Sector guides 2O15 -2O16
CAPITAL MARKETS
A CountryProfiler Publication About FinanceMalta A Culture of Getting Things Done
FinanceMalta Leadership Team inanceMalta, a non-profit public-private foundation, was Membership Board Members Benefits of FinanceMalta Fset up to promote Malta’s Business & Financial Centre, FinanceMalta offers two types Kenneth Farrugia (Chairman) Membership: both within, as well as outside Malta. It brings together the of membership: Corporate Prof. Joe V. Bannister (Vice-Chairman) • Direct access to the resources of the industry and government, to ensure Malta and Affiliate. Corporate Charles Borg / Mark Watkinson experience and knowledge maintains a modern and effective legal, regulatory and fiscal Membership is open to Matthew Bianchi of fellow members. framework in which the financial services sector can continue entities operating within the Chris J. Naudi • Receive regular updates, to grow and prosper. FinanceMalta’s Board of Governors, financial services industry, Annalise Micallef newsletters, and publications together with the founding associations that include the Malta such as fund, insurance John Huber on relevant issues. Funds Industry Association, the College of Stockbrokers, the and pension management André Borg • Attend partner seminars, Malta Bankers’ Association, the Malta Insurance Association, companies, while Affiliate training and workshops on the Association of Insurance Brokers, the Institute of Membership is designed for Bernice Buttigieg (Secretary to the Board) a wide range of specialist Financial Services Practitioners, and the affiliated Malta organisations and companies subjects at heavily discounted “Over the past ten years, Malta’s “FinanceMalta is working with “We are aiming to take Malta Insurance Management Association, as well as its members wishing to take advantage of rates, with some events financial services industry has all stakeholders to ensure that to the next level and create a and staff, are committed to promoting Malta as a centre of the growth of Malta’s finance being complimentary. developed from one that was more qualified individuals enter globally recognised international excellence in financial services and international business. industry and the FinanceMalta • Influence the market, primarily led by the domestic market the industry as the finance centre financial services sector that is network, including firms regulators and law makers into a truly international financial grows. We also offer training and based on our skilled workforce, providing Real Estate Services, through FinanceMalta’s services centre, attracting many re-training initiatives in order to help a stable regulatory environment Recruitment Services, Business lobbying activities. top-rated financial services firms.” professionals remain informed.” and business-friendly policies.” and Professional Services, • Benefit from FinanceMalta’s and Media Organisations. marketing and PR initiatives. Kenneth Farrugia Bernice Buttigieg Ivan Grech For further information • Regular opportunities to Chairman Head of Administration Head of Business Development on membership categories showcase your firm on the [email protected] [email protected] [email protected] and classification, visit international scene under the www.financemalta.org. umbrella of FinanceMalta. • Opportunity to publish white papers and articles on FinanceMalta’s website and to take part in topical webcast series.
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Promoting and Fostering Malta’s Finance Centre FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 2 3
Contents
1 About FinanceMalta CountryProfiler Ltd is a specialist publisher of country information that assists corporations managing Meet the Team 2 Publisher Information operations across national borders with trade, investment and relocation decisions. CountryProfiler 4 Finance Industry Stakeholders is recognised by senior business executives, government representatives, institutions and global 6 Malta at a Glance organisations as a leading provider of informative, insightful and actionable country intelligence. 7 International Finance Centre: Europe A Partner for Success 64, St Anne Court, Flat 4, Bisazza Street, Sliema SLM 1642 - Malta Garvan Keating Heidi Marttinen T: +356 2034 2034 Regional Director Editor 16 Key Reasons to do Business in Malta [email protected] [email protected] North America 18 Key Facts & Figures Suite 21-2123, Walkers Line, Burlington, Ontario L7M 42Z9 - Canada 20 Regulation & Legislation Tel: +1 905 645 1130 Fax: +1 905 963 7968 21 Malta Stock Exchange: From IPO Email: [email protected] Website: www.countryprofiler.com to Productive Investment
Main Photography Sonja Lindenberg Daniel Geraldes 22 Listing Process Fritz Grimm Editor Business Executive [email protected] [email protected] 25 Trading on the Secondary Market Additional Photography Alan Carville / Malta Stock Exchange 26 The Central Securities Depository (CSD) Design 28 New MSE Products Ramon Micallef - [email protected]
Printing 30 The European Wholesale Gutenberg Press, Malta Securities Market (EWSM) Morgane Stein Melissa Puglisevich Publication Date Business Executive Office Manager 32 Securitisation April 2015 [email protected] [email protected]
The information included in this publication is for information purposes 34 Key Opportunities only and is subject to change. With regard to the licensing of a business, income generation or any other legal or accounting matters, the Publisher 36 A Guide for Doing Business in Malta strongly recommends that the reader seeks the advice of an appropriately licensed professional. The Guide is meant as general information and should not be interpreted as legal advice or as a technical guide in substitution of the 40 Malta: A Cosmopolitan Lifestyle in the Med relevant legislation. Additional requirements may also apply. 44 Who's Who: Malta Business Profiles All rights reserved. Reproduction in whole or part is strictly prohibited without the written permission of the publisher. Opinions expressed in this publication are not necessarily those of the editor or publisher. All reasonable care is taken to ensure truth and accuracy, but the editor and publishers cannot be held responsible for errors or omissions in articles, advertising, photographs, or illustrations. FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 4 5
Finance Industry Stakeholders
Ministry for Finance Ministry for the Economy, Investment and Small Business Malta Financial Services Central Bank of Malta FinanceMalta Malta Stock Exchange www.mfin.gov.mt www.economy.gov.mt Authority (MFSA) www.centralbankmalta.org www.financemalta.org www.borzamalta.com.mt www.mfsa.com.mt Prof. Edward Scicluna Dr Christian Cardona Dr José Herrera Minister for Finance Minister for the Economy, Parliamentary Secretary Prof. Joseph Bannister Prof. Josef Bonnici Kenneth Farrugia Paul Spiteri Investment and Small Business for Competitiveness and Economic Growth Chairman Governer Chairman Chairman
Finance Industry Associations
Malta Association Malta Bankers Malta Fund Industry Malta Insurance Malta Insurance Management Institute of Financial Association of Insurance Society of Trust & Estate for Retirement Scheme Association (MBA) Association (MFIA) Association (MIA) Association (MIMA) Services Practitioners (IFSP) Brokers (AIB) Practitioners (STEP) Malta Practitioners (MARSP)
Chairman: Chairman: Chairman: Director General: Chairman: President: Chairman: Branch Chair: Bethell Codrington Mark Watkinson Kenneth Farrugia Adrian Galea John Tortell Christopher J. Naudi Mark Spiteri Dr Jean-Philippe Chetcuti
www.maltabankers.org www.mfia.org.mt www.maltainsurance.org www.mima-malta.com www.ifsp.org.mt www.aibmalta.com www.step.org/malta
Additional Resources
Malta Institute Malta Institute of Malta Institute of Malta Chamber Institute of Directors Malta Enterprise Malta Chamber of Taxation Accountants (MIA) Management (MIM) of Commerce (IoD) Malta of Advocates
www.maintax.org www.miamalta.org www.maltamanagement.com www.maltachamber.org.mt www.iod.com/malta www.maltaenterprise.com www.avukati.org FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 6 7
International Finance Centre International Finance Centre Malta at a Glance GOZO A Partner for Success
Located in the centre of the Mediterranean, Malta is rapidly growing into one of the foremost business hubs for international financial services in the Euro-Med region. Country Knowledge Economy
Recession Proof Economic Power Malta stands alone as an Malta has posted healthy oasis of financial prosperity economic growth for the in a Europe desiccated by last four years. In 2014, the 75% the financial crisis. From a economy and the labour Services sector share financial standpoint, Malta is market continued to perform in Malta’s economy proof that you do not have to well, and the outlook for MALTA be a big country to be a big 2015/16 is favourable. Strong player. Home to a population labour market fundamentals, of just over 421,000 recovering investment and an the growth of service-focused people and just 316 square accommodative fiscal stance businesses in fields such as kilometres in area, the island are projected to have resulted ICT and the booming Maltese prides itself on being one of in real GDP growth of 3.3 per financial services industry. the best performing eurozone cent in 2014. This has also Expansion of the aviation economies, registering allowed Malta to maintain one and maritime industries healthy economic growth of the lowest unemployment together with life sciences and low unemployment. rates in Europe, hovering and education pave the way Wealth Management Domicile at a Glance around 6 per cent against the for a prosperous future. Adapting and Growing Central Location Finance Centre (2014) EU average of 10 per cent. 0.8% 6.0% 68 As a hub for business from Located at the centre of the Strong and Healthy Banks Inflation rate Unemployment rate Number of A European and North African Mediterranean, the Maltese Diversified Economy Much of Malta’s economic (January 2015) (January 2015) Double Tax (Fitch, 2015) Contribution to GDP...... 13% countries, Malta is marked Islands lie virtually midway Over the past years, Malta growth can be attributed to the EU: -0.5% EU: 9.8% Treaties Employees ...... 10,000+ by its flexibility, innovation between Europe and North has diversified and thrived. excellent regulation of banks and competitiveness. It is Africa, some 90 kilometres Popular as a safe and sunny and the financial services A3 Companies on the register ...... 65,000+ (Moody’s, 2014) with these qualities that south of Sicily and 300 tourist destination for sun- sector. Maltese banks also have 3.3% IFRS €136.8bn New registrations ...... 5,144 Malta has gone from strength kilometres north of Libya. starved northern Europeans, a strong local deposit base, GDP Growth Accounting FDI Number of new companies ...... 5,061 to strength since it gained This makes the island an the tourism sector contributes and the banking sector is not Sovereign Ratings Sovereign BBB+/A-2 (2014) Standards (June 2014) (Standard & Poor’s, 2015) Number of new partnerships ...... 83 independence from Britain excellent gateway for business some 25 per cent to the island’s significantly exposed to foreign Time to start up a business ...... 1 week in 1964. In particular, between Europe, Africa GDP. However, a variety of sovereign debt risks. In addition, Malta’s financial services the Middle East and Asia. service businesses have joined assets held by the island’s five industry has been a key The capital city, Valletta, is the traditional economic core banks are twice the size focus of the government both the administrative and generator, and services now of Malta’s GDP, which itself and a great success story business centre of the country. account for 75 per cent is only half the EU average. in the country’s growth. of Malta’s GDP. Industry Committed to Business accounts for 23 per cent and Towards the Future Total area Currency Time Population Rain Sunshine Temperature Tax rate Business in English Malta’s parliament recognises agriculture for 2 per cent. As hard work and diligent Maltese Islands: Euro 1 hour ahead 421,000 Annual rainfall 300 days Winter 12ºC 35% International Malta uses the importance of business regulation have built the 316km2 of GMT (2014) 600mm a year Summer 31ºC English as an official success to the nation’s A Future in Services foundations for Malta’s recent language, alongside Maltese. prosperity. This is why Malta has played to its achievements, the country’s Use of English is universal, Maltese political leaders are strengths by establishing future wellbeing is crucially making Malta instantly committed to developing itself as the most successful linked to its success in moving Redomiciled Companies European Economic Forecast (Winter 2015) accessible to anyone key industries, such as knowledge-based economy further up the value chain and conversant in English. finance, ICT and aviation, in the Mediterranean region. finding markets for the export In 2013, 111 companies transferred their domicile Forecasts for Malta 2014 2015 2016 Many Maltese also speak as well as encouraging more Key to this success has been of high-quality products and to Malta, which represents an increase of over GDP growth (%, yoy) 3.3 3.3 2.9 a third language, usually direct foreign investment. services. One of Malta’s aims is to 60 per cent from the previous year, 70 per cent of Inflation (%, yoy) 0.8 1.0 1.9 Italian, German or French. Over the past years, both become the European financial transferred companies were from non-EU countries Unemployment (%) 6.0 5.9 5.9 government and opposition centre of choice. Outside of while the remaining 30 per cent from EU countries. Structural budget balance (% of GDP) -2.7 -2.4 -2.2 have worked hand-in-hand Europe, Malta continues to Gross public debt (% of GDP) 68.6 68.0 66.8 to create the right legislative build its good relations with 2011 2012 2013 Current account balance (% of GDP) 3.3 3.5 3.6 and regulatory framework 3.3% China, with both nations keen to GDP Growth 57 68 111 for financial services firms encourage cooperation between to grow and prosper. in 2014 their financial services sectors. FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 8 9
th 10 Competitiveness Soundest Banking System World Economic Forum 2014-2015 Global Competitiveness Index A Leading Centre Malta regularly receives high rankings in benchmarking reports and was named ‘Most favoured domicile Finance Centre in Europe’ for investment 25% Annual expansion of funds in the Hedge Funds Malta’s financial sector Serious Business Valletta and the parent banks Review Service Provider Rankings in 2013 and 2014. Malta’s ascent into an of domestic subsidiaries In addition, the World international centre of repute – such as HSBC – have Economic Forum ranks Malta Low-Risk Environment has been one of the fastest passed the EU-wide stress above average for almost As a European Union and most remarkable growth tests of recent years. every metric in financial member with a long- stories in recent times. market development. established democratic Recognised for its pro- Winning in Wealth tradition, Malta offers a business attitude, excellent Management Innovation through veritable safe haven for regulation and competitive The country is a welcoming Regulation investors. Liberal economic cost of doing business, Malta place for high-net-worth Malta’s financial regulatory policies and a government has become the go-to finance individuals due to its mixture framework is among one of committed to an open centre for start-ups, growth- of innovative products, the most robust in the world business environment are minded entrepreneurs and experienced professionals and and is fully harmonised with important factors for many Fortune 500 companies alike. strong regulatory framework. Diversified investors looking for long- It offers all the favourite EU and OECD rules, while International term stability. The Maltese Europe’s Fund Gateway investment vehicles of wealthy still being sophisticated enough to remain a flexible tax system is the only The fund industry is one of clients, while allowing Finance Centre platform for the financial remaining full imputation the finance centre’s main investors to protect their assets services industry. The system in the EU. The engines of growth. Malta through the establishment Insurance proactive approach taken system has been in use since hosts over 580 investment of trusts and foundations. by the regulator – the 1948 and is fully approved funds which have a combined Malta is also presenting Banking Malta Financial Services by the EU and OECD. net asset value of almost €10 itself as a holistic lifestyle Authority (MFSA) – has billion. While Malta has a and residency destination Investment Funds supported the country Quick Start-Up Time reputation as a jurisdiction for affluent foreigners. in becoming a leading Malta’s financial regulator, the for smaller financial services Asset Management financial centre in Europe. MFSA, has set timeframes companies and start-ups, Pushing Growth for the approval of licence the fund sector is maturing through Captives Holding & Trading Companies High Performance applications for financial and attracting sophisticated Malta is a relative newcomer Unlike many of its EU peers, services such as investment asset management activities. to the international insurance International Pensions funds and insurance vehicles. market, yet it has made Malta’s financial services The authority takes a diligent, Strong Ratings significant strides in attracting sector has not been affected Capital Markets risk-based approach to each and Rankings world-class companies to by the financial crisis. While other nations were trying to licence application. This Maltese banks are some its shores, including some Wealth Management minimise their losses, Malta allows for the fast-tracking of the world’s safest credit of the largest blue-chip was posting year-on-year of applications when needed institutions. The World corporations in the world. Trusts & Foundations growth. Its financial sector and incorporating a company Economic Forum rated the Malta championed the alone has expanded around in Malta takes just a few days. island’s banking system as the introduction of innovative Maritime & Aviation 25 per cent annually, and the 10th soundest in its 2014- structures such as Protected banking sector did not have 2015 Global Competitiveness Cell Companies (PCCs) and Islamic Finance to carry out any restructuring Index. Institutions such as the Reinsurance Special Purpose or re-capitalisation exercises. International Monetary Fund, Vehicles (RSPVs), and has Expat Residency the European Commission built up a reputation for being and international credit a cost-effective EU base for Financial Institutions rating agencies confirmed insurance and reinsurance the sector’s robustness and providers and a highly Family Offices resilience, while Bank of attractive captive domicile. Foreign Exchange EU & OECD Approved financial services framework FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 10 11
