Worrying News from Libya Concerning to Malta
Posted: 20/03/2012 Filed under: Malta News, Small Business | Tags: business, Libya, Malta Leave a comment »
Considering the close proximity of Malta to Libya, it is well known by Maltese that things that happen in Libya can have a profound effect on Malta. With Libya’s interim government struggling with the area of Cyrenaica, Malta could get caught in the crossfire. With Cyrenaica announcing that they were going to break from the National Transitional Council of Libya and setting up a semi-autonomous government in Benghazi, Libya has vowed that they will not tolerate any secession and would keep Libya from splitting in any way possible.
Many Maltese businesses have interest in Libya and the further breakdown and struggle of the interim Libyan government is certainly troublesome to business leaders who have a stake in the country. Though many say it is too early to really get a good assessment of the situation,, the Maltese business community, especially those with close ties to Libya, could see a bumpy road over the next several months.
Those Libyan nationals who have taken root in Malta seem to be a bit more concerned about their homeland. One Libyan national stated that she believed her countrymen in Cyrenaica are simply confused about the role that the new government is taking. She said many Libyans are afraid that the new, interim government will turn into a copy of the Gaddafi regime and they are fighting against any changes, even though many of the changes would be good. She continued by saying they don’t understand that the Libyan government is helping, not hurting.
Overall, those in Benghazi seem to share a feeling of being left out of Libyan government unlike those in Tripoli. Maltese businessmen who have interests in the region are certainly hoping that Cyrenaica doesn’t break away from the new Libya, but only time will tell how the country will work out its internal problems.
Air Malta Back to the UK for the Summer
Posted: 06/03/2012 Filed under: Living in Malta, Malta News | Tags: Holiday, Malta, UK Leave a comment »
For all of the people out there who travel back and forth from Malta to the UK, good news is on the horizon. Starting this summer, Air Malta has announced flights from Malta to six different destinations in the UK. Starting 1 May, weekly Air Malta flights will begin to and from Bristol, Birmingham, Exeter, Cardiff, Norwich and Newcastle. Right now Air Malta flies to Gatwick and London Heathrow as well as Manchester. There are no plans at this time to change those flights. The new flights would be in addition to the ones already in place.
From 1 May to 1 October, the new regional flights will operate on a schedule that can benefit all Malta to UK travellers. The need for regional travel in the summer months is great as more people are travelling to Malta from the UK for their summer holiday. Additionally, business traffic picks up in the summer months and these new flights can boost business opportunities for Maltese businesses that have clients in the UK. This, of course, can be a great boost for the Maltese economy overall.
These new flights will reduce both travel time and cost and were made possible by a joint effort between several entities including the airports in the cities mentioned above. Though this is not the first time that Air Malta has serviced UK regional airports, the time is right, according to Maltese officials, to open up the flight paths once again. It is forecast that this summer will be great for Maltese tourism and with many deals and value available in tourist hot spots, it is only natural that the national airline would want in.
Air Malta is a full service air carrier and offers refreshments on all flights. Checked bags can be up to 20kg which will be great for even those who may tend to over pack a bit for their summer holiday.
Good News for Maltese Industry but There is Still Work to Do
Posted: 05/03/2012 Filed under: Malta News | Tags: economy, Industry, Malta Leave a comment »
January 2012 numbers are out for the EU when it comes to industry and Malta is going strong. New Eurostat numbers indicate that Malta had one of the highest increases in January, 2012 among all EU countries, however, it also had the lowest increase on an annual basis. Compared to December, 2011, excluding energy, industry in Malta rose by 1.9%. When compared to the overall numbers for the EU27, which also rose, Malta is doing quite well. The EU27 industry increase was 0.3%. Prices in the energy sector rose 2.2% as well.
