-
Financial statements audits
Financial statements audits
-
Financial statement reviews
Financial statement reviews
-
Financial statements compilations
Financial statements compilations
-
IFRS
IFRS
-
Audit quality monitoring
Audit quality monitoring
-
Global audit technology
Global audit technology
-
Systems and risk assurance
Systems and risk assurance
-
Programmes
Grant Thornton is authorised and regulated by the Government of Malta to handle and submit applications for both citizenship applications as well as residence permits under the various residence programmes available in terms of Maltese law.
-
Ordinary residency in Malta
Any EU, EEA or third country national who resides in Malta for more than 3 months is obliged to apply for a Residence Permit. There are various grounds upon which an applicant may apply to require a residence permit, including: Self-Sufficiency, Employment or Self-Employment, Family Members, Permanent Residence, Study Purposes.
-
Qualifying Employment in Aviation Rule
Malta provides qualified persons employed in the field of aviation with an opportunity to enjoy a 15% flat personal tax rate on income generated from their direct employment in Malta. For a candidate to qualify, their annual income must exceed €45,000. This does not include the value of fringe benefits and applies to the derived income received from an eligible office.
-
Qualifying Employment in Innovation and Creativity (Personal Tax) (Amendment) Rules, 2019
These Rules allows persons employed in a role directly engaged in carrying out, or management of research, development, design, analytical or innovation activities, to enjoy a 15% flat personal tax rate on income generated from their direct employment in Malta.
-
Qualifying Employment in Maritime and Offshore Oil & Gas Industry Rule
Malta provides qualified persons employed in the field of aviation, with an opportunity to enjoy a 15% flat personal tax rate on income generated from their direct employment in Malta.
-
Nomad Residence Permit
The nomad residence permit, which was launched in June 2021, allows third-country nationals who would normally require a Visa to travel to Malta, to retain their current employment based in another country whilst legally residing on the island.
-
Citizenship by naturalisation
The Maltese Citizenship Act (Cap 188) establishes who may become a citizen of Malta by naturalisation, provided that the applicant satisfies the relative provisions.
-
Citizenship for Exceptional Services by Direct Investment
With the continuously changing global dynamics and evolving geopolitics, there is an ever-growing number of highly-talented high-net-worth individuals who are willing to invest and relocate to give themselves and their family members the chance to broaden their horizons and become part of a welcoming community.
-
Grant of Citizenship for Exceptional Services
Malta has enacted legislation which extends to individuals providing excellent or manifestly superior contributions in the fields of science, research, sports, arts and culture as well as people of exceptional interest to the Republic of Malta, the right to become Maltese citizens.
-
Acquisition of citizenship by registration
The Maltese Citizenship Act (Cap 188) establishes who can register as a citizens of Malta. The Act was amended on 1st August 2007, this making it possible for second and subsequent generations born abroad to acquire Maltese citizenship by registration.
-
Internal audit
Internal audit
-
Risk management and internal controls consulting
Risk management and internal controls consulting
-
Governance and risk management
Governance and risk management
-
Regulatory services
Regulatory services
-
Risk modelling services
Risk modelling services
-
Forensic and investigation
Forensic and investigation
-
Compliance audit
A compliance audit is a detailed review which focuses on whether an organisation is in conformity with statutory laws as well as internal rules and decisions. This type of audit also assesses the effectiveness of an organization’s internal controls by identifying weaknesses in compliance processes whilst finding measures to enhance such processes.
-
General business consulting
General business consulting
-
Business planning and performance improvement
Business planning and performance improvement
-
Change and program management
Change and program management
-
Business intelligence and analytics
Business intelligence and analytics
-
Business valuation and litigation support
Business valuation and litigation support
-
Business process outsourcing and consulting
Business process outsourcing and consulting
-
Family business consulting
Our business solutions for family businesses center on alignment of all aspects of the family and business, including culture, vision, mission, values, governance, ownership, leadership, communication and policy development.
-
Quantitative small caps
Quantitative small caps
-
Data analytics
Data analytics is the process through which businesses leverage data to gain actionable insights and enhance their performance. This is based on a solid foundation of well-organised and accurate data. Many businesses have a large amount of data at their disposal however, most of them do not have the expertise to analyse the available data.
-
Maltese Family Businesses Resource Centre
For over 30 years Grant Thornton’s advisory teams have assisted family businesses in navigating the challenges of leadership and succession across generations
-
Grooming
Preparing the next generation for leadership and ownership is an integral part of any succession process. Grant Thornton can help formulate the necessary grooming plan for all the potential successors.