Market Access
Global Business Gateway in any other EU country, Perfect Timing Malta’s internal market is many business opportunities Malta is in a convenient time relatively small, and the real opened up between Malta zone to do international opportunity lies in using the and the EU. Establishing a business. The island is one country as a stepping stone business in Malta provides hour ahead of GMT, thus to markets in Europe and instant access to the EU’s matching office hours with North Africa. Strategically internal market of over Asia in the morning, Europe located at the centre of the 500 million people in throughout the day and the Mediterranean, between 28 EU economies. US in the afternoon. This Europe and North Africa, allows international business Malta has historically been Easy Access to conducted from Malta to the link between the two World Markets be timely and profitable. continents. This is why Malta also enjoys excellent so many investors see the relations outside of the Ahead of the Curve benefits of using Malta as EU, specifically with other In a changing regulatory the first step towards success Mediterranean nations in landscape with tighter in surrounding markets. North Africa and the Middle requirements, Malta offers a East, making it an attractive safe EU location with a firm but Single EU Passport base for European, American flexible regulatory framework. Since becoming an EU or Asian companies wishing Malta is quick in transposing member in 2004, Malta has to enter the relatively EU directives related to the experienced accelerated untapped markets to the financial services sector into growth in all sectors of its south. In addition, Malta is a local law. The island also works financial services industry. signatory to some 70 double- closely with other regulatory With the introduction of taxation treaties, covering authorities to provide access to passporting rights, allowing most of the world’s high- international markets and to companies to establish a growth markets facilitating ensure a smooth international branch or provide services international business. trading environment for financial services. Infrastructure
A Platform for Business World Economic Forum’s Network of Worldwide Affordable Office Space As a rapidly expanding Global Competitiveness Connections A wide range of office space can economy, Malta has Report 2014-2015. This Located on the main be found across the island, rents consistently delivered on incredible level of internet shipping routes, Malta has are reasonable and finding an demands to its infrastructure. service is maintained by been a significant port for office close to popular residential GOZO Substantial investments have two satellite stations and most of its modern history, areas and amenities is relatively created a highly sophisticated four submarine fibre-optic with links to other major easy. Office space is available in business environment. links to mainland Europe. ports in Europe, North purpose-built office blocks, as COMINO Thanks to its financial Africa and Asia. Malta is well as in converted houses and infrastructure, pro-business Growing Industry Cluster connected by air to almost apartments, or within brand climate, and growing In growing its financial every major city in Europe, new mixed-use developments. international trade and services industry, Malta’s and to key destinations Costs have become even more investment in new industries, government has the support in North Africa and the reasonable with business Malta is well positioned to of a vibrant community of Middle East, most only a electricity tariffs being lowered seize economic opportunities. progressive-minded officials few hours’ flight-time away. by 25 per cent in 2015. • St. Julians and committed business Sliema • State-of-the-Art Telecoms leaders. Today, a growing • Valletta In overcoming its business cluster is driving geographical limitations, productivity, new business MALTA Malta has built up one of and innovation within out of 144 countries the world’s best telecoms Malta’s finance industry. rd Malta’s ranking infrastructures. Currently it There are also many entities for International ranks 3rd of 144 countries offering expert legal and Malta International Airport • Malta offers easy access to EU, bandwidth per user worldwide for international support services to local 3 World Economic Forum African and Middle Eastern Markets internet bandwidth per and international clients. 2014-2015 Global Competitiveness Index user, as ranked by the FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 12 13
Lifestyle
Living the High Life whether you prefer to enjoy products you know from Aside from being a great place fine dining al fresco, relax home, and the high streets to invest and run a business, by the sea or engage in and shopping malls host Malta also offers an excellent other outdoor activities. most of the big brand names. quality of life. With its All your personal needs – Mediterranean environment, Top Leisure Activities from private banking to tax Malta is far more relaxed Malta offers much more than planning – are catered for. and reasonably priced than just the traditional ‘sun and When you are ready to find other major European finance sea’ package. Leisure activities a place to settle down, Malta centres. The island also such as horse riding, archery has a wide range of properties has your day-to-day needs and bowling are available from luxury penthouses and covered, with some of the best alongside traditional sports villas to modest apartments medical care in the world and clubs such as football and and office spaces, all at an excellent education system, rugby as well as a variety very reasonable rents. whether private or public. of great gyms to keep you fit. You can also pamper Relaxed Atmosphere The Mediterranean yourself with a fantastic It is easy to strike a great at its Best selection of restaurants, spas work-life balance in Malta. Malta is abundant with and hotels or visit one of The country’s small size beautiful, easily accessed the many lively night spots means that commuting times beaches and many offices to dance your cares away. are minimal, giving you more for rent enjoy a sea-view. time to enjoy the island. As Thanks to the warm Feel at Home one of the safest countries summers and mild winters, It is easy to feel at home in in the world with a very low it is easy to make the most Malta. Chances are the local crime rate, Malta is an ideal of your free time in Malta, supermarkets will stock place for the whole family. Regulation and Legislation
Robust Regulation Efficient Regulator Working in Partnership frameworks are aimed at The country’s legislation is At the heart of Malta’s The MFSA is known for attracting only international in line with EU law and is finance centre is an being as thorough in their businesses of repute. Malta’s built on best practices from independent, risk-based regulation as they are easy adoption of the euro in 2008 other finance centres. It regulator, the Malta to approach and associate has added further stability and caters for the regulation of Financial Services Authority with. The country’s small size increased the ease of doing investment funds, banking, (MFSA), which grants allows direct contact with business across frontiers. insurance business, pension licences and regulates all licensees, which gives the funds, as well as investment financial activities. The MFSA a good understanding The Right Tools service providers and MFSA ensures best practice of the soundness of the The island’s legal system is trustees. Maltese legislation and compliance, while the licence holders. The MFSA rooted in both the Anglo- is designed to efficiently meet fact that it regulates all establishes constructive Saxon common law tradition the needs of both the industry financial services allows it working relationships with and the Continental European and the consumer and is to streamline procedures companies investing in Napoleonic/Justinian code. updated continuously for companies, to reduce Malta, which helps ensure However, Maltese corporate to reflect the latest bureaucracy and to offer a smoother start up and law is firmly based on British market demands. lower regulatory fees. full compliance with all models. The MFSA also has regulatory standards. advantageous regulation for re-domiciling companies into Integrity and Low Risk and out of Malta. This allows Having joined the European established businesses to set Union in 2004, Malta strictly up shop in the country, while Risk-based adheres to EU anti-money preserving the continuity of laundering policies, insider company legacy, reputation Regulator dealing and professional and its financial track record. The Malta Financial Services Authority secrecy laws, and its FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 14 15
Costs and Fees
Value for Money the company and there is no No amount of sun, sea and withholding tax on dividends. sand can drive a business In addition, companies decision as much as cost. benefit from a wide network Fortunately, Malta offers of double tax treaties. This great cost advantages as a combined with a number of finance centre, especially other incentives make the when compared to the rest costs of doing business in of Europe and other leading Malta more than affordable. jurisdictions. International companies often note that Low Living Expenses they receive great value for Malta has one of the lowest money when considering the costs of living in the EU. skills and expertise present in Rents are cheaper than the Maltese market. Despite in most other European its size, Malta is a compelling countries, and apartments alternative to other larger are often fully furnished. financial hubs in Europe. Public transport and taxi fares are also lower. Some Low Operational household and personal care Overheads items can be more expensive What makes Malta in Malta as the majority particularly attractive to of products are imported, international companies is yet food prices are more that legal and accounting or less the same as in other fees, as well as certain European countries. Free state regulatory fees, are lower in healthcare and education Malta than in most other is available in addition to European jurisdictions. private clinics and schools. Overall ongoing operational costs are approximately 20-30 Competitive Personal per cent lower than those in Tax Rates Advice and Assistance the UK, Germany, France, Salaries in Malta are usually Belgium, the Netherlands one-third lower than in the Outstanding from the economy and as Lex Mundi and Lexis Attracting Foreign Talent and Luxembourg. This more established finance Human Capital management faculty than Nexis and regularly ranked To attract further expertise in means companies can offer centres. Nevertheless, the Malta’s drive to become a any other in 2013-2014. on Chambers, Martindale- core sectors such as financial their services to clients at purchasing power of Maltese global financial services Hubbell or other similar services, Malta offers a reduced an attractive cost rate. people is much stronger centre has helped generate Established Service institutions. Malta also 15 per cent flat tax rate to thanks to the country’s lower around 10,000 jobs in this Providers provides an array of corporate highly qualified persons in Fiscally Efficient living cost and competitive sector. With 60 per cent Malta has both a proud service providers offering key positions within those Framework personal tax rates. Individuals of Maltese students going tradition of family-run solid business advisory industries. The island’s laws Malta offers a tax-friendly are charged on their Highly qualified foreign professionals can on to further education, financial services firms, as and back-office support. on immigration are in line base for financial services income at progressive tax 15% the island has a highly well as being home to offices with the European Union’s benefit from a flat tax rate of 15% companies, operating a full rates up to a maximum of educated and multilingual of ‘The Big Four’ – Deloitte, Finely Honed Skills visa obligations for foreign imputation tax system. While 35 per cent. However, for pool of talent from which KPMG, EY and PwC. In Service companies in nationals, and EU and all companies pay tax at a 2015, Malta reduced the to hire. Malta is continually addition, a large number Malta are efficient and European Economic Areas rate of 35 per cent, certain top rate of income tax for cultivating the right talent, of law firms operate on the have developed expertise (EEA) citizens are free to shareholders are entitled to those who earn less than with more University of island, most being part of in key areas such as captive work and reside in Malta. refunds for the tax paid by €60,001 to 25 per cent. Malta graduates coming international networks such insurance, funds, trusts and wealth management. The Multilingual Services island’s support services are The British influence is clear top class, and professionals in the work ethic present in of the same calibre of those Malta, and aside from English in London, Dublin or and Maltese most locals Luxembourg are easily found. also speak Italian, French or + To ensure that growth can German. Malta has a vast pool 20-30% , be sustained, Malta is eager of multilingual talent in the Operational costs are 20-30% lower in 10 000 Employed in international to expand its pool of highly form of professional expatriates Malta than in other finance centres financial services in Malta specialised professionals. from all over the world. FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 16 17
MALTA > Cost-effective STOCK > REPUTATION EXCHANGE: > EXPERIENCE > EU-REGULATED Key > SPEED OF PROCESSING Reasons to do Business in Malta Malta is an emerging capital market jurisdiction and poised for strong growth thanks to a small yet dynamic stock exchange with global ambitions. Already an established financial services centre, the country provides great opportunities for business.
Well regulated Internationally Access to SME-Oriented Market Value for Money New Horizons in EU domicile Recognised Exchange International Markets The Malta Stock Proposition Islamic Finance Malta offers a fully EU- The Malta Stock Exchange The MSE uses the Xetra Exchange is developing a new Malta has a compelling Malta, as well as the regulated environment with operates a relatively small trading platform, which is product, which will create an proposition of high-quality Malta Stock Exchange, is a strong reputation for doing market, but has a big vision, hosted by Deutsche Börse in opportunity for SMEs to raise services for lower cost across exploring the potential of business. The local regulator, and its strong track record Frankfurt and is a key feature capital through the capital its business services. The catering to Islamic Finance the MFSA, is renowned for has already won recognition in the Exchange’s strategy market. This new product capital markets sphere is no structures. While the relevant being accessible and works from other leading stock to attract new international is designed around SME different in this respect and infrastructure can be put continuously to ensure Malta’s exchanges. Malta’s equity business. Xetra, Deutsche needs and complements the issuers enjoy low-cost entry in place with relative ease, competitiveness and that market has been included Börse Group’s fully electronic current Main and Alternative and efficient market support this is an exciting prospect regulation is up-to-date. in the FTSE’s Global Equity trading platform, opened Company Lists. The product from MSE professional for investors and issuers Index Series (GEIS) since up new opportunities for is MiFID-compliant and staff. The availability of to launch sukuk structures 2010. The MSE has also the MSE as well as issuers will have no minimum or the complete value chain using Malta as a European been granted recognition and investors. Trading maximum value of Initial from admission to listing to exchange hub from which to by the UK tax authorities participants in Malta now Public Offering (IPO), with depository services under market to European investors. (HMRC) and has been have the potential to be the aim of attracting IPOs of one roof makes the Malta granted recognised exchange connected to a network of between €1 and €5 million. Stock Exchange proposition status by the US Securities 4,500 traders in 18 countries. a very compelling one. and Exchange Commission. The Exchange’s Depository manages the bond and equity registers of listed entities, as well as the corporate actions and related administration of the 75k+ investors, who have assets in their name. FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 18 19
Key Facts & Figures The Maltese capital market has registered a remarkable increase in business generated through the issue and Number of Trades Value of Trades in € Market Capitalisation in € admission of new financial instruments to the Main Market, as well as the increase in the number of listed organisations, and secondary market activity. 2013 2014 2013 2014 2013 2014
Equities 7,908 8,140 53,117,231 50,755,086 3,245,625,844 3,009,541,959
Corporate 2,413 4,056 33,396,793 43,224,138 916,627,540 1,414,296,885 75,000+ Bonds Government 6,554 13,456 678,951,968 836,358,833 5,032,517,468 5,747,075,148 investors Bonds Sources of capital: Treasury across ▶ Financial sector Bills 11 5 9,220,659 10,118,137 247,442,924 140,355,885 ▶ Retail savers 250,000+ ▶ Institutional investors Total 16,886 25,657 774,686,651 940,456,193 9,442,213,776 10,311,269,878 accounts ▶ Venture capital
Economic Sectors Present Recognised Lists + New Lists during the year on the Exchange: €10.3bn Government of Malta, banks, 110 Market insurance, Post Office, 105 hospitality industry, software 100 Capitalisation industry, retail industry, 2014 property development, 95 manufacturing industry, 90 communications industry, 85 marine related services, transport, importation and 80 distribution and local brewery. 75
70 65 ■ Recognised Lists 60 ■ New Lists during the Year
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0 Equities Corporate Government Closed Ended Open Ended Open Ended Structured Treasury Bills Bonds Bonds Schemes Schemes Schemes Debt (Primary) (Secondary) Instrument FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 20 21
Regulation & Legislation Malta Stock Exchange: Malta has been rapidly developing as a finance centre of repute since becoming a European Union member in 2004 and adopting the Euro as the currency in 2008. A key attraction of the country From IPO to Productive Investment continues to be its flexible yet robust regime, with a highly approachable regulatory authority. Malta has proved successful in a wide range of financial services sectors and is now focused on developing its capital markets landscape by broadening the scope of exchange services. With a robust yet flexible infrastructure already in place, Malta is well-positioned for the continued expansion of its finance centre and capital markets offering.
