Dream Of Starting A Business? Malta Business Registry Is Here To Guide You!
If you’ve ever dreamed of starting your own business, the Malta Business Registry (MBR) plays a big role in helping you make that dream a reality. But what exactly is the MBR, and why should prospective entrepreneurs and businesspersons be aware about it ? Simply put, the MBR holds the register that reflects Malta’s economic progress over the years whilst ensuring that it is up-to-date. It is a great reflection of how far we’ve come.
The MBR is the government agency responsible for registering all commercial partnerships and companies in Malta. So, If someone wants to start a partnership/company in Malta, they must register it with the MBR. It’s also where the public can find official information about all registered commercial legal entities in the country.
The MBR falls under the Ministry for the Economy, and it plays a crucial role in making sure businesses follow the law, are transparent, and operate responsibly.
If you’re considering your future as a young entrepreneur the MBR is the place you need to be familiar with. Without registration, you can’t open a business bank account, hire employees, or trade officially. Moreover, keeps a public database of all registered commercial legal entities. This makes it easy to research businesses or check if a company is real or trustworthy. Most importantly , the MBR makes sure companies provide regular updates about their financial status and ownership. This keeps the business environment in Malta fair and open — a big plus for honest entrepreneurs. And it is here where the MBR courageously embarked upon a change in culture trail resulting in the establishing the Register of Beneficial Owners eventually becoming a Supervisory Authority to strengthen its enforcement to ensure and up-to-date register. Something that has grasped the attention of EU and international registers still yet to embark on this path. Having these frameworks in place led the MBR to explore digitalization.
Through the Business Automation Registry Online Services, BAROS, the MBR offers online services that make registration and document submission simple and fast. Once you decide on your business type (like a partnership or limited liability company), you’ll submit the necessary documents, including your company name, address, owners’ names, amongst other. The MBR will review everything and, if all is in order, officially register your company.
You can also use the MBR portal to:
· Open a company
· File annual filings, such as the annual returns, annual accounts and financial statements
· Update company details
· Close or restructure your business
Malta has a growing startup scene, and registering a business is often the first step. If you’re studying business, IT, or design, or even running a small online shop, understanding the MBR gives you a head start in the world of entrepreneurship. Additionally, it is part of the MBR’s mantra to foster new ideas hence why it launched the self-assessment tool which analysis the financial health of your company to avoid insolvency. This allows companies to assess their position to ascertain the viability of continuing in business. Such initiative is part and parcel of the recent insolvency framework overhaul which
sought to give businesses and entrepreneurs a second chance by encouraging them to engage in a confidential self-assessment exercise.
And if you are not a businesspersons or entrepreneur, does the MBR matter to you ? Yes – for two important reasons.
Firstly if you’re applying for a new job or acquiring a service you can check information of the company through BAROS , register.mbr.mt to familiarise with the company, who’s behind it and its financial stability amongst others. Secondly, as a Maltese citizen, the MBR does tremendous job in safeguarding the best interest of the Maltese jurisdiction together with other entities and authorities.
The MBR is also a gateway to opportunity. Whether you want to start a business now or in the future, knowing how the MBR works is essential to understand Malta’s own economic ecosystem and have peace of mind when doing business or receiving a service.
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