Over the past few years, Malta has seen a drive by successive governments to promote the islands’ development as a prime international business, financial and maritime centre.
As a result of Malta’s membership of the European Union and the consequent adoption of Community legislation, and also because Malta complies with the policies and directives of international organisations such as the Organisation for Economic Co-operation and Development (OECD), Malta enjoys an excellent reputation and track record.
In the third edition of the Global Financial Centres Index (GFCI) report published in March 2008, Malta was identified as one of the top three financial centres worldwide likely to increase in importance over the next two to three years. Malta was also listed among the financial centres where operators might think of opening in the next five years. The index, which rates and ranks each major financial centre in the world in terms of its competitiveness, is issued by the City of London Corporation.
Malta’s reputation, coupled with its:
- state-of-the-art telecommunications infrastructure for anyone looking to start up a company in Malta
- support services by pro-active professionals who adopt a “can do” attitude
- highly qualified and skilled workforce fluent in various languages (English is an official language)
- strategic geographical location
- convenient time-zone
- stable political environment and democratic government
- Tax Malta: extensive double taxation treaty network and other double taxation relief mechanisms (Malta has concluded over 50 double taxation treaties)
- comparatively low running costs, rent and wages
- stable economy (Malta adopted the Euro in January 2008)
- status as a Schengen member state
- mild climate
make it one of the most reliable international business, financial and maritime centres world-wide.
Malta also enjoys a high credit rating among global credit rating agency agencies. In 2009, Standard and Poor’s maintained its stable outlook for Malta reaffirming its A/A1 credit rating, Fitch reaffirmed its A.
Malta’s strategic geographic position is making it a regional hub for the provision of business related services, notably in the financial, i-gaming, back-office services, information technology, and aircraft maintenance fields.
Malta also ranks as one of the safest places in the world since there is a very low crime rate.
It therefore comes as no surprise that despite of its small size, Malta is becoming more and more popular with people who choose to opt for residence in Malta as their preferred destination for business, residential or pleasure purposes.