For the Malta Business Registry, 2022 was 'demanding' but featured numerous successes

The year 2022 was a demanding year for the Malta Business Registry and getting off the FATF grey list was the number one priority.

This emerges from the MBR's Annual Report and Financial Statements for the financial year ending 31st December 2022, which highlights the MBR’s continuous efforts to maintain an accurate BO (Beneficial Ownership) Register. The register has become an essential tool for local and international practitioners alike.

2022 was also a year of success during which Malta became one of the first EU member states to successfully join the BORIS (Beneficial Ownership Register Information System). The MBR was also accepted as a member of the Corporate Registries Forum (CRF), and the CRF’s choice of Malta as the host country for its annual General Conference clearly demonstrates the respect Malta enjoys within the international community.

Always mindful of enhancing Malta’s competitiveness in a post-pandemic world, the end of 2022 saw the introduction of the new Insolvency Framework, aiming to provide a second chance and a breathing space for businesses, reduce the burden on our law courts, create new job opportunities, and provide peace of mind for entrepreneurs.

2022 also saw a total of 187,380 documents registered, 2854 new companies and the issuance of 15,000 good standing certificates by the Registry Unit. In continuance of its rigorous procedures to ensure proper governance and compliance, the Compliance Unit reviewed 23,236 notifications and conducted a total of 1,693 onsite inspections to verify beneficial ownership. In parallel screening of involvements totalled to 39,439.

A significant input is recorded by the Legal and Enforcement Unit and its role in various proposed legal amendments, including the Repeal of Regulations, Mobility Regulations and Amendments to the Companies Act. An important update on the filing procedure applicable to Annual Financial Reports under the European Single Electronic Format (ESEF) was made, whilst the digital transition requirements in line with Act LX of 2021 were implemented.

The MBR’s 2022 Annual Report highlights also the operations of the Foundations & Associations Unit, the Insolvency & Receivership Service, the Finance & Administration Unit, the Human Resources Development Unit, the Information & Communication Technologies Unit, the International Affairs, Research & Communications Unit, and the Internal Control Unit.

Economy Minister Silvio Schembri thanked MBR’s CEO Dr Geraldine Spiteri Lucas, and all MBR employees for their dedication. “Your work throughout the past year bore the much-wanted results and was key for Malta to make it out of the FATF grey list in a short span of time. Today, we continue to look forward where in addition to a complete and transparent main register, we see that we continue to offer the necessary tools for companies in our country to operate under a solid legal framework” he said.

“We look forward to strengthening the bridges we have built, continue learning from our experiences, and persevere with pursuing the path we have successfully mapped out over the past year,” Spiteri Lucas said.

The MBR’s Annual Report and Financial Statements for the financial year ending 31st December 2022 may be accessed online at https://mbr.mt/annual-report-2022/