-
Tax services
Using a combination of reason and instinct, we can work with clients to develop a strategy that helps them understand and manage their tax liability in a transparent and ethical way.
-
Access to finance
Like all companies, family businesses need finance. As an ongoing business concern looking at expanding, when it comes to raising capital, it’s important that this is done wisely to minimise the risk of collateral damage.
-
Governance
Having a proper governance structure is essential to ensure that the family and business strategies are achieved. Grant Thornton can advise on this, and facilitate the implementation of the ideal governance structure based on the exact scenario.
-
Ownership succession
Letting go of your family business is difficult for all owners and even more so for founders; however, in a family business the additional challenge presented by the family component increases the complexity of this process. Our team of family business advisors will ensure that such ownership issues are dealt with in an effective and structured approach.
-
Exit strategies
There are many 'exit strategies' that need to be considered to minimise the risk of conflict. They can arise from the eventual exit of a family member from the ownership ranks and can have many causes. See how we can help.
-
Management succession
By implementing our family business guidelines to family succession and a proper governance structure, the management succession process can be completed with minimal conflict and will result in the most competent successor being chosen.
-
GDPR consultancy
The General Data Protection Regulation (GDPR) is the EU's data protection law which brings a lot of changes for your business to prepare. Grant Thornton can help your business make sure it complies to the new regulation.
-
Cyber security consultancy
Cyber security consultancy
-
IT business consultancy
IT business consultancy
-
Technology implementation
Technology implementation
-
ESEF Reporting
We are providing a service for listed companies that fall in scope to report in xHTML. Our service includes the mapping of the taxonomy, as well as the output of the audit/regulator ready xHTML report
-
IT Audit and Assurance
Information systems strengthens an organisation’s financial and operational processes. Grant Thornton Malta strengthens your organisation’s need for IT and information assurance.
-
Human resource consultancy
Human resource consultancy
-
Brand development
Brand development
-
Marketing and communications consultancy
Marketing and communications consultancy
-
Market research
Market research
-
EU funding
EU funding
-
Bookkeeping & financial accounting
Bookkeeping & financial accounting
-
Payroll and personnel administration
Payroll and personnel administration
-
Direct and Indirect tax compliance
Tax compliance within outsourcing
-
Compilation of financial statements
Compilation of financial statements
-
Business process outsourcing
Business process outsourcing including back office and secretarial
-
Family business consulting
Family business consulting
-
Startups
Startups
-
Company formation
Company formation
-
BOR
Entities in Malta, including companies, partnerships, foundations, trusts and associations, have an obligation to disclose the ultimate beneficial owner/s (physical person) of the entities. A beneficial owner is defined as the individual (s) who ultimately owns or controls a legal entity or arrangement through direct or indirect ownership of a sufficient percentage of the shares or voting rights or ownership interest in that entity.
-
Operational and financial restructuring and reorganisation
Operational and financial restructuring and reorganisation
-
Recovery
Recovery
-
Direct international tax
Direct international tax
-
Indirect international tax
Indirect international tax
-
Global mobility services
Global mobility services
-
Transfer pricing
Transfer pricing
-
Estate planning
Estate planning
-
Wealth advisory
Wealth advisory
-
Regulatory and legal
Regulatory and legal
-
Corporate tax services
Corporate services
-
VAT
At its simplest, VAT is a tax on consumption and is a multi-stage tax (ie applied at every stage of the production process), which is applied to both goods (ie tangible property) and services. Additionally, although the tax is ultimately borne by the consumer (by getting included in the price paid), responsibility for charging, collecting and passing the tax on to the tax authorities, rests with the supplier.
-
2018 Amendments of the Income Tax Act
The following is a brief overview of the new tax provisions introduced in 2018 by the Budget Implementation Act (Act VII of 2018) and other legislative enactments
-
Mergers and acquisitions
Mergers and acquisitions
-
Prospects MTF
As of 2016, small and medium-sized enterprises in Malta can access the capital markets through Prospects - a market of the Malta Stock Exchange (MSE) designed specifically for Small and Medium sized Enterprises (SME). Prospects offers a cost-effective opportunity for entities looking to raise up to €5 million per issue.
-
Project financing
Project financing
-
Due diligence
Due diligence
-
Valuations
Valuations
-
Foreign direct investment
Foreign direct investment (FDI) is the category of international investment that echoes the objective of obtaining a lasting interest by an investor in one economy in an enterprise resident in another economy.
