Trusts & Company Formations in Malta
Creating a Maltese trust governed by the Trust and Trustees Act is a vital and resourceful legal way to facilitate tax planning in accordance with Maltese Law. This is an efficient way to have tax efficiency without which a lot of directly owned companies and corporations will not obtain.
We are Maltese licensed trustee offers a wide range and reliable trust service that can cater to international business oriented customers. Haskew Law can set up a trust service that consists of discretionary trusts set up, trusts with fixed interest rates and accumulation and maintenance trusts and revocable trusts.
The public Register of Companies has records of the identity of the shareholders of all Malta companies and makes it available for public access. There is an option to obtain shares and have it held confidentially on behalf of an undisclosed beneficial owner by a trust and fiduciary company.
Under the Civil Law Institute of Mandate, licensed trust companies are allowed to hold shares in behalf of ultimate beneficiaries although they are no longer allowed the option for offshore concept of a nominee shareholder as per Maltese Law.
Depending on the need, there may be occasions when a Malta company will need to employ directors locally to be able to successfully manage and organise the business in Malta.
Laws on Confidentiality
The Professional Secrecy Act of Malta ensures that there is a high standard of confidentiality for all businesses. The Criminal Code Section 27 allows for prosecution of anyone who does not comply with this law. Any and all court ordered disclosure as mandated by law should only be granted access to the court and the concerned parties.
Civil law countries like Malta does not as a rule conform to the systems of law based on Common Law that governs trusts. Malta has initiated trusts in its legislative framework and thus created an exception to the Common Law with its growth as an outstanding Financial Services jurisdiction.
A trust fund is a trust that is composed of an absolute owner of an identified property who is referred to as the settlor and who is the creator of the trust.
This individual will then appoint a trustee to keep the property in trust for the beneficiaries as mandated by the settlor or in some cases appointed by the trustee; referred to as discretionary trusts. The Maltese trust law defines this as:
Trust is in evidence when an individual thus referred to as a trustee, owned or is delegated a property in his name with a responsibility for that property on behalf of the individuals, referred to as beneficiaries; proven to be in existence or not, which is not for the benefit of the trustee alone, or for a charitable purpose, or for both such benefit and purpose aforesaid.
A property with a trust has an independent fund that is not part of any property owned by the trustee and is not connected to any personal property as well as other properties of the trustee with another trust. This is one of the most significant attributes of a trust. A property under trust has the following legal effects based on TTA:
(a) That there is no option for the personal creditors of the trustee to use the trust property against him;
(b) That in the event of the trustee filing for bankruptcy, the trust property shall not be considered as part of the trustee‘s personal estate
(c) That in case of the death of the trustee, the trust property will not be considered as part of the matrimonial property of the trustee or his spouse nor part of the trustee’s estate
The trustee is given the right to act in his capacity as trustee for any official function on the property before a court, notary or individual once the trust has been settled. The trustee has the right to disclose the existence of the trust and register a movable or immovable property or the title of documents to them.
The beneficiary of the trust is always the one favoured when fiduciary obligations are created upon the trustee. The only rights granted to the settlor of trusts are the ones provided by the Trusts and Trustees Act.
In order for the trust to be announced, the settlor should be able to present and obtain all the rights to be settled on the trust. The absolute property is given to the settlor until such time that the trust has been established.
The terms of the trust will dictate that the trustee is to gain legal title to the trust fund and all beneficiaries will obtain equitable title; which is the highest interest in the trust fund, as soon as the trust is established.
To guarantee that the trustee will perform his job as determined by the terms of the trust, the beneficiary will get equitable proprietary rights against the trust fund as well as personal claims to the trustee.
Malta Company Formation
Haskew Law Malta assists with company formation with roots in sound legal and tax advice supported by fully-fledged company formation, company administration and company accounting teams and all provided in-house.
Malta Company Formation Process
Usually the formation process can be finalised within 24-48 hours from receipt of the documentation and satisfaction of requirements established by Maltese law.
A company is set up through the drafting and registration of its Memorandum of Association. All shareholder/s must subscribe thereto and a certificate of registration is issued in respect thereof. The following details should be included in the MOA:
- Company name
- Address and official identification of the subscribers thereto
- The nature of the company (private or public)
- The registered office of the company in Malta
- The object and purpose of the company to be incorporated
- Details of the authorised issued and paid up share capital
- Judicial and legal representation of the company
- Details and number of directors and secretary
Malta Company Formation Services
CC provides all company setup and management services in-house without outsourcing any aspect of the process. This enables us to offer an all round professional administration service whilst maintaining a single point of contact for all company related matters. This ensures a seamless service, eliminating service overlaps and reducing the cost of managing Malta companies without compromising quality. We offer full company formation and administration services including:
- Back Office & Virtual Office
- Bank Accounts
- Company Administration
- Company Incorporation
- Company Redomiciliation
- Company Secretary
- Company Domiciliation
- Fiduciary Shareholding & Management
Our Malta Company Formations Services
Our Malta Company Formation team is able to deliver very short response times for queries related to company formation in Malta and fast Malta company formation and company incorporation service, if required, even within 24 hours. As leaders in the area of company formation in Malta, enjoying the cumulative experience of fifteen years of experience in Malta company formation, we are able to be practical, responding without hesitation while maintaining high levels of legal and fiscal compliance, often necessary in company formation cases that are less straight forward.