Regulator and Primary Market vs. Redomiciliation alta’s boutique stock the EU capital market for trading platform supplied by profile overseas, as it enters altese regulation Listing Authority Secondary Market Malta has redomiciliation Mexchange is set to go small cap and non-European Deutsche Börse, the launch into new areas of operation Mis internationally The Malta Financial Services legislation applicable to all global with the introduction issuers and the ‘go-to’ option of the Market Making rules such as facilitating and recognised for providing Authority (MFSA) is the single Primary Market: types of companies, including of a multi-asset trading for investment and business. and the designation of the processing EMIR-related a secure and stable regulator for all financial Before a financial securitisation vehicles platform and an international In order to support Exchange as a Designated reporting of derivative trades. framework for prudential services in the country. The instrument is admitted to any under the Continuation of clearing and settlement sustainable growth, the Offshore Securities Centre The continued innovation supervision, consumer MFSA is also the Listing of the MSE’s recognised lists, Companies Regulations. system connecting brokers, Exchange is committed to by the US Securities and the Exchange has shown protection, market Authority and approves the financial instruments, Redomiciliation of companies traders and investors widening its horizons to Exchange Commission. is transforming Malta into surveillance and prevention admissibility to listing on which are the subject of an has taken place from both worldwide. The Malta attract more international The Xetra platform is used an attractive capital market of money laundering. The Recognised Investment admission application, may onshore and offshore Stock Exchange (MSE) has business. A key focus of its extensively by exchanges in domicile for companies country is committed to the Exchanges. The MFSA takes a be offered to the public as jurisdictions, and in 2013 the strengthened the offering international strategy has over 18 countries throughout seeking new sources of capital. continuous strengthening flexible and proactive approach an Initial Public Offering domicile saw 111 companies of specialised, cost-effective been to achieve connectivity the world and allows and development of through regular contact with (IPO). The offer will be made relocate to Malta, with 70 per services and products, and with other markets. In this connectivity with over 4,500 its financial sector and industry players, allowing in terms of the approved cent from non-EU countries. all the hard work has not context, the MSE set up a members internationally. capital markets. Out of promoters to innovate and to Prospectus, which stipulates gone unnoticed with it being link between its own Central The use of the platform and a total of 144 countries, develop new products to meet the financial instrument on EU Passport awarded the title ‘Most Securities Depository the close relationship with The World Economic the changing investor needs, offer, minimum subscription In Malta, both the Main and Innovative Stock Exchange (CSD) and Clearstream Deutsche Börse in Frankfurt Forum Competitiveness which is much-appreciated amount applicable, offer the Alternative Companies of 2014’ in the prestigious Banking, which has led to have helped raise the MSE’s Report 2014-2015 ranks by the industry. The MFSA price and in the case of fixed lists are Regulated Markets and Acquisition International the successful launch of the Malta as 10th for the staff has gained considerable term financial instruments, enjoy full passporting rights Finance Awards. With 2014 MSE’s custody business. soundness of banks, experience through training coupon rates, interest dates, within the EU. Since becoming being another record year In addition, the MSE has 26th for the regulation with other regulators and redemption, dates, etc. an EU member in 2004, Malta surpassing the €900 million launched a number of of securities exchanges financial institutions across has experienced accelerated mark in trade turnover, the major initiatives designed Eileen V. Muscat and 36th for financial Europe and the US. Regulators Secondary market: growth in all sectors of its domicile is focusing its efforts to bolster its strategy, such Chief Executive market development. from British authority FSA, Following admission, financial services industry. on becoming a gateway to as the adoption of the Xetra Malta Stock Exchange German financial supervisory the financial instruments may With the introduction of authority BaFIN and the US be traded on the regulated passporting rights, allowing SEC visit Malta on a regular market operated by the companies to establish a basis to carry out staff training. Exchange in accordance branch or provide services in For financial services Malta with the market rules as any other EU country, many has the Prospectus Directive, laid down by the MSE. business opportunities opened and the MFSA has signed up between Malta and the a considerable number of EU. Establishing a business MoUs with various non-EU in Malta provides instant jurisdictions. The regulator is access to the EU’s internal also a signatory to the IOSCO market of over 500 million and the IAIS multilateral MoUs. people in 28 EU economies.
Malta Stock Exchange Affiliations
▶ Federation of European Securities Exchanges (FESE) ▶ European Central Securities Depository Association (ECSDA) ▶ World Federation of Exchanges (WFE) ▶ International Organisation of Securities Commissions (IOSCO) ▶ Association of National Numbering Agencies FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 22 23
Listing Process Thanks to its smaller size, the MSE takes a fast, efficient and personalised approach to listing and encourages preliminary meetings before the formal application is Scheme Conditions made to ensure a smooth and successful process. Conditions for open-ended schemes seeking a primary listing include: • Units must be freely transferable • There must be at least one director, and corporate directors are not eligible unless the corporate director is the manager of the scheme • The scheme must adopt rules governing dealings by directors • At the time of the AGM, copies of the Directors’ service contracts must be made available for inspection by the public • Directors and proposed Director, and in the case of a Unit Trust, the Directors of the Manager, shall be personally responsible for the information contained in the Prospectus
he process to admit Appointing a Sponsor Basic Conditions An Issuer may seek Timeframe Collective Investment Conditions for open-ended schemes financial instruments T To apply, a Sponsor must A number of conditions need admission to: Current maximum timeframe Schemes (CIS) seeking a secondary listing include: to any of the MSE’s be appointed, who as a to be met by prospective for approval of a prospectus The listing rules issued • The scheme must have the appropriate licence recognised lists starts minimum must be in Issuers of financial • The Main (Official) List: by the MFSA is 20 working by the MFSA set out the granted by the MFSA and, in the case of UCITS with a prospective Issuer possession of a Category instruments, as outlined designed to cater for days from submission of final requirements for the or an AIF, must be licensed by a regulatory seeking ‘Admissibility II licence in terms of the in the Listing Rules issued issuers with a proven documents. The admissibility admissibility to primary or authority of a Member State or EEA State to Listing’ from the Investment Services Act. by the listing authority, but three-year track record and admission processes secondary listing of units in listing authority, The role of the Sponsor is to the basic conditions are: are usually concurrent and both open-ended and close- Conditions for close-ended schemes the Malta Financial guide the prospective Issuer • The Alternative Companies do not involve duplication ended Collective Investment seeking a primary listing include: Services Authority through the entire admission • Financial instruments for List (ACL): no track of submissions or vetting Schemes. These may be • Application must be duly signed by an (MFSA). Granting of and listing process and to act which admission is sought record is required and of documentation. incorporated in or outside of authorised representative of the Sponsor admissibility means the as liaison with the MFSA and must be freely transferable entry requirements are Malta. Continuing obligations • Must be licensed by the MFSA under MFSA has approved the Exchange. The sponsor less burdensome Trading Across Europe are also applicable to the the Investment Services Act the prospectus for issue is also expected to advise • The application must Issuers that have been granted different types of schemes. • Must comply at all times with MFSA regulations and the Issuer may seek the prospective Issuer on all relate to, and apply for, Application for admission Admissibility to Listing can particularly those concerning investment restrictions admission to any of the relevant matters, including the financial instruments must be submitted at the opt to have their instruments • The Prospectus must be drawn up in compliance Exchange’s recognised issues related to the secondary for which admission same time as application traded on the Malta Stock with the provisions of the Investment Services Act lists, the Main (Official) market. The sponsor also is being sought for admissibility is made Exchange trading platform or List or the Alternative assumes responsibility for to the MFSA, and the have them traded anywhere Every scheme applying for authorisation for admissibility to Companies List (ACL). signing and submitting the Exchange may require the within the EU. This is possible listing is required to comply with the continuing obligations application and supporting applicant to enter into an since both the Main and and disclosure requirements, whether in respect of documents with the MSE. Admission Agreement. the Alternative Companies investors, the competent authority or the regulated market lists are Regulated Markets on which they are admitted, as set out in the Listing Rules. and enjoy full passporting rights within the EU. FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 24 25
Trading on the Secondary Market The Malta Stock Exchange (MSE) strives to ensure adequate investor protection and that the highest standards of market integrity are applied to all the activities conducted on its markets. The MSE is licensed to operate a regulated market by providing the necessary infrastructure and regulations in respect of secondary market operations. All listed financial instruments may be traded on the regulated market by MSE-authorised Members (stockbrokers) acting on behalf of, and in accordance with, the instructions of their clients.
Disclosure Requirements • Are disseminated The Trading arm of the internationally. Over The Once a financial instrument is through the Exchange’s Exchange ensures: Counter (OTC) trades are granted admission, the Issuer Dissemination System • Clear and transparent reported through the MSE’s must ensure compliance with and may be issued at rules for the admission trading infrastructure for the continuing obligations any time during the of financial instruments dissemination to the market. and disclosure standards Exchange’s business hours to trade on its markets in as laid down in the Listing line with European law Market Making Rules and other relevant The Exchange does not • Pre-and post-trading The Exchange has created rules. The Issuer must also have responsibility for the transparency a framework for Market appoint a Compliance Officer contents of any Company • Membership rules Making, which is a process to ensure full compliance Announced forwarded to it approved by the whereby a Member with all relevant rules. for dissemination, and the Competent Authority (stockbroker) with a Category Exchange will report non- • Continuous monitoring III licence or equivalent and Company Announcements: compliance with disclosure of trading activity and approved by the Exchange, requirements to the relevant Members’ compliance with places regular bid and • May be issued in English competent authority. trading rules and other offer prices on the trading in accordance with applicable regulations platform in respect of the the Listing Rules and Disclosure requirements • Regulatory reporting to security for which they offer Prevention of Financial for all Schemes include the Competent Authority market making services. Markets Abuse (Disclosure information regarding: • Trading on a regulated The objective is to improve and Notification) • Capital and management market that ensures the level of liquidity in Regulations, 2005 including NAVs, any the best-execution these instruments, so that suspension of calculation transparent pricing based investors will be able to of NAVs, any change in the on supply and demand transact at almost any time Fees status of the Scheme for • The opportunity to broaden during trading hours. tax and other purposes investor base while gaining Equities / Fixed income securities • Rights of holders and access to a transparent and Trading Calendar rights between holders well-regulated market and Hours Market Capitalisation Annual Fees • Dividend distributions • Providing clear and The Trading and Settlement as applicable transparent information Calendar and the Trading On the first €11,000,000 €450 per €1,000,000 – minimum €2,250* • Financial Information to potential investors Time-Table are issued On the next €11,000,000 €650 per €1,000,000* • Information regarding through dissemination annually and are available Directors of market data, price on the MSE website. Regular On the next €20,000,000 €1,000 per €2,000,000* • Related party transaction and announcements Market Trading commences On the next €70,000,000 €2,500 per €7,000,000 • Any Price Sensitive with an Opening Auction and On the excess of €112,000,000 €5,500 per €11,000,000 up to an aggregate maximum fee of €116,000 information Trading system ends with a Closing Auction. The trading system is order- *or parts of thereof The detail of information driven, and the exchange uses Regular Market required, and whether this the Xetra trading platform Pre trading: 09:00 - 09:30 Continuous: 09.30 - 12:30 Annual Admission Fees of CIS needs to be made public or provided by Deutsche Börse not or merely notified to AG. This platform operates The scheme €1,160 the MFSA and/or the MSE, remotely from the Deutsche Treasury Bills Market On the first five sub-funds €1,160 per sub-fund depends on the structure Börse hub in Frankfurt, with Pre Trading: 09:00 - 09:30 of the scheme, whether this secure access by the MSE and Continuous: 09:30 - 10:30 On the 6th to 10th sub-funds €930 per sub-fund is a primary or secondary its brokers. The platform is On the 11th to 15th sub-funds €695 per sub-fund listing and on the nature of used extensively by exchanges Fees the information as outlined in over 18 countries, Thereafter €465 per sub-fund • Transaction charges: €2.50/ transaction irrespective in the Listing Rules. allowing connectivity of volume that applies to both buyer and seller. with over 4,500 members The above fees are subject to 18% VAT. If any of the above securities already have a primary • Turnover fees: Members shall pay a fee listing in another recognised jurisdiction, the annual fee will be at 50% of the annual rate. equivalent to 0.03 per cent of turnover. FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 26 27
The Central Securities
CSD links with Global liquid, as they may be actively Depository (CSD) Depository transferred in a secure The CSD’s relationship manner anywhere in the with global depository world through Clearstream’s All financial instruments traded on the Malta Stock Exchange (MSE) are Clearstream Banking global reach. Investors dematerialised, meaning share and bond registers are held in electronic format and facilitates the participation wishing to invest in foreign no certificates are issued as confirmation of holdings. All market transactions, off- of MSE customers on securities and assets may do market transfers and other amendments related to registers of listed companies international markets and so by transacting or otherwise are reflected in the relevant registers held within the Central Securities Depository CSD services provides international acquiring title over such (CSD). An investor intending to acquire listed financial instruments traded investors easy access to securities and assets through on, or to hold securities in the custody of the MSE, is assigned a unique Malta are available include Malta-issued authorised intermediaries Stock Exchange Account Number within the Central Securities Depository. securities within their or over-the-counter. Instead to listed portfolios. MSE customers of maintaining an account and unlisted without a Clearstream or directly or indirectly with other CSD account abroad a foreign depository to CSD Services The service includes of transaction) for all companies may still hold internationally record the holding in these The depository provides the notarial function financial instruments. issued securities and assets investments, the MSE Central a number of specialised and the maintenance of Clearing and settlement is over a secure and efficient Security Depository will securities administration records. This service is performed by MaltaClear, link by appointing the hold these investments in and related corporate available to listed and the authorised securities MSE as their custodian. custody on behalf of investors services, such as: unlisted organisations and settlement system This custodial relationship through its partnership includes the processing operated by the MSE allows investors to benefit custodial relationship with • New Issues Registration of all corporate actions and forming part of the from secure and efficient Clearstream Banking. Services: This includes the planned by an issuer, such operations of the Central clearing and settlement collection, data input and as the dividend/interest Securities Depository. processing and a host of other National Numbering all other processes related payments processing, security custody services. Agency to the applications made power-of-attorney Custodial Services The MSE is Malta’s National by prospective investors in mandates and fixed term The CSD offers professional, Maltese financial instruments Numbering Agency, and respect to an initial public securities maturities and customised and cost- issued through the CSD can issues a unique international offering of instruments redemptions, new issues efficient custody and be deposited, cleared and securities identification and assets. Since the CSD and rights and bonus depository services to retail, settled in an international number (ISIN), and will also be acting on issues, regulatory or other institutional or sophisticated environment, making these maintains updated details, of the instructions of the ad hoc reporting and investors seeking to benefit financial instruments more securities issues in Malta. issuer in respect to the updating of registered from MSE’s custodial allocation of investments holdings’ details. holding services, clearing in the name of investors, and settlement of assets the provision of registrar • Clearing and Settlement: and the effective exercise services is a naturally Transfer verification of of rights arising there from integrated extension of financial instruments or on their behalf. Custodial Fees securities issuance services. other assets in accordance services may extend to with due instructions, securities issued in Malta Initial Take-On and Primary Fees • Securities Administration: typically consisting of and overseas. The fund The CSD provides a delivery versus payment industry is one of Malta’s Number of Holders on Register Initial Take-On Initial & Primary securities holders’ register (DvP) in respect to key growth areas, and Up to 10,000 €5.00 per holder €6.00 per holder administration service the transfer of assets the MSE has extended its 10,001 and over €4.50 per holder €5.50 per holder in respect to issues of against payment, or free custodial services by offering dematerialised securities of payment (FoP) in cost-effective custody by corporate (private respect to the delivery of services also to professional Annual Fees and public companies assets free of payment. investor funds (PIFs). or corporations) and Conventionally, securities Number of Holders on Register (as at Dec 31st) Fees non-corporate (other settlement on the Maltese Up to 1,000 €4.50 per holder entities, unit trusts and regulated market takes 1,001 - 10,000 €4.00 per holder mutual schemes) issuers. place on T+2 (T: the day 10,001 and over €3.00 per holder All fees are subject to 18% VAT FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 28 29
New MSE Products Always evolving, the Malta Stock Exchange (MSE) has two new innovative projects in the pipeline that are set to increase international market access and bridge the financing gap for SMEs.