-
Wholesale Securities Market
WSM is a joint venture between the Malta Stock Exchange and the Irish Stock Exchange, combining the best of each partner’s processes and technical skills.
-
Investment Support
The government of Malta has made available several incentive programmes, aimed at supporting Maltese SMEs and start-ups. These support schemes are targeted at different stages of a company’s lifecycle and cover from the start-up to the consolidation and expansion phases. Such incentives are usually promoted and managed by Malta Enterprise, while Trade Malta focuses on supporting businesses to penetrate foreign markets.
-
Financial regulatory services
Financial regulatory services
-
Ship and aircraft registration
Ship and aircraft registration
-
Medical cannabis licensing in Malta
A study published in 2018 by market intelligence and strategic consultancy firm Prohibition Partners, has forecasted that the European cannabis market will be valued €115.7 billion by 2028. According to the same study, while patient numbers are currently below 100,000 across the region, their number is set to grow to over 30 million in the next decade. In 2018 Malta introduced a bill to legalise the use of medical marijuana and attract companies willing to produce high-grade medical cannabis for the European market.
-
Trust and trustee services
As an entrepreneur, business owner, parent or guardian, you will want to ensure that whatever happens in the future, the rewards from your hard work can be protected as efficiently as possible. Grant Thornton Fiduciaire Limited (Grant Thornton) understands this and provides a professional and holistic trust management service.
-
Family trusts
The law establishes the requirement of a license for one to be able to act as a trustee subject to certain limited exceptions. One such exception is found in the Rules for Trustees of Family Trusts which provide for an exception to this rule where a trust is set up to hold property settled by a settlor or settlors for the present and future needs of family members or of family dependants who are clearly identifiable.
-
Aviation
The Maltese Government is constantly remaining to improve the position as the best place to do business within the aviation industry through exhaustive tax agreements, powerful legislation, and many aviation professionals. This is the best time for airlines, financiers and aircraft owners to be located in Malta.
-
Maritime
For Maritime, Grant Thornton provide direction with regards to VAT guidelines for yacht leasing, as well as ship and aircraft registration.
-
Automotive
We offer a broad range of services relating to automotive, ranging from Transaction advisory, access to finance, business advisory, process and inventory management, tax advisory, audit and advisory, outsourced support services.
-
SME Growth
SME Growth
-
Startup investment
Start-up investment
-
SME Diversification and Innovation
SME Diversification and Innovation
-
SME Internationalisation
SME Internationalisation
-
SME Consultancy services
SME Consultancy services
-
SME eCommerce
SME eCommerce
-
Blockchain technology
Blockchain technology
-
The Malta Virtual Financial Assets Act
The Virtual Financial Assets Act provides a sound legislative framework for Malta to regulate and responsibly promote the use of cryptocurrencies, crypto-exchanges and other crypto-related services, through which Malta aims to promote further technological innovations and growth, and continue building on its robust financial services industry.
-
Our role as a VFA agent
Our role as a VFA agent consists to assist, monitor and provide guidance throughout the full licensing process, and beyond the licensing stage. The VFA agent will be required to apply for the VFA license on behalf of the issuer.
-
Initial Coin Offerings
Initial Coin Offerings (ICOs) in Malta have risen to prominence as a method to raise capital from the public, institutions or venture capitalists by selling a percentage of cryptocurrency to investors in the form of tokens in exchange for legal tender (smart contracts).
-
Gaming Regulations
Malta recently overhauled the framework regulating the iGaming sector. Going forward operators will still be required to obtain authorisation to carry out regulated activities.
-
Licensing Process
Prior to submission all applicants are advised to go through a pre-application process with one of the MGA’s Licensing Officers. This will ensure that the application has been correctly compiled and all the key ingredients are present.
-
Malta Real Estate Investment Trust (REIT)
As part of the 2019 budget, the government has pledged to introduce a Real Estate Investment Trust (REIT) framework in Malta.
-
The Markets in Financial Instruments Directive (MiFID) II
MiFID II aims to protect investors and make sure that financial markets operate in the fairest and most transparent way possible. Building on stock and investment trading regulation introduced in 2007 it sets to ensure a more integrated financial market.
-
Taxation of Malta Collective Investment Schemes
Malta-registered collective investment schemes (CISs) are generally not subject to Malta tax. Given that CIS are properly structured, such schemes generally can take advantage of a number of tax benefits. When it comes to taxation of investors in collective investment schemes, this will depend on what type of income is being received, whether the investor is a Malta resident or not, and if the shareholder is an individual or a body-corporate?
