Before obtaining a license, you will need to register a company with an authorized capital of at least 125,000 euros. Personal presence of the beneficial owner in the process of registering a company in Malta is not necessary.
Maltese legislation provides for a requirement for the amount of the authorized capital for such a company in the amount of EUR 125,000. However, the MFSA regulator most often establishes additional (increased) requirements for the authorized capital in the event that it sees greater risks in the activities of the applicant company. Such requirements are established in each case individually and the amount of the increased authorized capital can not be foreseen in advance.
The authorized capital (in the amount specified by the MFSA) in full shall be maintained in the company's bank account at all times.
State fees that must be paid by the Company to the Registrar of Companies for a company with an authorized capital of 125,000 euros:
- EUR 1.890 upon registration;
- EUR 2.600 - annual payment.
Requirements for directors: two executive directors and one director, all must be in Malta.
There are no requirement for the number of shareholders. Shareholders and directors will need to provide: copies of passports, certificates from the bank on the availability of funds, professional recommendations, etc.
The office in Malta is also mandatorily required with a connection to a landline telephone, fax, Internet, etc. Employees of the company, including senior management must necessarily be in this office.
Stages
of obtaining a license:
Preparatory stage:
Preparatory stage:
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includes preliminary meetings with the MFSA to agree on the project of the applicant's company along with supporting documents (including a detailed business plan and financial projections for the next three years). The MFSA also considers these documents to get an understanding of the planned activities, as well as the personnel of the company (directors, shareholders, beneficial owners), incl. for compliance with the qualification requirements of the regulator.
Pre-licensing phase:
Pre-licensing phase:
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direct receipt of confirmation of the MFSA on the issuance of the corresponding financial license and completion of any outstanding issues.
Post-licensing phase:
Post-licensing phase:
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(Preliminary start of business) is to complete any post-licensing actions before starting direct business.
The MFSA collects the following fees for obtaining and renewing a license
The MFSA collects the following fees for obtaining and renewing a license
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one-time fee of 5,000 euros for submission of the application for a license (category 2);
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annual fee for the renewal of the category 2 license is 4 500 euros (if the profit is up to 250 000 euros), plus 400 euros for each subsequent 250 000 euros of income (up to a maximum of 5 000 000 income) or its parts. This fee is charged based on the results of the annual audit of the financial statements and must be paid on the date the license was issued. The first time this fee is paid as soon as the financial license of category 2 is issued and the amount of this fee will be equal to the minimum payment specified above (4 500 euros).
The term of obtaining
The term of obtaining
The application for a license in Malta must be considered within 3 months from the moment of its submission. The period of consideration can be extended for another 3 months if the regulator needs to receive additional information from the applicant. The total period for obtaining a license can not exceed 6 months.
Guarantee of obtaining a license
In order to be able to obtain a license, it is necessary that the professional qualifications of the shareholders, company controllers and management, who will directly carry out activities, effectively comply with the regulator's requirements.
When considering the application for a license, the regulator also considers the possibility of timely obtaining all the necessary information on the company's activities in an adequate extent and in accordance with established norms. Thus, the regulator monitors the fulfillment of prudential criteria (standards that are established to ensure reliability, liquidity and solvency, risk management, protect the interests of shareholders and customers) by the financial institution and assess any threats to the financial system of Malta.
Thus, in the process of obtaining a license, if the MFSA regulator is not sure of the candidate for a license, it will request as much information as it is necessary. If the regulator considers that the policy of the applicant company is "dishonest", or finds out significant shortcomings in the organization of the licensed activity, or considers that the shareholders or directors do not meet the qualification requirements, the applicant will be refused to obtain a license.
If the refusal of the regulator is received due to inconsistency of, for example, software or technical support for the company's activities, then you can reapply to the regulator after the remarks described in the refusal are eliminated. If the refusal is received in connection with the discrepancy between the qualifications of shareholders, for example, then it is impossible to reapply with these same shareholders (unless only after raising their qualifications).
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