Potential Traded MSE International Instruments SME Market • Bonds MSE International is a The launching of MSE • Equities The Malta Stock Exchange Key features Roles & Responsibilities new strategic initiative International will provide • Exchange Traded (MSE) is working on the • MiFID-compliant using of Stakeholders providing increased access to access to a vast range of Funds (ETFs) and development of a new a Multilateral Trading • MFSA: Will license and international markets through international securities, Exchange Traded product that will create an Facility (MTF) structure supervise the MSE the Malta Stock Exchange together with cost-effective Commodities (ETCs) opportunity for SMEs to • Admission granted by the • MSE: Will Admit and (MSE). Over the past two clearing, settlement and raise capital. This new MSE Malta Stock Exchange Supervise Corporate decades, the MSE brand has custody services. The Key Features product designed around • Requires a corporate Advisors and become synonymous with initiative is at an advanced • The key feature of this SME needs will complement advisor and a business plan Companies and carry the trading of domestic listed stage and is the result of new market segment will the current Main and • No minimum or maximum out due diligence on instruments and the value of the MSE’s use of the Xetra be the specialist, who will Alternative Company Lists. value of Initial Public admission documents shares, bonds and treasury trading platform operated by be the only counterparty Greater investor access to the Offering (IPO), the • Corporate Advisors: bills traded on MSE’s Xetra Deutsche Börse in Frankfurt. for all transactions traded markets is healthy for more target is to attract IPOs Will conduct due platform have increased The counterparty to all trades on MSE International efficient utilisation of capital, of up to €5 million diligence and provide year on year, standing at will be a specialist trader and will ensure that their and experience shows that • No minimum % of shares advice on admission over €900 million in 2014. providing liquidity and access quotes meet international there is clearly a significant in the public hands and on a continuing Although impressive, this to a world of international best-execution standards demand for IPOs and space • Not passportable basis to Companies and turnover represents investor securities and will trade together with low margins, for investment opportunities. within the EU owe a duty of care to interest solely in domestic at best execution price. making this a very cost This new product will • Flexibility of issuing the MSE, companies, instruments listed and traded effective trading solution. provide cost-effective access equities and/or marketplace and investors on the Exchange. Today, Key Advantages to capital, without the need corporate bonds • Issuer Companies: Will be investors are increasingly for Members • The origin of most of the for security or collateral, but responsible to market the keen to invest in a more • The current Xetra securities will be mainly will need investor and market Why is it interesting issue and generate interest diverse range of instruments trading platform will Europe, but major North confidence to be successful. to investors? amongst investors and owe issued and traded both in EU facilitate trades in both American and South East • Investors will have equal a duty of care to the MSE, and non-EU jurisdictions, domestic instruments and Asian securities will also be A key feature of the new levels of information marketplace and investors in order to benefit from new international securities, traded on MSE International. SME Market product is that a available through the MSE, opportunities and to have and make use of clearing corporate advisor is required before and after the IPO While the new product is still a more diverse portfolio. and settlement processes • Trading currency will be before and after the IPO, to • Investors can decide being formulated and will Inspired by the changing in a cost-effective manner the Euro (€), irrespective ensure that transparency whether and how require regulatory approval, landscape, the MSE is actively of the securities’ base and corporate governance much to invest it is expected to create a looking to create a new • Members can request currency, but is subject efficiencies are achieved and • Investors can enjoy the paradigm shift in access to trading platform called MSE the addition of any to change depending on retained, thus creating greater benefits supporting the capital market by SMEs, International, giving access new securities to the how the market develops. investor confidence in the small business growth while stimulating growth to members of the Exchange trade list at short notice issued company. The product • Shares and/or bonds may through its pivotal role in to trade in international provided they are also • The settlement of the will also help in succession be traded on the MSE developing the capital market instruments that were supported by Deutsche securities traded will take planning, enabling in certain in the normal manner for both the companies traditionally only accessible Börse and Clearstream place via Clearstream circumstances founders to • The corporate advisor will seeking new sources of through third parties. Banking Frankfurt realise their ambitions. The remain a fundamental capital and investors willing or Luxembourg. securities will be traded requirement for listing to participate in their growth. on the MSE in the normal • Trading hours for manner. This new product this segment could be has the potential to become a EU criteria for SME categorisation extended beyond what major pillar in the provision currently applies to the of capital financing to SMEs, domestic market, giving who are the engine of the Company Category Employees Turnover or Balance Sheet broader access to this Maltese economy. It can also Medium <250 <€50m or <€43m exciting new market. facilitate succession planning Small <50 <€10m or <€10m for the many family-owned Other European and non- businesses since if equity is Micro <10 <€2m or <€2m European exchanges already listed, it will also facilitate using the Xetra trading platform the sale of equity on the are expected to capitalise secondary market in a fair on this new opportunity and transparent manner. FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 30 31
The European Wholesale Securities Market (EWSM) The EWSM delivers service excellence to international market participants as well as process efficiency, a price promise and a highly professional regulatory regime.
As the listing authority, the Niche Markets Simple Transparent Pricing alta is now offering MFSA approves prospectuses Five Reasons to List on EWSM • Insurance Securitisation: Fees for Non-Programme Mthe possibility for for securities to be admitted regulations for Admissions: The following the listing of wholesale to the EWSM under the Reinsurance SPVs are in fee structure applies to an securities. The European Prospectus Directive, as well force. Regulations for issuer wishing to list securities Wholesale Securities as the on-going requirements ➊ ➍ Reinsurance SPVs to be on the EWSM under a stand- Market (EWSM) is a new of issuers under the set up as Securitisation alone prospectus document. EU-regulated market for Transparency Directive. The EU Access Tax exemption Cell Companies (SCCs) • Registration of prospectus wholesale debt, asset- MFSA adopts a pragmatic The EWSM offers access Withholding tax have also recently document and admission backed and derivative market-oriented approach to European financial exemption applies to been published. to listing: €1,500 securities dedicated to the to prospectus review services markets securities listed on an EU- • Debt linked to life needs of arrangers and and approval, including recognised stock exchange, settlement policies: For each class of security issuers of wholesale debt guaranteed review times while quoted Eurobonds policies have already been listed, the following products. Combining the of three business days for ➋ benefit from an exemption developed by the MFSA processing fees apply: strengths of two reputable initial submission and two from withholding tax • Environmentally driven • First tranche of an European exchanges, the business days for subsequent Publicity on interest payments. finance: debt linked to application (e.g. EWSM is a joint venture drafts of prospectuses. Listing on an international renewable and green Class A): €500 with the Irish Stock exchange helps to publicise infrastructure • All subsequent tranches Exchange (ISE) and the The guidelines provide for the securities offering ➎ • Intellectual Property: under the same application: Malta Stock Exchange the appointment of a Listing IP-based structures €250/tranche (MSE), creating one truly Agent for the admission Investor • Finance for Transportation European market designed process to ensure smooth and ➌ Projects: Shipping and Annual fee (payable to meet international debt timely interaction between Requirements aircraft finance, Malta in advance) €2,000 issuer requirements. The issuers and arrangers on the Credibility Many investment has developed legislation EWSM is approved as one hand and the MFSA Listing highlights a portfolios stipulate a for aircraft registration, Fees for Programme an EU-regulated market and EWSM on the other recognised exchange’s requirement to invest maintenance etc. and has Admissions: The following under MiFID as considered with respect to regulatory seal of approval in listed securities the third largest shipping fee structure applies to an a Recognised Stock requirements. The MFSA- register in the world issuer wishing to list securities Exchange under the UK approved Agent may be a • Project bonds: reflecting on the EWSM as part of a Income Tax Act, 2007. body, corporate, partnership the move from loan multi-issuance programme. or firm incorporated or financing of projects • Registration of base established in the EEA to financing of projects prospectus: €1,500 and be independent of any through the capital markets • Registration of programme Issuer, or related service updates: €1,500 provider, to which it provides Potential Roles for • Registration of prospectus listing agent services. Malta-Based Firms supplement: €1,000 • Issuer • Registration of Series or • Originator / Arranger Drawdown Prospectus and • Trustee admission to listing: €1,500 • Custodian • Investor For each class of security • Legal / Accounting listed, the following / Tax Advisor processing fees apply: • First tranche (e.g. Class A): €500 • All subsequent tranches under the same application: €250/tranche
Programme annual fee (payable in advance): €2,000 FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 32 33
Securitisation The flexibility of the securitisation regime allows for an Securitisation Cell extensive range of assets, including future receivables, Companies (SCC) Niche Areas for which may be securitised through a Maltese vehicle. Malta has broken new ground Securitisation with the launch of a unique new enacted tax rules clarify the structure called the Securitisation • Insurance n any form of deductions available for Cell Company (SCC), the Isecuritisation, an securitisation vehicles. legislation of which came into • Life settlement policies originator such as a bank force in November 2014. The or an insurer, transfers an Securitisation vehicles domicile was the first EU member • Raising finance for asset or liability to a Special can be setup for: state to introduce SCCs, which intellectual property Purpose Vehicle (SPV) – or • Sale transactions: the are companies, empowered to structures and a securitisation vehicle as originator transfers a establish within themselves one environment and termed in the Securitisation pool of assets to the or more cells for the purpose transportation projects Act – which issues securities securitisation vehicle of securitisation transactions. to investors who in turn • Synthetic transactions: fund the asset or liability the securitisation vehicle transferred. The key benefit assumes the credit risk of securitisation is that it of the originator through FAQ: Securitisation Cell Company (SCC) can provide non-traditional credit derivatives sources of capital market • Loan transactions: the What are the uses of a securitisation cell with accurate and complete information. Further financing and in this way securitisation vehicle company? A cell company may be used for all timeframes apply where a securitisation cell complements traditional grants secured loans or kinds of securitisation transactions, such as: company lists its securities on the EWSM. debt and equity financing other secured facilities • Asset-backed securities in various asset available to businesses. to the originator classes including loans, receivables, and What are the minimum capital requirements? residential and commercial mortgages An SCC incorporated as a public company is Insurance-linked RSPV Regulatory reinsurance obligations of Costs of the SPV • Whole business securitisations required to have a minimum share capital securities and RSPVs Framework: the RSPV to the insurance • Synthetic securitisations of €46,588 (which may be at least 25% The Securitisation Act The current challenging • The Insurance Business Act or reinsurance company. Initial Capitalisation • Insurance-linked securities transactions paid-up) held by at least 2 shareholders.. provides a legal framework environment across Europe allows for the making of LTD Co: €1,165 (20%) paid up including catastrophe bonds, longevity risk No minimum capital requirement applies for domestic and cross-border has increased the need to regulations which provide Governance Requirements: PLC: €46,587 (25% paid up) transfer transactions, hedge-fund backed for the establishment of a cell. securitisations to take place in maximise returns and has for the establishment of Qualifying shareholders reinsurers and platform structures and from Malta. It provides a stimulated new ways of special purpose vehicles and key functionaries must Incorporation Fees Can SCC be used in reinsurance- comprehensive framework for transferring risk and financing within the meaning of be fit and proper persons €2,000 - €3,000 How are cells ring-fenced from the linked transactions? the conversion of receivables reinsurance. Malta is targeting the Reinsurance Directive and the RSPV’s system of SCC and from other cells? Prior regulatory approval is required in the or other assets into securities the insurance-linked securities (Directive 2005/68/EC). governance needs to be Minimum Taxable Profit The SCC Regulations provide that each cell event of establishment of a securitisation that can be placed and (ILS), catastrophe bond and • The RSPV Regulatory appropriate to the nature, Tax Neutral constitutes a separate patrimony of the cell company that will enter into insurance- traded in capital markets. reinsurance convergence framework provides for scale and complexity of the SCC. The claims in respect of one cell may linked securities transactions that fall Besides the traditional sector by providing the the authorisation and risk that the RSPV assumes. CSP Fees only be met out of assets of that cell. No within the scope of the Reinsurance forms of structured finance, use of Reinsurance Special regulation of RSPVs. €10,000 - €15,000 recourse to the non-cellular assets applies. Special Purpose Vehicles Regulations. Malta intends to develop a Purpose Vehicles (RSPVs). Applies the Insurance Solvency Requirements: including directorship niche area in securitisation The regulation allows for Business Act (Cap.403) RSPVs must be fully funded How do you establish a cell in a SCC? Are multi-currency deals possible? vehicles in insurance, life RSPVs to be authorised, and the Securitisation at all times. The value of Directors Fees: See above A cell is established by means of a resolution Yes, it is possible to establish cells in different settlement policies, finance- formed and regulated in Act (Cap 484) its assets must be equal to of the board of directors of the SCC resolving to currencies, each with a separate accounting raising for intellectual Malta, and is a move that is • Aligned with EIOPA or exceed the aggregate Auditing Fees: establish a cell for the purpose of a securitisation base currency. The SCC is required to prepare property structures as expected to attract ILS issuers Advice for Level 2 maximum risk exposure, €5,000 - €10,000 pa transaction. An SCC requires two shareholders accounts in only one of the currencies. well as environment and to the domicile – particularly Implementing Measures so that the RSPV is able and must be administered by two directors. transportation projects. European based transactions. on Solvency II (Directive to pay the amounts it is No prior regulatory approval is required for the Are multi-originator structures possible? As of February 2012, 2009/138/EC) liable for as they fall due. establishment of SCCs or cells in SCCs, unless the Yes, it is possible to establish multiple-originator A securitisation vehicle securitisation vehicles have company issues financial instruments to the public structures provided that each originator transacts enjoys tax neutral status had the option to have Authorisation Process: Supervisory Reporting: The on a continuous basis or accepts insurance risks through a separate cell. In the case of SCC used optimising the investors’ their securities listed on Procedures for the RSPV is required to report as part of an insurance securitisation transaction. for the issuance of insurance-linked securities, return and the originator’s the European Wholesale authorisation of an RSVP to the MFSA on the value ceding undertakings belonging to the same cost of funding. Although, as Securities Market (EWSM), for specific use/s. Includes of its assets, its aggregate What is the set-up timeframe? group may transact through a single cell. a rule, securitisation vehicles a European regulated market Mandatory Conditions maximum exposure, any The set-up timeframe varies according to the are liable to 35% tax in Malta based in Malta. Listing on required for all Contractual conflicts of interest, as approvals required for the particular form of What is the key difference between a Protected substantial deductions are the EWSM is advantageous Arrangements to ensure that well as any significant Securitisation Cell Company. The MFSA aims Cell Company (PCC) and the SCC? In broad available, which effectively to the issuer as it enhances claims of the providers of transactions entered into at processing all applications for licensing or terms, a key difference between the Protected Cell eliminate any taxable the publicity and credibility capital to the RSPV are at all within a reporting period. approval as speedily as possible and is prepared Company (PCC) and the SCC is that creditors of income in Malta. Specifically of the securities offering. times subordinated to the to work to the timeframes agreed with individual a cell of an SCC have no recourse to the assets of applicants, subject to the Authority being provided other cells or the non-cellular assets of the SCC. FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 34 35
Key Opportunities Malta continues to be an attractive domicile for investors and financial entities seeking a dynamic European base that is professional, practical, safe and cost effective.
