Upon establishment of the company, the following key figures must be appointed:
- Company secretary;
The company must have a registered address in Malta and usually all the above figures are licensed to practise their respective professions in Malta, although regulations (but not duties, which can be grouped in two categories: of loyalty and of care and skill) are a bit more relaxed for directors only, as they may be foreign residents. It is highly advisable, however, that also directors be Maltese professionals.
Company secretaries are a familiar figure in Common Law jurisdictions, but not so much in Civil Law ones. They hold a more administrative position and are personally responsible for keeping the minutes book both for general meetings and directors’ meetings, for the upkeep of registers of members for ensuring that proper notices are given of all meetings and that all returns and documents of the company are prepared and registered with MFSA and other regulatory entities within the requirements of the law.
Every year, Companies must hold an annual general meeting, which does not necessarily need to be held in Malta. Every quarter, VAT returns and related payments are due.
Companies must keep proper accounting records sufficient to give a true and fair view of the company’s results and affairs and must file an annual return and financial statements with the Registrar of Companies.