Services
The Beneficial Ownership Register
A new measure to enhance transparency of legal entities arrangements
Entities in Malta, including companies, partnerships, foundations, trusts and associations, have an obligation to disclose the ultimate beneficial owner/s (physical person) of the entities. The disclosure needs to be made to the respective registries (collectively the “Register”):
- the Registrar of Companies in case of companies;
- the Malta Financial Services Authority (MFSA) in case of trusts; and
- the Registrar for Legal Persons in case of associations and foundations.
The information contained in the Register is accessible to
- national competent authorities with designated responsibilities for combating money laundering and terrorist financing;
- national competent authorities that have the function of investigating or prosecuting money laundering, associated criminal offences and terrorist financing, or of tracing, seizing, freezing and confiscating criminal assets;
- the Financial Intelligence Analysis Unit (FIAU);
- national tax authorities;
- any other national competent authority within the meaning assigned to it under the Prevention of Money Laundering and funding of Terrorism Regulations, not already covered above;
- subject persons who are providing services in or from Malta for the purpose of carrying out customer due diligence; and
- any person or organisation that upon written request can satisfactorily demonstrate and justify legitimate interest of the beneficial owners of the company, foundation or association. In such cases, the following information will be accessible:
- name;
- month and year of birth;
- nationality;
- country of residence; and
- the extent and nature of the beneficial interest.
In case of trusts, registers will be accessible only to competent authorities and subject persons when carrying out customer due diligence.
A beneficial owner is defined as the individual(s) who ultimately owns or controls a legal entity or arrangement through direct or indirect ownership of a sufficient percentage of the shares or voting rights or ownership interest in that entity.
- in case of companies, a shareholding of 25% plus one share or an ownership interest of more than 25% in the entity held by an individual is an indication of direct ownership. Moreover, a shareholding of 25% plus one share or an ownership interest of more than 25% in the entity held by a corporate entity, which is under the control of individual(s), or by multiple corporate entities which are under the control of the same individual(s), is an indication of indirect ownership.
- in case of trusts, the beneficial owner consists of
- the settlor;
- the trustee(s);
- the protector, where applicable;
- the beneficiaries or the class of beneficiaries as may be applicable; and
- any other natural person exercising ultimate control over the trust by means of direct or indirect ownership or by other means.
- in case of other legal entities such as foundations and legal arrangements similar to trusts, the beneficial owner consists of the natural person(s) holding equivalent or similar positions to those referred in the trusts definition.
These measures came into effect on 1 Janaury 2018.
The implementation necessitates in-depth analysis of the ownership structure of the entities in order to determine adequate disclosure of information.
Furthermore, entities are required to set-up and maintain an internal Beneficial Ownership Register. The following information must be included in the register:
- official full name;
- date of birth;
- nationality;
- country of residence;
- official identification number (e.g. passport number or identification card number);
- type of the identification document;
- country of issue of the identification document;
- the nature and extent of the beneficial interest held by each beneficial owner;
- any changes to the nature and extent of the beneficial interest held by each beneficial owner;
- the effective date on which a natural person became, or ceased to be a beneficial owner; and
- the effective date on which the beneficial owner increased or reduced the beneficial interest in the company.
The above measures are immediately applicable for companies, partnerships, trusts which generate tax consequences, foundations and associations which are formed as of 1 January 2018.
Companies, partnerships, foundations and associations formed in Malta prior to 1 January 2018, have a period of 6 months to comply with the new regulations. On the other hand, trusts do not have such compliance term as first it needs to generate tax consequences.
Non-compliance and non-disclosure with such obligation may lead to a fine or, in certain circumstances, imprisonment.
What Grant Thornton can do for you?
Grant Thornton may provide the following services in relation to the Beneficial Ownership Register:
- advice on the requirements originating from the Beneficial Ownership Register rules and also assessing the controlling structure of an entity;
- providing the assessment of the controlling structure, setup of the internal Beneficial Ownership Register, compiling and submission of initial forms to the respective registries; and
- providing annual maintenance of the Beneficial Ownership register which shall include biannual confirmation of data, updating of the internal Beneficial Ownership Register where necessary and submission of forms to the respective registries if applicable.
For further information please refer to the following brochures:
BOR Companies for business relationships >
BOR Companies for one-off transactions >
All services will be provided in accordance with the General Data Protection Regulations (GDPR).