With Malta’s large jump in the industry sector, this puts the country among the best performing industrial leaders in the EU. In the twenty seven EU nations, only Greece, Latvia and Portugal performed slightly better than Malta. Slovenia, Denmark and the UK were the poorest performers when it came to industry, though all were in the positive range. Malta has several good things going on top of the industrial numbers. Non-durable consumer goods rose as well for the month, as did the total index. When those numbers are compared, the total index for Malta rose by 2.6% for the month of January. Latvia rose the most for total index at 10.3%.
All of this is great for the Maltese economy, but there is still some work to be done. Though industrial numbers were high and prices were low, Malta still fell behind several EU countries for the total index in the month of January and though unemployment is low, there are sectors of the economy where people are still struggling to find valid work. When unemployment for older workers is addressed and Malta is able to charge up its industrial sector, these numbers should look even better. Malta is currently one of the leaders in positive results EU wide when it comes to getting out of this worldwide recession.
Retail Trade Takes a Dive in Malta
Posted: 04/03/2012 Filed under: Malta News | Tags: EU, Malta, retail, Trade Leave a comment »
With new numbers being released for the month of January, 2012, Maltese retail trade fell by 5.7%. Of all the EU countries, only seven countries showed a decrease in retail trade, Malta being one of them. Though EU wide, the retail sales index remained stable, statistics from some countries are slightly troubling. The largest decrease was from Portugal with an 8.7% decrease. Malta was the next highest decrease and Bulgaria came after Malta with a decrease of 2.6% when it came to retail trade.
The good news here for the EU is that eleven of the 27 members showed increases in retail trade, the largest increase from Lithuania at a whopping 17%. Following Lithuania, good news also came from Latvia at 16.6% and from Romania at 10.2% increase. These large numbers are good for the entire EU, but of course, there is concern from those countries that showed a decrease in retail trade, like Malta.
Looking a bit more closely at the Maltese numbers, food, drinks and tobacco all fell in Malta by about 0.9% when compared to the same period in January, 2011. When looking at the same numbers for the EU in general, food, drinks and tobacco fell by 0.5%. However, when you look at the number for non-food items, Malta actually saw an increase of 1.1% which is promising for the overall retail trade numbers in the future. In the EU, non-food numbers also rose by 2.1%.
It is important to remember that this is only one indicator of the Maltese economy. Other factors that go into the overall economic health of Malta are doing quite well, such as the very low unemployment rate. That alone could be a greater indication of positive growth of Malta than these numbers dealing with retail trade. Only time will tell how these numbers effect Malta overall.
Malta Gender Pay Ratio is One of the Best in the World
Posted: 02/03/2012 Filed under: Malta News | Tags: EU, Malta, Salary Leave a comment »
It is no secret that even today, in 2012, some women do not get paid as well as men do when working in the same position. Though many companies throughout the world have addressed this and made changes with their own company policies, there is still an overwhelming number of companies that still have a very significant gap when it comes to gender pay ratio. If you are a woman who want to be paid more in line with your male counterparts, one of the best places to find this is to start working in Malta.
Recent research has been released indicating that Malta has one of the best gender pay ratios in the world. The lowest in the world was Poland, where the gender gap is only about 1.9%. In Western Europe, Italy came out on top with 5.5%. Malta came right behind Italy at 6.1%. When you look at the EU as a whole, there is a staggering 16.4% difference between men and women when it comes to salary gap.
Right now, the European Parliament is planning a special focus on the gap between pay during their event on International Women’s Day. The phrase “equal pay for equal work” is sure to be noted throughout the event. Though this issue was brought to the limelight all the way back in 1974, obviously with a 16.4% difference in the EU overall, something just isn’t sticking as it should be. For many years, the European Commission has been trying to raise awareness of this, but that is simply not enough when you look at the data.
The Maltese and Italian businesses who are working hard to ensure gender equality seem to have something right, but even at the low numbers of 6.1% and 5.5% respectively, there is still more that can be done to ensure equal pay for equal work.
