MALTESE SHIPPING COMPANY

 

As of 1st May, 2004, the date of Malta's accession to the EU, a number of legal notices came into effect affecting the procedures and structures possible for Maltese companies, including those intended to own Malta flagged ships.

In any case, all companies registering ships under the Malta flag are tax exempt as far as the ownership and operation of such ships are concerned. This also includes any gains arising on the liquidation, redemption, cancellation or any other disposal of shares, securities or any other interest, as well as goodwill in any shipping organisation. 

 

Any gains arising from the financing of a shipping organisation are also tax exempt. Our company law regulating shipping companies has now been replaced completely.  All companies existing prior to 1st May, 2004 have five years in which to comply with the new requirements.

 

New Features:

• A Maltese shipping company can now have wider objects, including ship management, holding shares in other shipping companies and to register ships in other jurisdictions.

 

• It is now possible to have single member companies where it is no longer essential to have a minimum of two shareholders.

 

• Share pledges can now be registered under our law and will be fully effective against the company.

Requirements:

 

• Proposed Name of the Company  it is recommended that we receive two or three options, in order of preference, so that we would be able to reserve the first name available.

 

• Details (name[s] and address[es]) of shareholder's and the number of shares to be held by each.

 

• In the case of individual shareholders, certified copies of their passports.

 

• In the case of shareholders which are companies/corporations, a certified copy of the Certificate of Incorporation, preferably accompanied by the Articles of Association, a Good Standing Certificate certified copies (possibly scanned in colour) of passports of the directors

 

• Details (name[s] and address[es]) of the director[s] to be appointed and certified copies (possibly scanned in colour) of the passport[s]. In any case, we would need the details (name[s] and address[es]) of the ultimate beneficiary/ies, including certified copies (possibly scanned in colour) of the passport[s] and a bank's or lawyer's character reference[s].

• Power of Attorney

 Note: 

 

- Although it is not mandatory for a Maltese shipping company to have a local company secretary, it is recommended that a secretary be appointed for smooth administration.  Kindly let us have instructions in this respect.

 

- In view of Malta's forthcoming accession to the European Monetary Union, hopefully in January 2008, it is recommended that the share captial of the company not be expressed in Maltese Lira but in any other convertible currency such as Euro or USD.  Kindly let us have instructions in this respect.