Upon re-domiciliation the company may opt for the step-up clause whereby the company may revalue the assets from historic costs to fair market value at the time of re-domiciliation. Such revaluation will apply for determining gains on a subsequent disposal of assets with the result that any previously accrued profits would be exempt from tax in Malta.
Directorship and Company Secretary
Every public company must have at least two directors whereas every private company must have at least 1 director. It is also a legal requirement for all companies to have a company secretary.
A Maltese company is managed by the directors who have the authority to execute all powers of the company, having broad discretionary powers.
No company may have:
- As company secretary its sole director unless the company is a private exempt company.
- As sole director of the company a body corporate, the sole director of which is company secretary to the company.
All companies are required to hold an annual general meeting. Every company must hold an Annual General Meeting. Every general meeting other than the annual general meeting is called an extraordinary general meeting.
Annual returns, Accounts, and audits
Companies are also required to file a copy of the annual accounts.
Companies returns, and annual accounts can also be filed online.
The format of the accounts to be submitted depends on the size of the company. Small companies may draw up abridged balance sheets and abridged layouts of profit and loss accounts.
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