GRTU disappointed at higher registration fees

Maltese businesses are disappointed that the Malta Financial Services Authority was allowed to increase its company registration fees in the midst of an economic recession.

In a statement the Chamber of Small and Medium Enterprises, GRTU said that small companies with an authorised share capital of up to ,1500 euros were seeing an increase of 150 percent. Companies with an authorised share capital of 115,000 euros were seeing an increase of 270 percent. The higher the share capital amount, the greater the increase. This discouraged businesses from increasing share capital. Existing companies had to pay this increase or incur penalties.

The GRTU said that the World Economic Forum report on Competitiveness indicated that the greatest obstacle for business in Malta wasinefficient government bureaucracy.

The burden of government regulation also negatively affected Malta’s competitiveness. So it was beyond comprehension why certain authorities were allowed to increase their fees by such unreasonable amounts.

"One wonders how much of this increase will go towards reducing Malta’s overall deficit.

"This increase is clearly another sign of rubbing salt into the wounds of business people. Authorities should find ways and means of introducing better and more efficient regulation by reducing bureaucracy rather than increasing fees without any real benefits for Maltese businesses," it said.