May we take this opportunity to introduce
you to Malta as an important International Finance and Trade Centre having
established itself as an ideal Tax Planning Jurisdiction. Its history,
culture, multilingual population, geographical position, hospitality facilities
and tourist attractions, offshore companies with "onshore status",
relatively low costs for management and administration, and its advanced
communication systems, gives the added advantage over other jurisdictions.
We would like to point out that Malta's strategic
location is allowing it to develop as an international e-business centre!
In actual fact the country is well placed to offer a complete e-commerce
package to anyone wishing to set up shop on the Island. The Government
is committed to develop Malta further as an e-commerce centre, and is
currently introducing legislation to further stimulate this sector.
The Government has recently published regulations
amending the Public Lotto Ordinance to regulate online betting centres
and by doing so it is expected to net millions of US Dollars from such
operations. Operators may either opt to establish processing operations
with back office activities and in which case no licence is required and
company may then benefit from the ITC corporate vehicle, or in case the
betting company wishes to establish a call centre to receive bets together
with a processing operation, it will also benefit from the ITC corporate
vehicle and will be subjected to a licence by the Gaming Board.
Until a few weeks ago, betting companies
in the United Kingdom paid a 6.75 per cent tax on their turnover while
Ireland applies tax at 5.3 per cent. Companies operating from Malta only
pay 0.5 per cent! Although the British Government has now decided to allow
tax-free betting in the UK and introduced a tax on gross profits, Malta
still appears to be more competitive! The 0.5 per cent tax on each transaction
(applicable in Malta) in reality works out to be around 12 per cent of
gross profits, well below the 19 per cent that will be charged to bookmakers
in the UK. A few of the online betting companies who took advantage
of the present incentives include Unibet.com, Luvbet.com, Stanley Leisure
plc, Firstake.com, Heathorns International, Totalbet.com and Bet On Sports.com.
Card processing facilities for Visa, MasterCard
and EuroCard for online internet merchants (local or foreign based) and
other Payment and Banking Solutions are available through one of the local
Banks. The bank can process all types of transactions even high risk,
including lottery, casino, betting, travel, etc... except for adult internet
sites! Authorisation on a card transaction may be obtained either
manually i.e. through telephone, fax or e-mail or electronically i.e.
through a leased line or dial-up connection to the Bank's authorisation
system. This depends on the volume of transactions and the urgency in
which confirmation is required. The Card Services Centre offers a manned
24-hour service, 7 days a week. Processing can be done in multi-currency
and settlement will be effected on a 2-day value date basis from processing
date. Settlement can be in any currency.
We pride ourselves for providing clients
a really Personalised Service! We realise that clients have individual
needs and requirements and it has always been our policy to provide a
service that is tailor-made to each individual both initially when setting-up
a company and on an on-going basis year after year. We believe that we
have the expertise to show your prospective clients how to take advantage
of all the benefits Malta has to offer. At your request we can provide
any bonafide client instant facilities of domiciliary service which include
Registration of Companies
The "onshore" companies registered
in Malta for offshore trading are better known as International Trading
Companies (ITC's) and International Holding Companies (IHC's). ITC
and IHC Companies are in fact tax resident in Malta and incur Malta Income
Tax at the normal rate of 35%. The advantage arises at shareholder's level
for non-residents, which tax rate works out to 4.17% in the case of an
ITC and 0% in the case of an IHC! Tax refunds would be made in favour
of the shareholder/s of the Malta Company and not the Malta Company itself.
Tax refunds to shareholders are effected in a short prescribed time limit.
Malta offers various advantages as an e-commerce business partner. It is an ideal location for e-businesses wishing to operate in a low cost environment. Malta has a rapidly expanding Double Tax Treaty network, which is of particular importance to companies operating globally. Non-residents have various options to register a company in Malta. Depending on the kind of company the prospective beneficial owners are after, we can make our recommendations and guide you better.
For more information contact us at firstname.lastname@example.org
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