One of the major strong points is the location of the Maltese islands. Strategically located in the heart of the Mediterranean between North Africa and Italy, Malta has forged a strong reputation as a maritime centre of note. It is for this reason and also for the beneficial Malta tax system that it is home to a number of shipping companies and shipping organisations. The Shipping Industry on the Maltese islands has developed around strong international standards and regulations. Dating back to 1814, The Grand Harbour (also known as the Port of Valletta) has become an important shipping point, eventually serving as the headquarters for the Mediterranean Fleet.
In 2010, the Malta ship register became the seventh largest register in the world. Last year, 2014, the Malta Maritime and Shipping industry registered a growth of 13.6% in gross tonnes and achieved a record amount of Ships/Yachts flying the Malta Flag. The steady increase further shows how important a jurisdiction Malta is with regards to Maritime operations.
In addition, Malta is also a member of a number of international maritime conventions such as Solar and Tonnage 1969.
Today, Shipping Companies in Malta are required to be licensed by the Maltese Registrar General of Shipping and Seamen. The process is easy and straightforward. Some of the details required are as follows:
• Name of the shipping company;
• All details of each of the shareholders involved with the incorporation, which can be individuals or corporate entities;
• The number of shares held by each shareholder and the paid up share capital of the incorporation;
• All details of each director to be named in the incorporation, which can be an individual or a corporate entity.
Malta Shipping Companies
The incorporation of shipping companies in Malta is completed on filing the Memorandum and Articles and settling all of the associated fees. Licensed Shipping companies in Malta are required to keep proper accounting and bookkeeping services in Malta. Furthermore, shipping companies in Malta must, upon each anniversary of its registration, make and file a return to the Maltese Registrar of Companies showing the share capital of the company, the shareholders and directors of the company, and any changes thereto.
We at Papilio Services Limited take great pride of our high quality services and can help you with the registration of Malta shipping companies and set up tax efficient Maltese corporate structures.
Please, contact us to for further assistance.