Choosing Your Companies Legal Structure In Malta
Posted: 19/05/2011 Filed under: Business Setup In Malta, Small Business | Tags: Business Set-up, Legalities, Malta Leave a comment »
After deciding on what kind of business you want to run the next question for anyone on the same path is usually about whether or not they should incorporate. Under Maltese law incorporation takes place when you submit the Memorandum and Articles of Association for your company to the Registrar of Companies. The Memorandum and Articles of Association is essentially a contract between all of the share holders associated with your company. Before you can incorporate you must know your company’s legal structure.
A limited liability company is the most common legal structure. These companies usually have one legal person who is not also a member of the company. The members of this company have less, if any liability to any unpaid shares.
A partnership en commandite which means a limited partnership has a completely separate legal person. This kind of company generally has two different kinds of partners: General partners who have unlimited responsibility for the investments, and limited partners who have little to no responsibility.
A private company must have two share holders unless it is a private exempt company in which case it can be allowed to have only one owner. A private company has well defined limitations set in place by business laws such as the Companies Act of 1995. Under that law a private company must:
- · Not transfer any of its shares.
- · Must limit the number of members of its members to 50.
- · Cannot allow the public to take part in its shares or debentures even by invitation.
A public company must have at least 2 owners and has fewer limitations set in place by business laws regarding its shares. They are allowed to issue applications to their shares and debentures as long as the company is registered and each issue is accompanied by a prospectus.
The name of a private company must end in Ltd, meaning limited. The name of a public company must end in Plc. All company names must be original and not at all similar to any already established companies. Any company can be reserved with the Registrar of Companies for up to 3 months.
Make sure that you choose the legal structure that is correct for you and your company and do not be afraid to consult a lawyer versed in business law before doing so.
Expanding Your Small Business into Malta
Posted: 14/05/2011 Filed under: Malta Taxation, Small Business | Tags: Expansion, Malta, Small Business, Tax credit Leave a comment »
Planning to expand your current small business overseas? Before you make up your mind, you should consider Malta. With its stable government, low cost real estate and tax incentives, Malta should top your list of potential expansion sites.
Malta was given entry to the European Union in 2004 after meeting the acceptance criteria. Malta then became one of the most open economies in the region, a welcome sign for incoming investors and businesses. Companies looking for a positive foreign investment will find Malta’s attitude toward commerce refreshing. The government is pro-business, welcoming incoming new ventures and investors in order to see their economy continue to flourish. With a solid market, and open government your business can expand without worry.
In addition to laws set in place to keep businesses from being double taxed, Malta also keeps its international tax rulings in place for five years. This ensures no sudden tax changes or issues. They also offer tax incentives to small businesses looking to invest or expand. One of these tax incentives is called the MicroInvest Scheme. If your business meets the eligibility criteria you could receive a tax credit of up to 40% of your eligible expenditure with a cap of €25,000 for the duration of the incentive. Malta based businesses are eligible for up to 60% of their eligible expenditure with the same €25,000 cap.
The criteria are:
- Your business must not employ more than 9 full time employees.
- Your annual financial turnover may not exceed €2 million.
- Your business must be registered with the VAT department and have all of the applicable licenses and permits.
- You must pay all VAT, income tax and social security dues if there are any.
Qualifying costs include:
- Investments in refurbishing and upgrading of business premises.
- Investment in machinery, technology, apparatus and plant to enhance operations, reduce energy expenditure.
- Investment required for compliance of Health and Safety regulations.
- Investment in one motor vehicle used for the carrying of goods.
- Wages covering a 12 month period.
This tax credit is available until March 31st 2012 and can be extremely beneficial to a business, helping to offset the costs associated with expanding to a foreign country. With this tax incentive available as well as the current stability and low cost real-estate Malta is a top contender in the business market. Do your research, maybe even visit Malta with its near perfect climate and friendly English speaking populace. You are sure to find that it is an excitingly promising place to expand a small business.