Innovative Stock Healthy Financial The EWSM Efficient Regulator Securitisation New Prospects Exchange Sector The European As an emerging Vehicles for SMEs: The award-winning Malta The World Economic Forum’s Wholesale Securities Market financial services location, The flexibility provided by The Malta Stock Exchange is Stock Exchange (MSE) Global Competitiveness (EWSM) is an exciting new Malta has proved to be the domicile’s securitisation developing a new product, is gaining reputation as Report 2014-2015 ranks proposition as part of the successful in the various regime allows for an which will create an an innovative exchange Malta as the 10th soundest expansion of Malta’s offering. financial services sectors extensive range of assets, opportunity for SMEs to raise with a fast listing process, banking system and 13th Wholesale debt issuers thanks to the proactive including future receivables, capital. This new product competitive listing and for strength of auditing looking for competitive, and firm approach taken to be securitised through is designed around SME administration fees and and reporting standards guaranteed turnaround by the single regulator the a Maltese vehicle. needs and complements the accessible and professional out of 144 economies. The times from both the listing Malta Financial Services Securitisation of insurance, current Main and Alternative staff. The MSE Central country has suffered no agent and regulator as well as Authority (MFSA). life settlement policies and Company Lists. The Securities Depositary enjoys systemic shocks or banking potential for the development fundraising structures for product is Mifid-compliant a link with Clearstream, failures thanks to its prudent of niche specialities, will find intellectual property as and has no minimum or which provides international approach to banking. the EWSM has a lot to offer. well as environment and maximum value of Initial access to securities and is transportation projects Public Offering (IPO), conducive to increasing are growing niche areas. with the target to attract the level of liquidity of the IPOs of up to €5 million. assets on the market. FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 36 37
A Guide for Doing Business in Malta
Open
Business Culture Business Hours Investment and Custodian Professional Location, Trustee Services Banking Services Location, Location As a former colony of Typical office hours are the United Kingdom, between 8.30 am and 5.30 A number of investment Malta hosts global The excellence of Malta’s Malta’s strategic location the Maltese business pm Mondays to Fridays, management companies custodians as well as professional services at the centre of the environment is strongly with a one-hour lunch break as well as asset managers several other banks providers is internationally Mediterranean has always influenced by British culture, between 12.30 pm and from the fund industry providing custodial renowned, and the industry been one of the key but retains a Mediterranean 1.30 pm. In summer, most provide services to the services through is well-equipped to offer advantages of doing business flavour. Meetings and the government offices work half insurance industry. With international partners. support and strategic in or from Malta. As an EU way business is conducted days. Banks are open from well over 100 investment Bank of Valletta, guidance. A large number member state, businesses may be less formal than in 8 am to 2 pm Monday to services firms licensed in Mediterranean Bank, of law firms operate on the in Malta can passport their Northern Europe, however, Friday, and Saturday until 12 Malta, corporations seeking Sparkasse Bank, Deutsche island, which are regularly services to all other member scheduling appointments pm. Most retail outlets are assistance in the management Bank, Swissquote and listed in Chambers, Legal states, tapping into the well in advance is necessary, open from 9 am to 1 pm and of their assets are spoilt for Custom House hold 500 and other directories. Union’s internal market of and punctuality is both from 4 pm to 7 pm Monday choice. In addition, more than custody licences in Malta. International firms have a over 500 million people, expected and appreciated. to Friday, and on Saturdays 100 Maltese and international Retirement schemes presence in Malta through while the growing markets When it comes to shops are generally open fiduciary companies are are required to appoint associate links with local law of North Africa and the business attire, men wear between 9 am and 1 pm. licensed to offer trust and custodians and trustees firms, and many law firms Middle Eastern countries conservative suits and ties trustee services on the island. under certain conditions. have specialised in assisting bordering the southern and women suits or dresses. international commercial and coast of the Mediterranean When greeting new business financial operators seeking basin are easily accessible. contacts, their title and opportunities in Malta. Most An insurer licensed in surname should be used and EU Member State: lawyers have obtained post- Malta may also cover once a relationship has been Key Facts Passporting rights for graduate degrees at major insurable risks in non-EU established, often a first- services and companies international institutions countries in which persons name basis is appropriate. Short Travel Times: By air, main European Regional Ties: Malta and have expertise in are allowed to procure organisational structuring insurance directly from a Banking & hubs and North Africa has cultural and and licence applications. Maltese insurer. Malta has can be reached in historic connections to Financial Services Businesses are also supported an extensive network of two to three hours countries in North Africa by a wide range of accounting double taxation treaties for and the Middle East The country’s banks are able such as APS, Lombard and and auditing practitioners a number of key markets. to provide a full range of Banif Bank help to keep the Excellent ICT from small boutique The country is a signatory to personal, commercial and banking sector competitive Connections: Satellite CET Time Zone: One practices to the global Big some 70 agreements, among Language trade services to clients. and innovative. Malta is technology and high hour ahead of GMT Four accountancy firms, as them China, India and the With five retail banks and also home to specialists capacity fibre-optic well as various consultants USA. To provide access more than 20 international in trade finance such as submarine cables link Schengen Zone: Malta providing business advisory to international markets Maltese and English are commercial and trade FIMBank and BAWAG. Malta with Europe is part of the Schengen and back office support. and to ensure a smooth the official languages, with banks already operating in With the growing number area, which allows Professional services costs trading environment for English the main language or from Malta, this sector of insurance companies that Major Transhipment travel between member are in general significantly the financial services sector, of business and laws and has become one of the most choose to domicile in Malta, Centre: Malta Freeport states without internal lower than in other Western Malta is working closely with regulations are published robust on the island. HSBC Malta’s banks have also built is a main regional hub border controls European locations. other regulatory authorities. in both languages. Many and Bank of Valletta are the expertise in the management Maltese are also fluent in leading retail banks on the of insurance company Italian, German or French. island, while smaller banks investment portfolios. FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 38 39
Real Estate Communications Human Capital What employers Taxation Taxation of need to know: Key Vehicles Malta offers a wide range of easy commuting distance Malta’s telecoms network is Highly educated, Malta’s tax system has been commercial and residential reliable, stable and secure. multilingual and diligent, deemed by the European of residential areas. Overall • Probation: The length Banks and Financial Retirement Schemes: property for rent or purchase. As the infrastructure has the Maltese workforce Commission to be compliant rental costs are around two- of the probation period Institutions: Banks and Licensed retirement schemes Malta’s small geographical opened up to market forces, is the country’s greatest with EU non-discrimination thirds to half of those charged is normally six months financial institutions are are exempt from tax on size is a benefit in terms access rates have increased strength and most valuable principles and has also gained for comparable commercial unless otherwise agreed taxed like all companies income and capital gains of short commutes. The and tariffs have lowered. asset. Employers will find approval from the OECD. spaces in continental Europe. by both parties. registered in Malta. but this does not apply travelling time between Malta has seen huge public Malta can offer great value Malta has also become one • Weekly working to immovable property Malta International Airport and private sector investment for money as labour costs Corporate Tax of the most sought after time: 40 hours. Insurance Companies: situated in Malta. and an office is rarely in ICT over the past 15 years are around two thirds of locations in Europe for • Leave: Employees in full- Special provisions apply longer than 20 minutes, and and today the country boasts those in other Western Malta offers a highly efficient foreign nationals to rent time employment are entitled to the determination of Individuals: Individuals are overall journeys are seldom a truly modern infrastructure. European jurisdictions. fiscal regime that avoids or purchase homes as an to 24 days of vacation leave total income from the charged on their income at longer than 40 minutes. The country’s ICT industry double taxation on taxed investment or for relocation per year. Maternity leave business of insurance. progressive tax rates up to a Office space is available in is a versatile and mature company profits distributed purposes. A wide range for female employees in maximum rate of 35 per cent. purpose-built office blocks, cluster, and the country hosts Average Salaries as dividends. Malta of residential property full-time employment is 18 Insurance Managers: in converted houses and can be found in Malta, more than 200 IT companies, per annum (€) weeks. The law also provides companies are taxed at a rate CEO 96,000 Insurance management palazzos, apartments or ranging from apartments, including international for up to three months of 35 per cent. However, a full CFO 75,750 companies are taxed like within new mixed-use penthouses, townhouses giants such as Microsoft, unpaid parental leave in imputation system applies Tax Incentives for Financial Controller 49,000 all companies registered in developments. Malta offers to villas, with or without Oracle and Cisco. Malta is the case of birth, adoption to the taxation of dividends, Highly Qualified Management Accountant 32,000 Malta. Each cell in a PCC or enviable locations with sea a pool. Developments in internationally connected or legal custody of a minor. whereby the tax paid by Qualified Accountant 32,500 an ICC is treated as a separate Professionals views and marinas as well recent years include marina through two satellite stations, • Social security: the company is imputed as Accounts Administration 15,000 company for tax purposes. as prestigious landmark and coastal complexes at one to the Atlantic Ocean Employers pay social a credit to the shareholder Senior Compliance To attract highly qualified office complexes within the top-end of the market. region and the other to the security contribution at a receiving the dividend. Manager 43,129 Fund Managers / Fund personnel to the financial Indian Ocean region, and rate of 10 per cent of the Following the distribution Fund Administrator 23,000 Administrators: Fund services industry, Malta four submarine fibre optic basic wage paid to their of a dividend, shareholders Financial Analyst 32,000 managers and fund introduced an incentive links to mainland Europe, employees, subject to a are also entitled to claim a Examples of Commercial Property Rental Rates Trader 22,000 administrators are scheme in 2011 targeting two of which are operated by minimum of €15.35 per week tax refund of 6/7ths of the Trust Manager 38,550 taxed like all companies well-paid foreign executives. GO and the rest by Vodafone and a maximum of €35.39 relevant tax paid in respect Senior Branch Manager 41,500 registered in Malta. Individuals who have their A▶ Prestigious B▶ Prestigious and Melita respectively. All per week. Employees pay of trading income and 5/7ths operators say their cables are Branch Manager 34,872 of the relevant tax paid in domicile outside of Malta another 10 per cent of basic Investment Funds: Malta- Portomaso: SmartCity: designed to carry a lot more Senior Insurance Manager 55,000 the case of passive interest and are employed in senior wages, subject to the same domiciled funds are, as a 2 2 traffic than current levels and Technical Insurance and royalties. The refund is positions with a company €300 - €427 per m €220 - €280 per m minimum and maximum. general rule, exempt from their capacity is unlimited. Executive 24,760 reduced to 2/3rds where the licensed or recognised by the Maltese income and capital per annum per annum Treasury Senior Manager 42,255 distributing company claims MFSA to conduct financial gains tax as long as they do Treasury Dealer 30,569 double taxation relief. Income business in or from Malta, not have over 85 per cent of and gains from a participating can benefit from a flat their assets situated in Malta. Source: Castille Resources, Salary Survey 2013 holding (where a company personal income tax rate of holds directly at least 10 per 15 per cent on income up C▶ Professional D▶ ECONOMICAL Trusts: When all the cent of the equity shares of to €5 million. Any income beneficiaries of a trust are not Sliema / St. Julians Central / North / South a non-resident company, over €5 million will be tax- domiciled/resident in Malta or meets certain other free. To qualify for this tax Ta’ Xbiex / Gzira part of the island and where the trust assets criteria) are exempt from incentive the employee must 2 2 are situated outside Malta, €60 - €267 per m €30 - €80 per m tax. Alternatively, instead earn a minimum of €81,205 no Maltese income tax (or of claiming this exemption, (basis year 2014) per year, per annum per annum transfer duty) is payable. C a company can choose to amongst other criteria. A pay tax at the normal tax Foundations: A foundation rate and then receive a full may be treated as a Maltese refund of the tax paid upon B company and benefit from D a distribution of dividends. Malta’s full imputation system. Foundations may also opt to be taxed in the same manner as a trust. FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 40 41 MALTA A Cosmopolitan Lifestyle in the Med
ore than just a smart A Short Flight Away Mediterranean Luxury Gastronomic Delight The World’s Best Climate Universal Use of English A Home in the Sun Cosmopolitan, but not Costly Mplace to invest, Malta As a leading finance centre, Determined to uphold its When it comes to dining, With more than 300 days As an official language of For those looking for Whether choosing a modest is a multi-faceted jewel Malta is well connected. reputation as a five-star Malta is an island of of sun a year, expatriates Malta, English is spoken by something more permanent, apartment or a luxury villa, costs shining at the centre of the Malta International Airport, destination for high-end staggering options. The in Malta often become the nearly everyone. English Malta boasts a wide range of in Malta are very reasonable. Mediterranean. This small, the island’s only airport, is travellers and the global food scene is defined by an envy of friends back home. is so prevalent in Malta properties available to rent Malta comes close to having friendly and welcoming just two or three hours flying business elite, Malta features eclectic mix of Mediterranean Hot, dry summers and mild that thousands of foreign or purchase, from furnished the lowest cost of living in island contains everything time from most European a number of international cooking with strong Italian winters have earned Malta students travel from all over apartments to farmhouses, Europe, while still catering you could want to strike that cities. Several airlines and luxury hotels such influences, fuelled by rich the title of world’s best the world to learn English villas with pools, and even to all lifestyles. Moreover, the perfect balance between operate regular flights to the as the Hilton, Excelsior, ingredients fresh from farm climate by ‘International on the island. It is the main palazzos, all at competitive island offers highly sophisticated business and pleasure. island including Air Malta, Radisson, Intercontinental, and sea. There are also Living’ magazine. Even business language, while prices. Finding a good and reliable banking, taxation, Lufthansa, Emirates, British Westin Dragonara, Corinthia many restaurants offering in winter Malta enjoys an laws and regulations are property close to amenities insurance, social security and Airways, Air France, Alitalia, and the Hotel Phoenicia. international specialities, average of 5 to 6 hours of published in both Maltese is fairly easy. Most notable communications services. Scandinavian Airlines, Superior accommodation and the choice is wide, sunshine and more than 12 and English. Maltese is a properties include five-star Ryanair, EasyJet, Turkish is also offered at the from smart city restaurants hours a day in summer. unique language with Arabic apartment complexes built Airlines and Air Berlin. boutique hotel Xara Palace in Baroque palaces and roots and speckled with in Tigné and Portomaso. Relais & Chateaux. family-run trattorias to Italian, French and English seafront fish restaurants. words. Many Maltese are multilingual and also fluent in Italian, German or French. FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 42 43
