MFSA reduces company fees for SMEs
The Malta Financial Services Authority is reducing its fees and charges for small businesses, in line with measures announced in the Budget, Finance Minister Tonio Fenech said this morning.
Fees for the bigger companies will rise.
The minister said the revision was part of a process undertaken by the MFSA every five years following consultation with the operators.
The fee for the registration of companies with a share capital of less than €1,500 will be reduced by 30 percent, and a further 10 percent if online services are used. The annual fee for such companies will be reduced from €163 to €85 if done electronically.
These measures, the minister said, would benefit some 60 percent of all companies in Malta and Gozo.
At the other end of the scale, companies with a share capital of over €50,000 will see their annual fee rise by between between seven and 23 percent.
Mr Fenech praised the MFSA, saying the international financial crisis had shown the strength and efficiency of the local regulator.
He said some 2,500 companies were registered over the past year, in line with last year’s growth.
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David Thake
Dec 23rd 2008, 14:26
Actually, this will encourage the proliferation of under-capitalised companies.
Directors will just loan working capital to the company instead of investing it in the share capital. Risky road in my opinion.
G. Borg
Dec 23rd 2008, 13:03
Because you're worth it
Alexander Brincat
Dec 23rd 2008, 11:58
I have just called MFSA's company registry who have confirmed that the initial registration fee has decreased. Sf far, so good. However the annual return fee, it seems, has remained practically the same, with the only reduction being the rounding down of a few cents due to the new prices/fees being charged in the Euro.
It looks like it will take much more to help SMEs. Come on Hon. Minister Fenech. You can do a little more to help. Look at your European counterparts. Italy, for example, has even allowed many SMEs to pay VAT upon receipt of the funds from debtors.
Same old glorification. Same old story.
m.psaila
Dec 23rd 2008, 11:17
Good news...it will surely help SMEs
J. Portelli
Dec 23rd 2008, 10:46
Now can you please explain why I have to pay €235 annual fee for my clinic license ?