Shipping companies are normally registered under the provisions of Subsidiary Legislation 234.42 Merchant Shipping (Shipping Organisations–Private Companies) Regulations but they can also be registered under the provisions Chapter 386 of the laws of Malta (Companies Act).
Most shipping companies opt to register the company under the Merchant Shipping Regulations provisions as they may benefit from various advantages such as:
- Registered in 2 working days;
- Less stringent obligations imposed (as opposed to Companies Act);
- No secretary required;
- Minimum of 1 Shareholder and 1 Director;
- No nationality requirements as to both the shareholders and directors;
- Objects should reflect Article 84Z of Merchant Shipping Act;
- Minimum share capital €1165, of which 20% must be paid up;
To this end our team can assist clients in the following areas:
- company setup and formation;
- tax consultancy and compliance services;
- company liquidations.