The End of Long Safe and Quiet Streets Family Life First Class Healthcare Work and Live Visa Free Outdoor Malta Active in Malta Centuries of Commutes Few locations in the world Malta has a highly family- Malta has some of the best As a member of the Schengen Malta’s Mediterranean climate The sea, cafés, restaurants, Captivating History In Malta the trip to work can offer the same high oriented culture. Almost all healthcare in the world, Zone, Malta attracts lends itself to a year-round clubs, cinemas, theatres, Heritage forms an important is a breeze, as it takes only standard of transparency, restaurants and public places which is offered free to EU thousands of professional EU outdoor lifestyle of water sports clubs or gyms are part of island life. With 45 minutes to cross the security and stability that are family-friendly, while nationals residing in Malta, nationals every year, who are sports, golfing, hiking, almost always within a 7,000 years of history and entire island. Malta’s public Malta does. The country nurseries are free and the while foreign residents are free to reside and work on fishing, horse riding and walking distance of office many remains visible to this transport system covers follows a zero-tolerance Government offers working advised to take out private the island. Non-EU citizens more. The conditions for complexes or residential day, Malta can be described every corner of the two policy for corruption, and families subsidies to cover medical insurance. As can find details about visa- scuba diving and snorkeling areas. Malta also hosts many as an open-air museum. main islands. Water taxis crime is almost non-existent. the cost of daycare. Older well as local clinics in each exempt countries and visa are excellent, particularly as great festivals of culture and Megalithic temples, medieval are a scenic way to jump Children play on the streets, children can be enrolled town, Malta has a large and application procedures on the the sea temperature never art. Each town or village towns and massive bastions between the capital Valletta and there are still some areas in one of many excellent modern public hospital, website of the Ministry for drops below 13C (55F). has its own annual feast have all been declared as and the nearby headlands of where people leave their international private or local Mater Dei, while also being Home Affairs and National Malta has one golf course, and parade for their patron UNESCO World Heritage Sliema to the west and the doors unlocked at night. public schools, nearly all home to the renowned St Security (www.mhas.gov.mt). located at the Royal Malta saint. For those in need of Sites. These formidable Three Cities to the east. of which teach in English. James private hospital. Third-country nationals Golf Club, and gyms, football some retail therapy, Malta structures regularly provide Tertiary education is offered require work permits, and the or water polo clubs can be is home to shopping malls the backdrop for events listed through the University of granting of these is subject found all over the island. for big brand names and in Malta’s packed cultural Malta and other institutes to a labour market test. markets for local goods. calendar such as concerts, and private colleges. plays or art exhibitions as well as its thriving film industry. FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 44 45
Abacus Corporate Services Limited Abacus is an independent and privately owned fiduciary and fund services specialist group. Operating from the Isle of Man and Malta, we provide premier onshore and offshore fiduciary, fund and pension solutions to an international Who’s who client base, delivered by an experienced and technically competent team of multi- disciplined and multi-lingual professionals. Whether an investment portfolio, Malta Business Profiles trading company, real property, a luxury yacht or a business jet, we can establish an effective trust, company or fund structure tailored to your needs and offer Level 3, Gasan Centre, Mriehel, associated administration and back office support services at the level you require. Mriehel Bypass, BKR 3000 - Malta We also provide international corporate pension solutions and assistance to HNWIs T: (+356) 2065 0500 Paul Kneen accessing the Maltese Individual Investor Program. E: [email protected] Chief Executive Officer W: www.abacusmalta.com Contact: Paul Kneen - Chief Executive Officer Accounting & Auditing Insurance Management Abacus Risk Management Services PCC Ltd Baker Tilly Malta...... 46 Abacus Risk Management Services PCC Ltd ...... 45 Abacus Risk Management Services PCC Ltd, an Associate Company of GasanMamo Capstone Group ...... 47 FirstUnited Insurance Management Ltd...... 49 Insurance Ltd, provides the set up and efficient management of your captive, Deloitte Malta...... 48 Marsh Management Services Malta Limited...... 53 protected cell(s) or other insurance operations in Malta by a team of experienced EY ...... 48 professionals overseen by Abacus Executive Directors with more than 60 years Abacus Risk Management Services PCC Ltd. Grant Thornton...... 50 Insurance Services combined experience in the complex world of captive and global insurance. Abacus’ LF3 GasanMamo Head Office, KPMG...... 52 protected cells also provide foreign insurance managers the opportunity to establish a presence in Malta at reasonable cost hereby enabling their clients to benefit from Msida Road, Gzira - Malta PwC...... 53 GasanMamo Insurance...... 50 Malta’s direct writing, tax efficient and compliant European jurisdiction. Abacus, T: (+356) 2349 0167 RSM Malta...... 54 the Insurance Manager of choice for Malta, the domicile of choice. E: [email protected] Investment Services Baudouin Deschamps W: www.abacus.com.mt Banking Services director & insurance manager Contact: Baudouin Deschamps - Curmi & Partners Ltd...... 47 Director & Insurance Manager Bank Of Valletta plc...... 46 Jesmond Mizzi Financial Advisors Ltd...... 52 HSBC Bank Malta plc- Global Banking and Markets...... 51 Acumum Legal & Advisory IIG Bank (Malta) Ltd...... 52 Legal Services Our highly experienced international lawyers, advocates and tax advisors, NBG Bank Malta Limited...... 53 provide the full range of legal and advisory services in a multi-disciplinary Sparkasse Bank Malta plc...... 54 Acumum Legal & Advisory ...... 45 practice. Representing private individuals, corporations, family offices and other Camilleri Preziosi ...... 46 organisations, our services include advocacy in the UK, Malta, at EU level and Corporate services Chetcuti Cauchi Advocates...... 47 throughout the Commonwealth. Centrally managed in the EU tax efficient jurisdiction of Malta, Acumum provides superb client service and practical advice 260 St Albert’s Street, CSB Advocates...... 47 at competitive, transparent pricing. Gzira, GZR 1150 - Malta Abacus Corporate Services Limited...... 45 David Griscti & Associates...... 48 T: (+356) 2778 1700 Amicorp Malta Ltd...... 45 Dingli & Dingli Law Firm...... 48 E: [email protected] Avanzia Taxand Ltd...... 46 Fenech & Fenech ...... 49 Geraldine Noel Skype ID: acumum Equiom Malta Limited...... 48 Fenech Farrugia Fiott Legal...... 49 Managing Partner W: www.acumum.com Contact: Geraldine Noel - Managing Partner Francis J. Vassallo & Associates Limited...... 49 Ganado Advocates...... 50 International Management Services Ltd...... 52 Gonzi and Associates, Advocates...... 50 STM Malta Trust & Company Management Ltd...... 54 GTG Advocates...... 51 Alter Domus (Services) Malta Limited United International Management (Malta) Limited...... 55 GVTH Advocates...... 51 Alter Domus is a leading European provider of Fund and Corporate Services, WDM International...... 55 Mamo TCV Advocates...... 53 dedicated to private equity and infrastructure houses, real estate firms, ZETA...... 55 Simon Tortell & Associates...... 54 multinationals, private clients and private debt managers. Our vertically integrated WH Partners ...... 55 approach offers tailor-made administration solutions across the entire value chain Domestica Bldg, Msida Valley Road, Financial Markets of investment structures, from fund level down to local Special Purpose Vehicles. Msida MSD 9020 Founded in Luxembourg in 2003, Alter Domus has continually expanded its Outsourcing Services global service offer and today counts 28 offices and desks across four continents. Territorials Street, Mriehel BKR 3000 - Malta Argentarius ETI Management Limited...... 46 This international network enables clients to benefit globally from the expertise T: (+356) 2205 1000 Malta Stock Exchange plc...... 53 Centrecom...... 47 of more than 750 experienced professionals active in fund administration, E: [email protected] Chris Casapinta corporate secretarial, accounting, consolidation, tax and legal compliance and debt W: www.alterdomus.com Foreign Exchange Promotional Agency Country Executive – Malta, Italy administration services. Contact: Chris Casapinta - Country Executive - Malta & Italy FXDD Malta Limited ...... 50 FinanceMalta...... 49 Amicorp Malta Ltd Fund Administration Real Estate Amicorp Malta entities are part of the Amicorp Group. Working as a global team across more than 41 offices in over 28 countries, each of Amicorp’s 950 + Alter Domus (Services) Malta Limited...... 45 Malta Sotheby's International Realty...... 52 specialists contribute their individual talents to Amicorp’s broad range of expertise Heritage International Fund Services (Malta) Limited...... 51 Tumas Developments...... 55 and experience. Amicorp Malta is licensed by the MFSA to set up and administer trusts and foundations and to provide fund administration and related services. In IDS Fund Services Malta Limited...... 51 addition we assist international clients with company formations, management and Level 1, Blue Harbour Business Centre, SGGG Fexserv Fund Services (Malta) Limited...... 54 administration and related services, including financial reporting services, income Ta’ Xbiex Yacht Marina, tax, VAT compliance and payroll services. Amicorp is also licensed to assist foreign Ta’ Xbiex XBX 1027 - Malta nationals and their dependants with acquiring a certificate of naturalization as T: (+356) 2258 4700 Rudolph Psaila citizens of Malta. E: [email protected] managing director W: www.amicorp.com Contact: Rudolph Psaila - Managing Director FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 46 47
Argentarius ETI Management Limited Capstone Group Our firm is a specialist provider of private label securitisation transactions through Capstone is a dynamic group consisting of an accounting, tax and business a network of Special Purpose Securitisation Vehicles that we manage. We are an advisory firm, Capstone Advisory Co. Ltd., and an independent audit firm, authorised Listing Agent for the issue of Structured Financial Instruments at the Capstone Assurance Co. Ltd., providing statutory and non-statutory audit and European Wholesale Securities Market in Malta and our speciality is the structuring assurance services. Capstone is the Malta Member firm of Integra International, an and issue of Exchange Traded Instruments (ETIs) used in the securitisation of interactive, global association of independent accounting and consulting firms with Alternative Investments under the Securitisation Act of Malta. over 130 members in over 70 countries. With a growing portfolio of domestic and Suite 5, Level 1, Tower Business Centre, 116/8 ‘San Juan’ St Georges Rd, overseas clients, Capstone Group has developed specific competence and expertise Tower Street, Swatar BKR 4013 - Malta St Julians STJ3203 - Malta within the financial services, remote gaming, international pensions, oil and gas, T: (+356) 2549 6500 T: (+356) 2010 7357 real estate, tourism and hospitality sectors. A team of over 29 qualified and semi- E: [email protected] Andreas Woelfl E: [email protected] David Borg qualified accountants and support staff provide personalised solutions to clients W: www.capstonegroup.com.mt managing partner W: www.argentarius-group.com Business Advisory Partner structuring in and out of Malta. Contact: David Borg - Contact: Andreas Woelfl - Managing Partner Business Advisory Partner
Avanzia Taxand Ltd Centrecom Avanzia Taxand is a member firm of Taxand, the global network of leading Centrecom is a contact centre based in Malta that offers world-class customer tax advisors. Avanzia Taxand is dedicated to delivering top quality, tailored support to a variety of industries, including Finance, Insurance, Online classifieds, and practical strategic tax advice and a range of corporate services to drive the Aviation, i-gaming and Government entities. Our contact centre is manned by a performance of multinational businesses. Our partners lead every engagement talented multi-national team that is native in nine languages ensuring that we can from start to finish, and achieve excellence and efficiencies for our clients, personally attend to your international customer service requirements across all globally. Avanzia Taxand is the leading tax firm in Malta and was named ‘Malta Blue Harbour Business Centre Level 1, touch points on a 24/7 basis. We’ve recently opened our second service centre in Tax Firm of the Year’ by the International Tax Review in 2009 and 2013, whilst Ta’ Xbiex Yacht Marina Fiji that ensures a worldwide coverage. If your company is relocating to Malta or Aviation Centre, First Floor, in 2011, 2014 and 2015 it was named ‘Malta Tax Firm of the Year’ by Corporate Ta’ Xbiex XBX 1027 - Malta looking for a global service centre to serve your worldwide brand, Centrecom is the St. Thomas Street, LQA5000, Luqa - Malta International. T: (+356) 2730 0045 right partner for your journey. T: (+356) 2364 4000 Walter Cutajar E: [email protected] Nadia Pace E: [email protected] Managing Director W: www.avanzia.com.mt Chief Executive Officer W: www.centrecom.eu Contact: Walter Cutajar - Managing Director Contact: Nadia Pace - Chief Executive Officer
Baker Tilly Malta Chetcuti Cauchi Advocates CHETCUTI CAUCHI Baker Tilly Malta is a firm of accountants, auditors, taxation and business advisors With offices in Malta, Chetcuti Cauchi is a law firm who advises successful ADVOCATES providing services for businesses operating in all spheres of the economy, both entrepreneurs, business families, institutions and their advisors seamlessly on locally and overseas. Baker Tilly Malta is an independent member of Baker Tilly their business and private legal needs both at home and abroad. Our unique International, a worldwide association of leading accountancy practices operating multi-disciplinary set-up of over 80 lawyers, tax advisors, accountants, company in 133 countries around the world, ensuring that our clients are able to draw on administrators and relocation advisors allows us to provide the full spectrum of legal, professional advice on any aspect of their international affairs. The philosophy Level 5, Rosa Marina Building, tax, company formation, immigration, corporate relocation, Malta Residency, Malta of the firm is based on the concept of providing creative forward thinking and 216 Marina Seafront, Pieta PTA 9041 - Malta Citizenship by Investment and fiduciary services to clients using Malta in international 120, St Ursula Street, planning, and being able to offer an independent and innovative service in support T: (+356) 2010 9500 tax planning, cross-border business structuring and wealth management solutions. Valletta VLT 1236 - Malta of clients’ business goals. E: [email protected] The firm serves as a trusted advisor to personal and corporate end-clients as well as T: (+356) 2205 6105 Donald Sant W: www.bakertillymalta.com Dr Jean-Philippe Chetcuti international law firms, tax advisors, accountants, private bankers and family offices W: www.ccmalta.com Managing Partner & Head of Audit Contact: Donald Sant - Managing Partner worldwide. We maintain key strengths in corporate law, international tax, intellectual Contact: Dr Jean-Philippe Chetcuti - Managing Partner & Head of Audit property, immigration law, property law and trusts. Managing Partner
Bank of Valletta plc CSB Advocates Bank of Valletta is the leading financial services provider in Malta, offering a full CSB Advocates is a leading provider of quality financial and cross-border legal spectrum of financial services, including investment banking, private banking, fund services in Malta, and has been consistently credited by its clients as being management, bancassurance, stockbroking and trustee services. The Bank serves its “sharp, focused, and readily available”. Active in the areas of: Corporate Law; clients via an extensive network of branches, an International Corporate Centre and Mergers and Acquisitions; Finance; Financial Services Regulation; Hedge Fund Business Centres that cater for its business clients, as well as a fully-fledged Wealth Regulation; e-Commerce; iGaming; Shipping, Yachting & Aviation; Employment Management arm and Investment Centres. Representative Offices in Brussels, BOV Centre, Triq il-Kanun, & Industrial Relations; Tax; Technology, Media & Telecommunications; Trusts Milan, Tripoli and Melbourne liaise with clients interested in growing their business Santa Venera SVR 9030 - Malta & Estate Planning; Competition; Antitrust Regulation; Insolvency; Intellectual The Penthouse, Tower Business Centre, in these countries. BOV issues bank cards under the VISA and MasterCard brands T: (+356) 2131 2020 Property; Real Estate; Litigation & Arbitration. Tower Street, Swatar BKR4013 - Malta and distributes American Express cards. The Bank’s services are available on a 24/7 E: [email protected] T: (+356) 2557 2300 Charles Borg basis via internet and mobile. W: www.bov.com Dr Andrew J. Zammit E: [email protected] chief executive officer Contact: Romeo Cutajar - managing Partner W: www.csb-advocates.com Chief Officer Investment Services Contact: Dr Andrew J. Zammit - ManagingPartner
