which is allowed to carry on trading activities from
Malta but is not allowed to trade in Malta. Moreover its trading
activities must be confined to persons who are not resident in Malta. An
ITC, unlike an offshore company, is a normal onshore company which files
annual audited accounts, This makes it unlikely that foreign
tax authorities will consider the ITC to be a tax avoidance structure.
This advantage is increased by the use of the company's Maltese bank
account and having the company's administration centred in Malta through
the use of our back
office administration facilities.
These
companies are supervised and regulated by the Malta Financial Services
Authority (MFSA), which was set up by Government, but is an autonomous
body with a distinct legal personality.
Maltese
International Trading Companies are tax
transparent structures and are also within the EU VAT system. They
will retain their tax advantages in relation to non-resident shareholders
and are therefore a most attractive corporate vehicle for trading within
the European Union.
Our
subsidiary company, International Beneficiary Services Limited is a
company licensed by MFSA to register and incorporate International Trading
Companies and it is also licensed to act as a nominee shareholder or
nominee director in representation of the undisclosed beneficial owner.
This is a very important advantage that the registration of an ITC in
Malta offers - complete anonymity and complete confidentiality.
International Beneficiary Services Ltd conducts a know-your-client
investigation of the beneficial owner and beyond that, we are in no way
obliged to disclose the identity of the beneficial owner.
An
ITC can be registered usually within 24 hours of receiving all the
necessary documents. Shareholders are normally two, though it is
possible to have a single share holder for an ITC. There must be at least
one director. Since all companies must have a registered office in Malta,
your ITC can make use of our own legal address if you do not wish to have
your own premises in Malta. Moreover all ITC or IHC companies must
have a local company secretary and our firm can provide this for you.
Company
meetings need not be held locally and can also be conducted over the
telephone.
Registration
of every ITC must be renewed annually and audited accounts must be
prepared annually. We can take care of both these requirements.
The
director of an ITC is given a Work Permit to be able to work as a director
of the ITC while living in Malta. If the directors do not live in
Malta, they need no permits.
We
are also able to claim the tax refunds due to the ITC by the Inland
Revenue Department on your behalf.
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