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Open a Financial Company in Malta

Open a Financial Company in Malta

Updated on Tuesday 19th April 2016

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Open-a-Financial-Company-in-MaltaFinancial services activities fall under the Malta Financial Services Authority (MFSA) which is the only regulatory body for companies in this industry. The Financial Services Authority supervises and accredits all types of financial companies in Malta:

  • - investment companies,
  • - trusts,
  • - insurance companies.

The Financial Services Authority is also in charge with the Maltese Registry of Companies.

Applying for a financial license in Malta

Foreign or local investors setting up any type of financial institution in Malta are required to apply for a financial service license with the MFSA. Financial companies are required to apply for a financial institution license and must meet the following requirements:

  • - the company must have its own funds, as established by the MFSA on a case by case basis,
  • - there must be at least two individuals directing the company in Malta,
  • - the shareholders must ensure a cautious management of the company.

The documents required to set up a financial company in Malta are:

  • - a copy of the articles of association of the company,
  • - a proposed share capital,
  • - a business objective,
  • - a description of the internal control of the company,
  • - audited financial documents from the last three years,
  • - a business plan,
  • - copies of the shareholders, directors and company representatives’ passports,
  • - the registered office.

Our lawyers in Malta will guide you through the company formation procedure.

NACE codes for providing financial services in Malta

Once a Maltese financial company is registered, it must also select the appropriate NACE code within the Nomenclature for Economic Activities. In section J, one can find the following NACE codes for financial companies:

  • - 65 for financial intermediation,
  • - 65.1 for monetary intermediation,
  • - 65.11 for central banking,
  • - 65.21 for financial leasing,
  • - 65.22 for credit granting,
  • - 66 for insurance and pension funding,
  • - 66.01 for life insurance,
  • - 66.02 for pension funding,
  • - 66.03 for non-pension funding,
  • - 67 for activities auxiliary to financial intermediation,
  • - 67.11 for administration of financial markets,
  • - 67.12 for security broking and fund management.

For complete information about licensing requirements for financial companies, you may contact our Maltese law firm.

 

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