Camilleri Preziosi Curmi & Partners Ltd A leading Maltese law firm with a commitment to deliver an efficient service to Curmi & Partners Ltd. are one of the leading investment houses in Malta. clients by combining technical excellence with a solution-driven approach to the Established in 1978, we offer a wide range of investment solutions across differing practice of law. Camilleri Preziosi is a specialised practice, advising on domestic and markets and market conditions that have specifically been developed for our international transactions with a focus on corporate and commercial law, and the clients and are the result of innovative thinking and thorough research. Our financial services sector. The firm provides both transactional and regulatory advice clients range from small banks, insurance companies, occupational and private and assistance to clients. We take a multi-disciplinary approach to our practice pension schemes, other corporates and high net worth individuals. We feel that Finance House, Princess Elizabeth Street, and all our lawyers advise across a broad range of areas, which enables us to give Level 3, Valletta Buildings, South individual attention to each client is central to our investment approach, thus we Ta’ Xbiex xbx 1102 - Malta practical and effective advice to clients. Street, Valletta VLT 1103 - Malta build long-term relationships with our clients based on trust and our discreet T: (+356) 2134 7331 Tel: (+356) 2123 8989 approach to their investment objectives. E: [email protected] Dr Louis de Gabriele E: [email protected] David A. Curmi W: www.curmiandpartners.com Partner W: www.camilleripreziosi.com Managing Director Contact: David A. Curmi - Contact: Dr Louis de Gabriele - Partner Managing Director FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 48 49
David Griscti & Associates Fenech & Fenech Advocates David Griscti & Associates is a law firm focused on the financial services industry, Established in 1891, Fenech & Fenech Advocates is a leading Maltese full-service particularly Funds, Investment Managers, Securities, Credit and other financial top-tier law firm providing value-driven, tailored legal services across all practice institutions, corporates, trusts and foundations. We assist banks, asset managers, areas. Having a largely international practice, the firm’s expertise spans from financial advisors and other intermediaries to structure, and license AIFs, de financial services, tax and asset finance to shipping, aviation and ICT law. Drawing minimis PIFs, UCITS, AIFMs and UCITS managers, fund administrators, credit on its in-house corporate services group, the firm also offers comprehensive and other financial and investment service’ institutions. The Firm also structures corporate solutions with respect to the setting up and administration of companies, alternative investment structures, such as Private Funds, Securitisation Vehicles, 168, St Christopher Street, trusts and foundations. 198, Old Bakery Street, corporates, trusts and foundations. Post establishment the firm offers full legal, Valletta VLT 1467 - Malta Valletta VLT 1455 - Malta corporate, tax advisory, compliance, anti-money laundering, company secretarial T: (+356) 2569 3000 T: (+356) 2124 1232 David Griscti and executive board services, as well as other supplementary back-office services, E: [email protected] Dr Rosanne Bonnici E: [email protected] senior partner including support risk-management and reporting services. W: dglawfirm.com.mt partner W: www.fenechlaw.com Contact: David Griscti - Senior Partner Contact: Dr Rosanne Bonnici - Partner
Deloitte Malta Fenech Farrugia Fiott Legal Deloitte Malta’s Financial Services Industry Group has been at the heart of the Fenech Farrugia Fiott Legal is a full-service law firm whose specific centres of industry’s growth in Malta and offers a wide array of services specifically designed expertise include Corporate & Commercial Law, Mergers & Acquisitions, Taxation, for entities in the banking, insurance and investment management sectors. This Banking, Insurance & Investment Funds, Capital Markets Regulation, Trust & team consists of industry experts in all service lines being audit, tax and advisory Fiduciary Structures, Shipping & Aviation Law, New Media Law, and Regulatory and offers tailor made solutions for financial reporting, Information Technology Compliance & Gaming Law. It has specialised units involving industry expertise solutions, compliance and risk management and regulatory advice and licence Deloitte Place, Mriehel Bypass, in various sectors, principal among which are the financial services and investment Tower Business Centre, Level 1, Suite 5, applications. Mriehel BKR 3000 - Malta funds industries, asset finance and the igaming sector. The firm’s clientele is versatile, Tower Street, Swatar BKR 4013 - Malta T: (+356) 2343 2000 both in terms of size as well as in terms of geographic spread. Our policy is to take a T: (+356) 2549 6400 E: [email protected] comprehensive and integrated approach, in collaboration with other professional E: [email protected] Raphael Aloisio W: www.deloitte.com/mt Tonio Fenech disciplines, where required. W: www.fff-legal.com Leader Financial Advisory Contact: Raphael Aloisio - Joint Managing Partner Contact: Tonio Fenech - Leader Financial Advisory Joint Managing Partner
Dingli & Dingli Law Firm FinanceMalta Dingli & Dingli Law Firm was established in 1982 and has over the years earned a Dingli&Dingli FinanceMalta, a non-profit public-private initiative, was set up to promote Malta’s solid reputation for efficiency and effectiveness leading to results. This is achieved LAW FIRM international Business & Financial Centre, both within, as well as outside Malta. through the deployment of a strong team effort when handling assignments, It brings together, and harnesses, the resources of the industry and government, harnessing the power of partnership to the full. The Firm handles all types of to ensure Malta maintains a modern and effective legal, regulatory and fiscal legal work, but is especially active in ship sale and purchase, registration and framework in which the financial services sector can continue to grow and prosper. finance; financial services, tax, company formation and administration; real The Board of Governors, together with the founding associations, its corporate estate, citizenship and residency; intellectual property law, admiralty and aviation. 18/2, South Street, Valletta VLT1102 - Malta and affiliate members and staff are committed to promoting Malta as a centre of Garrison Chapel, Castille Place, Complementary services are rendered by DG Fiduciary Limited authorised to T: (+356) 2123 6206 excellence in financial services and international business. Valletta VLT1063 - Malta provide trustee and fiduciary services and Quorum Corporate Services Ltd. E: [email protected] T: (+356) 2122 4525 Dr Kevin F. Dingli providing accounting services. W: www.dingli.com.mt Kenneth Farrugia E: [email protected] Managing Partner Contact: Dr Kevin F. Dingli - CHAIRMAN W: www.financemalta.org Managing Partner Follow us on: FinanceMalta @FinanceMalta FinanceMaltaYT FinanceMalta Contact: Kenneth Farrugia - Chairman
Equiom Malta Limited Firstunited Insurance Management Ltd Equiom is fast becoming the stand out business in the fiduciary services sector, Established in 2003 we offer bespoke insurance management services to Malta with offices in some of the world’s premier international finance centres. We are an domiciled operators seeking to benefit from freedom of services opportunities in independent, management-owned company which allows us to think strategically the EU. Our Governance, Risk and Compliance services and our Insurance, Claims and act quickly. Equiom operates niche business lines, in addition to its traditional and Finance resources provide solutions structured to the needs of our clients and corporate and fiduciary services. It proudly manages a large fleet of superyachts and their risk and insurance operations. Our services provide value at the conceptual, business jets, with the intention of being the premier manager of these specific asset regulator application, project implementation and operations and maintenance of classes. Equiom has also successfully managed numerous licence applications for 2nd Floor, Tower Business Centre, your project. 25, Villa Eden, Princess Elizabeth Street, e-Gaming operators across a broad range of gaming platforms. Tower Street, Swatar, Birkirkara BKR 4013 - Malta Ta’ Xbiex XBX 1103 - Malta T: (+356) 2546 6614 T: (+356) 2131 9000 Annie Sanchez-Talavera E: [email protected] Julian Boffa E: [email protected] Director W: www.equiomgroup.com General Manager W: www.insurancemanagers.eu Contact: Annie Sanchez-Talavera - Director Contact: Julian Boffa - General Manager
EY (formerly known as Ernst & Young Limited) Francis J. Vassallo & Associates Limited EY is a global leader in assurance, tax, transaction and advisory services. The Francis J. Vassallo, a former Governor of the Central Bank of Malta, established insights and quality services we deliver help build trust and confidence in the capital Francis J. Vassallo & Associates Ltd 17 years ago. Our team of lawyers, accountants markets and in economies the world over. We develop outstanding leaders who and support professionals deliver a broad spectrum of bespoke services to a team to deliver on our promises to all of our stakeholders. In so doing, we play a global client portfolio and specialises predominantly in the provision of Tax and critical role in building a better working world for our people, for our clients and Advisory Services, Corporate Services, Management and Compliance, Aviation for our communities. and Shipping Services, Investment Funds and Foundations. Our personalised Regional Business Centre, approach to address our clients’ requirements offers an efficient, professional and FJVA Business Centre, Industry Street, Achille Ferris Street, Msida MSD 1751 - Malta outstanding service. Qormi QRM 3000 - Malta T: (+356) 2134 2134 T: (+356) 2299 3100 Ronald Attard E: [email protected] Francis J. Vassallo E: [email protected] Country Managing Partner W: www.ey.com president W: www.fjvassallo.com CSE TAS South Cluster Leader Contact: Jennifer Tonna - Marketing Manager Contact: Adriana Camilleri Vassallo - Director FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 50 51
FXDD Malta Limited GTG Advocates FXDD Global is a global foreign exchange (forex) dealer and subsidiary of FXDD. GTG combines experience and knowledge to provide its clients with integrated FXDD Global delivers innovative technologies and education that help empower advice and assistance in the fields of shipping, commercial and corporate law, client trading. FXDD Global provides services to individual and institutional financial services and intellectual property. A leader in communications, gaming traders, hedge funds, commercial entities, brokerage firms and money managers and betting, e-commerce and information technology, GTG serves a diverse client outside of the US. FXDD Global offers a comprehensive array of trading tools and base, which also benefits from an international professional network including platforms to accommodate all strategies, with dedicated, 24-hour customer service K2 First Floor, Forni Complex, Valletta international firms, banks as well as business contacts in the Middle East. The for every account holder. FXDD Global is headquartered in Malta, regulated by the Waterfront, Floriana FRN1913 - Malta success of GTG is based on its dedication to client services, providing tailored, 66, Old Bakery Street, Malta Financial Services Authority (MFSA). T: (+356) 2013 3000 efficient and value-added legal solutions. Valletta vlt 1454 - Malta E: [email protected] T: (+356) 2124 2713 Fiona Soler W: www.fxdd.com Dr Robert Tufigno E: [email protected] Chief Operations Officer Contact: Fiona Soler - PARTNER W: www.gtgadvocates.com Finance & Operations Manager Contact: Dr Robert Tufigno - Partner
Ganado Advocates GVTH Advocates As trusted legal advisors to some of the largest international and local corporations GVTH is one of Malta’s leading Commercial Law firms which complements its and financial institutions for the past 50 years, we are proud to have contributed strong local client base with a considerable international practice. The Firm’s to Malta’s achievements by underpinning our clients’ continued success. We are service-integrated approach deals with the most challenging assignments of known for the quality of our work. Whether advising on our clients’ daily needs those national and international companies and organisations that seek the or on some of the most groundbreaking and complex transactions or disputes, Firm’s advice. GVTH prides itself in assisting these organisations to face their we consistently provide our clients with advice that they can depend upon. Our daily challenges, including the ever-increasing complexities of new regulatory approach combines legal excellence with commercial acumen. 171 Old Bakery Street, landscapes and the issues and dynamics of constantly changing markets. Areas of Valletta VLT 1455 - Malta specialisation include, predominately, Corporate and Commercial Law, Financial 192, Old Bakery Street, Valletta - Malta T: (+356) 2123 5406 Services and Taxation, Intellectual Property and ICT, Banking and Finance, Ship T: (+356) 2122 8888 Richard Ambery E: [email protected] Joseph J. Vella and Yacht Registration, Insurance, Dispute Resolution and Immigration. E: [email protected] Partner W: www.ganadoadvocates.com Managing PARTNER W: www.gvthlaw.com Contact: Richard Ambery - Partner Contact: Joseph J. Vella - Managing Partner
GasanMamo Insurance Heritage International Fund Services (Malta) Limited GasanMamo Insurance traces its roots in insurance back to 1947 and has evolved Heritage International Fund Services (Malta) Limited (“Heritage”) is part of into a household name in Malta. Licensed as a general insurer by the Malta the Heritage Group. Heritage is an independent provider of client-focused, Financial Services Authority in 2003. GasanMamo is focused on adding value in all comprehensive, third-party fund administration and depositary lite services that it does putting the customer at the heart of its mission. with particular expertise in the establishment and servicing of private equity, real estate, infrastructure and esoteric funds investing in both developed and emerging markets. More specifically, Heritage provides administration, SmartCity Malta SCM 01, Suite 502, accounting, corporate governance, company secretarial and compliance services Ricasoli SCM 1001 - Malta Msida Road, Gzira GZR 1405 - Malta as part of its fund administration business. Heritage also provides depositary lite T: (+356) 2090 8900 T: (+356) 2134 5123 services to collective investment schemes (“CIS”) in accordance with the AIFMD E: [email protected] Julian J Mamo E: [email protected] Dr Neville Carabott regime. These services include asset verification, cash monitoring and general W: www.heritage.co.gg Managing Director W: www.gasanmamo.com Managing Director oversight of the CIS’ operations. Contact: Dr Neville Carabott - Contact: Julian J Mamo - Managing Director Managing Director
Gonzi And Associates, Advocates HSBC Bank Malta plc- Global Banking and Markets Gonzi and Associates, Advocates is an established Maltese law firm specialising in The Capital Financing Department within HSBC Bank Malta p.l.c. provides a full Corporate and Tax, Financial Services and iGaming law. Our lawyers are experts range of services to local corporates looking to diversify your sources of funds, with in their respective fields allowing us to provide you with relevant, reliable and financing solutions devised specifically to meet your needs. By providing a wide experience-based legal advice. Contact us for a free initial assessment as to how we range of products and services and through active involvement; we are a source of can better your business by setting up or relocating your company to Malta or by guidance and expertise to the financial sector and corporate entities. With a proven assisting you to establish and license your credit or financial institution (including track record managing Bond and Equity Transactions, supporting the Issuer from electronic money), investment services, funds or igaming operations in Malta. 115B, Old Mint Street, start to finish. We are able to leverage HSBC group’s connectivity across the Globe 80, Mill Street, Qormi - Malta Valletta VLT1515 - Malta to provide vital expertise through highly experienced teams. We are able to bring a T: (+356) 2380 2242 T: (+356) 2015 7000 variety of different financing solutions, depending on client’s needs. E: [email protected] Dr David Gonzi E: [email protected] James Woodeson W: www.hsbc.com.mt Partner W: www.gonzi.com.mt Head of Global Banking Contact: James Woodeson - Head of Global Contact: Dr David Gonzi - Partner and Markets Banking and Markets for HSBC Malta
Grant Thornton Ids Fund Services Malta Ltd Founded in 1975, Grant Thornton Malta is a member of Grant Thornton IDS Fund Services Malta Ltd was established in 2010 as a subsidiary to the leading International and a leading assurance, tax and advisory firm in Malta. Proactive administration company, the IDS Group. Tapping into the extensive knowledge and teams, led by approachable partners, use insights, technical knowledge and experience of the IDS Group, IDS Malta is focused on offering innovative fund experience to help dynamic organisations unlock their potential for growth by administration and a full suite of supporting services to the investment industry, providing meaningful, forward-looking advice. Our clients include government- from long only to pure alternate focussed funds. Our clients include new launches owned organisations, local and international privately-held businesses and public as well as established funds. We are able to assist with new formations and the interest entities operating in a variety of sectors including financial services, Tower Business Centre, Tower Street, redomiciliation of existing structures to Malta. 276 Fleur-de-Lys Road, aviation, insurance, gaming, ICT, manufacturing, construction, import and retail. Swatar BKR 4013 - Malta Birkirkara, BKR 9067 - Malta We also provide trustee and fiduciary services through Grant Thornton Fiduciary. T: (+356) 2132 0134 T: (+356) 2258 9500 Mark Bugeja E: [email protected] Michael Keyrouz E: [email protected] managing Partner W: www.grantthornton.com.mt managing director W: www.idsfundservices.com Contact: Mark Bugeja - Managing Partner Contact: Michael Keyrouz - Managing Director FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 52 53
IIG Bank (Malta) Ltd Malta Stock Exchange plc IIG Bank (Malta) Ltd is a specialist trade finance bank focused on international For over 20 years, the Malta Stock Exchange has successfully fulfilled its role as commodity trade and does this through a comprehensive range of services that an effective venue to raise capital finance. The Exchange provides a structure for are tailored to meet the needs of its international trading customers spread over admission of financial instruments to its recognised lists which may subsequently Latin America, Europe, the Middle East, Africa and Asia. IIG Bank (Malta) Ltd is be traded on a regulated, transparent and orderly secondary market place. The dynamic and innovative in providing structured solutions for trading companies, Malta Stock Exchange also offers a comprehensive range of back–office services, distributors, manufacturers and exporters, especially those trading in emerging Level 20, Portomaso Business Tower including maintenance of share and bond registers, clearing and settlement and markets. The Bank’s approach to business is characterised by its desire to build St. Julians STJ 4011 - Malta custody services through its in-house Central Securities Depository. The Exchange Garrison Chapel, Castille Place, long lasting relationships and by being close to the customer to promote a better T: (+356) 2248 4500 enjoys international accessibility on both fronts, through its relationship with Valletta VLT 1063 - Malta understanding of the complexities inherent in international trade flows. E: [email protected] Clearstream Banking in Frankfurt, Germany, and in Luxembourg, and through the T: (+356) 2124 4051 Raymond Busuttil W: www.iigbank-malta.com Eileen V. Muscat use of the XETRA trading platform, operated by Deutsche Bourse in Frankfurt. E: [email protected] managing director & CEO Contact: Raymond Busuttil - CHIEF EXECUTIVE W: www.borzamalta.com.mt Managing Director & CEO Contact: Eileen V. Muscat - Chief Executive
International Management Services Ltd Mamo TCV Advocates IMS provides financial services in general, including the creation of commercial Mamo TCV Advocates, a Maltese tier-one law firm with a strong local and vehicles and structures. It enjoys a solid reputation in the provision of extensive 30 years of service international practice, provides legal services in all areas of commercial law, most centralised back office operations for its clients. IMS’s multi-disciplinary team is 1985-2015 notably banking and financial services, corporate, communications, media and tech experienced in handling the accounting, tax and administrative functions allowing nology, intellectual property, shipping & aviation, and litigation services. The firm’s clients the freedom to concentrate their focus on their core business operations. mission is to deliver high-quality services through its diverse specialist resources IMS has an international client base ranging from high-net-worth individuals to and expertise in a pro-active, efficient and timely fashion, and to foster its local and Palazzo Pietro Stiges, 103, Strait Street, quoted companies. Clients operate in trading, e-gaming, investment funds, leasing, Regent House, Office 21, Bisazza international networks to offer comprehensive and integrated services to clients. Valletta, VLT 1436 - Malta aviation and maritime sectors amongst others. Street, Sliema SLM 1640 - Malta T: (+356) 2123 2271 T: (+356) 2134 1219 E: [email protected] Gordon Mifsud IMS is proud to be celebrating 30 years of successful professional service. The E: [email protected] Prof. Andrew Muscat W: www.mamotcv.com Managing Director Company’s partners are Gordon Mifsud, Adrian Giordano Imbroll and Dr Kathleen W: www.imscons.com managing Partner Contact: Prof. Andrew Muscat - Zarb Adami who lead various service sectors. Contact: Gordon Mifsud - Managing Director Managing Partner
Jesmond Mizzi Financial Advisors Ltd Marsh Management Services Malta Limited Jesmond Mizzi Financial Advisors prides itself in providing a personalised service. Marsh Management Services Malta Limited is licensed as an insurance manager in The company is licenced to provide investment advice to retail clients, professional Malta under the Insurance Intermediaries Act. Marsh is a wholly owned subsidiary as well as eligible counterparties. The company which re-branded as Jesmond Mizzi of Marsh & McLennan Companies (NYSE: MMC), the premier global professional Financial Advisors relies on a tried and tested investment approach, drawing on the services firm providing advice and solutions in risk, strategy and human capital. experience of the founder members – Jesmond Mizzi Financial Services and Atlas The Malta office was formed in July 2005 and is the market leader for Malta in the Investment Services. The company is the representative in Malta of Henderson formation and management of affiliated (Captive) and non-affiliated insurance and Strand Towers, Floor 1, 36 The Strand, Global Investors and Legg Mason Global Funds plc. The company is a member firm 67, Level 3, South Street, reinsurance companies. Clients under the Company’s management come from a Sliema SLM1022 - Malta of the Malta Stock Exchange and a member of the Atlas Group. Valletta VLT 1105 - Malta wide range of industries and geographies from around the world. T: (+356) 2342 3000 T: (+356) 2326 5706 E: [email protected] Jesmond Mizzi E: [email protected] William Thomas-Ferrand W: www.marshcaptivesolutions.com Managing Director W: www.jesmondmizzi.com Head of Office Contact: William Thomas-Ferrand - Contact: Jesmond Mizzi - Managing Director Head of Office
KPMG NBG Bank Malta Limited KPMG in Malta is one of the leading providers of audit, tax and advisory services. NBG Bank Malta Limited (formerly Finansbank Malta Ltd) was established in KPMG is effectively the largest provider of professional services on the island 2005 and is a wholly-owned subsidiary of NBG Group. The Group is the oldest and with a total staff complement in Malta of over 450. As we work with our clients, largest bank in Greece and is present in a number of jurisdictions namely Greece, both international and local, we bring our experience and knowledge to bear for Cyprus, Bulgaria, Albania, Macedonia, UK, Serbia, Egypt, Malta, Romania and the purpose of inspiring confidence and empowering change. We continue to Turkey. NBG Malta is designed to be a one-stop shop for banking services for high- build on past successes thanks to a clear vision, rigorously maintained values and, net-worth individuals and corporations worldwide. Furthermore, the bank also above all, our people. Portico Building, Marina Street, specialises in the provision of risk management and treasury products/solutions for 302/304, Townsquare, Qui-Si-Sana Place, Pieta’ PTA 9044 - Malta its clients (Ex. Foreign Exchange and Derivative products). Sliema SLM 3112 - Malta T: (+356) 2563 1000 T: (+356) 2131 8969 Tonio Zarb E: [email protected] Cenk Kahraman E: [email protected] Senior Partner W: www.kpmg.com.mt Chief Executive Officer W: www.nbg.com.mt Contact: Tonio Zarb - Senior Partner Contact: Cenk Kahraman - Chief Executive Officer
Malta Sotheby’s International Realty PwC Malta Sotheby’s International Realty aims to serve the high-end residential and PwC is the leading and largest professional services organisation in Malta, commercial real estate market, representing lifestyle properties of exceptional providing industry-focused assurance, tax and advisory services. The Malta firm quality and unique characteristics. A brand that represents quality and luxury, forms part of the PwC network where more than 184,000 people in 157 countries its presence in Malta serves international clients looking for high-end real estate share their experience and solutions to develop fresh perspectives and practical investment in Malta and Gozo, and local clients seeking real estate investment advice. PwC has a solid association with all aspects of the banking industry through opportunities worldwide through our international network. Services include: a dedicated banking practice that relies on professionals with achievement and Residential Sales & Letting, Commercial Sales & Letting, Property Management 200, Tower Road Sliema SLM 1602 - Malta credibility in the sector. PwC’s banking team includes auditors and tax specialists and Relocation & Residency. Malta Sotheby’s International Realty is operated by T: (+356) 2010 8070 and dedicated regulatory advisory experts that provide solutions across a range 78, Mill Street, Qormi QRM3101 - Malta CSB Real Estate Ltd – forming part of CSB Group (est. 1987) who offer specialised E: [email protected] of industry-related matters including regulatory compliance (e.g. Basel III), T: (+356) 2124 7000 Michael J. Zammit business and commercial services to clients wishing to set-up or relocate their W: [email protected] Fabio Axisa risk management, internal control assessments, financial systems design and E: [email protected] Managing Director & Joint-Owner businesses to Malta. Contact: Michael J. Zammit - Partner implementation services. W: www.pwc.com/mt Managing Director & Joint-Owner Contact: Fabio Axisa - Partner FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 54 55
RSM Malta Tumas Developments Every firm that carries the RSM name is driven by a common desire – to assist Described as Malta’s most enterprising and exciting entrepreneur in property clients in achieving their goals and outperform their competitors. At RSM Malta, development, Tumas Developments, has been instrumental in developing many we have developed in-house capabilities to help organisations anticipate and meet of the island’s most prestigious projects. Launched in the 1960s by Tumas Fenech, complex challenges. We are the firm that entrepreneurs count on. We focus our the company grew quickly based on its values of ingenuity, expertise and skill, and efforts on all the regulatory, statutory, tax, audit and accounting services required successfully revolutionised the local property industry. There have been numerous to operate in the financial services sector. milestone projects over the years but none more magnificent than the international 10 52 Portomaso, Cobalt House, Level 2, Notabile award-winning, marina, hotel, leisure and residential development. Commencing St Julians STJ 4011 - Malta Road, Mriehel BKR 3000 - Malta construction in the late 90s, Portomaso represents a unique multi-million T: (+356) 2138 6802 T: (+356) 2149 3313 investment that has revolutionised the way people live, think and work in Malta. E: [email protected] George Gregory E: [email protected] George Bonnici W: www.tumasdevelopments.com Tax and Corporate Services Partner W: www.rsmmalta.com.mt SALES & MARKETING DIRECTOR Contact Person: George Bonnici - Contact: George Gregory - Partner Sales & Marketing Director
SGGG Fexserv Fund Services (Malta) Limited United International Management (Malta) Limited SGGG Fexserv Fund Services (Malta) is your administrative partner for all your United International Management (Malta) Limited is part of the United Bank & fund management requirements, bringing together the international expertise of Trust Group. We are a fully independent and privately owned financial services SGGG Fund Services Inc, responsible for the administration of over 220 alternative group with a proven track record in the industry. We provide banking, corporate strategy funds, together with Fexserv Financial Services, one of the leading and and fund services to an international private, corporate and institutional client most established companies in the local financial services industry. base from our offices in the major regulated financial centers. We combine an Alpine House, Naxxar Road, international presence with local expertise resulting in total client commitment The Plaza Commercial Centre, San Gwann SGN 9032 - Malta and tailored client service. In Malta our full range of corporate services include: (Level 6 – Suite 1), Bisazza Street, T: (+356) 2576 2121 company formation, (re-)domiciliation, management, administration and Sliema, SLM 1640 - Malta E: [email protected] accounting, tax compliance, structuring and transaction coordination. T: (+356) 2010 8648 Anabel Mifsud W: www.sgggfexserv.com Bob Rottinghuis E: [email protected] Chief Executive Officer Contact: Anabel Mifsud - Manager W: www.united-itrust.com Chief Executive Officer Contact: Bob Rottinghuis - Manager
Simon Tortell & Associates WDM International Simon Tortell & Associates is a full-service law firm with a particular focus on WDM International is a full service firm, offering a multidisciplinary service, financial services and corporate law. Our lawyers are trained to not only apply ranging from tax and legal consultancy to audit and business advisory. WDM Lex the law to any given transaction or scenario but to familiarize themselves with the Advisory, the firm’s legal services arm, is at the forefront in offering consultancy markets in which they operate with the ultimate goal of finding the best solutions in the following lines of expertise: International and local tax consultancy; for our clients. residence, citizenship planning and private client services; regulated industry solutions such as setting up of funds, fund managers, forex companies, credit and 188 Old Bakery Street, financial institutions; setting up of iGaming operations; registration of aircraft, 35, The Penthouse, Salvu Psaila Street, Valletta VLT 1455 - Malta yachts and commercial vessels. WDM Lex Advisory is an approved company Birkirkara, BKR 9072 - Malta T: (+356) 2122 8862 services provider and an accredited person for Malta’s Citizenship by Investment T: (+356) 2123 2096 Katya Tua E: [email protected] Dr Jonathan De Giovanni Programme. Through WDM Trustees, the firm is also licensed to act as a trustee E: [email protected] Partner W: www.simontortell.com Partner or co-trustee and as an administrator in the context of private foundations. W: www.wdm.com.mt Contact: Katya Tua - Partner Contact: Dr Jonathan De Giovanni - Partner
Sparkasse Bank Malta Plc WH Partners The Bank forms part of the Austrian Savings Banks and the Erste Group Bank AG WH Partners is a Malta-based business law firm with focus and a sound reputation network. From Malta the Bank provides Private Banking, Wealth Management, for its work in gaming and gambling, e-payments, ICT, digital industries, privacy Custody and Depositary solutions. Fund custody is a core business for the bank and data protection, corporate finance, M&A and taxation. The firm’s approach and its experience in the field allows for flexible and practical workable solutions. combines an in-depth understanding of clients’ industries with a result-oriented The bank provides custody services to UCITS, AIF and PIFs providing a personal, attitude to work, a strong dose of enthusiasm and perseverance. Lawyers at WH Level 5 Quantum House, tailored and seamless banking, execution and settlement solution. Partners are known for their pan-European experience and seek to give clients a 75 Abate Rigord Street, 101 Townsquare, Ix-Xatt ta’Qui-si- competitive advantage which is also facilitated through solid relations with the Ta’ Xbiex XBX 1120 - Malta Sana, Sliema SLM 3112 - Malta regulators. The firm has won international awards for its service levels and is highly T: (+356) 2092 5100 T: (+356) 2133 5705 ranked by the foremost independent legal directories. E: [email protected] Paul A Mifsud E: [email protected] James Scicluna W: www.whpartners.eu Managing Director W: www.sparkasse-bank-malta.com Partner Contact: Monique Dingli - Contact: Paul A Mifsud - Managing Director Marketing Coordinator
STM Malta Trust & Company Management Ltd ZETA STM Malta Trust & Company Management Ltd part of STM Group Plc, a company ZETA is a privately held independent group of companies based in Malta offering listed on the London Stock Exchange with offices in Gibraltar, Spain, Cyprus and targeted services which include: Transaction Advisory & Structuring; Company Jersey. STM Malta Trust & Company Management Ltd is authorised by the Malta Incorporation; Corporate Administration & Management; Fund Services; Financial Services Authority (MFSA) to act as Trustees and registered to act as Directorship Services; Trusts & Foundations Administration; Insurance Advisory, Administrators of Trusts, Foundations and Retirement Schemes, providing these Tagliaferro Business Centre, Level 2, Insurance Brokerage & Insurance Management. services to a growing international client base. Our dedicated staff have helped the Gaiety Lane c/w High Street, business grow in offering retirement schemes recognised as QROPS, EURBS and Sliema SLM 1549 - Malta 43A/1 St. Paul’s Buildings, West QNUPS. T: (+356) 2133 3210 Street, Valletta VLT 1532 - Malta E: [email protected] T: (+356) 2011 9700 Deborah Schembri W: www.stmmalta.com David Zammit E: [email protected] Managing Director Contact: Deborah Schembri - Managing Director W: www.zeta-holdings.com Managing Director Contact: David Zammit - Managing Director FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS 56
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