The Perks of Doing Business in Malta

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1 The Perks of Doing Business in Malta Legal and Tax Opportunities Dr Charles Cassar CCLex.com Malta London 1

2 CCLex.com Overview About the Firm Business Environment Legal basics Tax Considerations Highly Qualified Persons Rules 2

3 About the Firm Business Environment Legal basics Tax Considerations HQP Rules About the Firm CCLex.com Malta London 3

4 About the Firm Truly multi-disciplinary Lawyers Accountants Legal Tax Tax Advisors Trustees IT Advisors Technology Corporate Offices Valletta, Malta London, UK Trust 4

5 Offices: Valletta & London Legal Practice Groups: Financial Services Tax, Immigration & Estates IP, ICT & Gaming Law Maritime & Aviation Corporate & Commercial Corporate Services Company Formation Accounting & Payroll Tax & VAT Compliance ICT & Web Services Private Clients Relocation Trusteeship 5

6 About the Firm Business Environment Legal basics Tax Considerations HQP Rules Business Environment CCLex.com Malta London 6

7 Malta Jurisdiction Overview: World Economic Forum Global Competitiveness Report th Soundness of Banks 15 th Financial Market Development 16 th Strength of Auditing & Reporting Standards 12 th Regulation of Securities Exchange 47th of 144 Overall Ranking 21 st Technological Readiness 7

8 Malta Jurisdiction Overview: Other Top 5 FDI Performance in the EU 100% Quality of Life League International Living 12% GDP Finance & Admin Services 100% Safety & Freedom International Living Top 5 Financial Centres to grow in importance City of London FS Index 12th Press Freedom Index Freedom without Borders 8

9 Financial Services: Why Malta? Highly repute EU passport Low tax Reasonable capital requirements Approachable regulator 9

10 About the Firm Business Environment Legal basics Tax Considerations HQP Rules Legal Basics CCLex.com Malta London 10

11 Malta Jurisdiction Overview: Reputable Onshore Offshore laws revoked in 1994 EU compliant OECD + FATF compliant Not on Blacklists UK Heritage Tax: Income Tax Act, 1948 Legal: Companies Act, Trust & Trustees Act European EU Member since 2004, Eurozone since 2008 Access to EU Funding Access to EU Tax Directives: P-S, Mergers, I&R 11

12 International Business: Company Facts Minimum capital 1,250 Corporate Directors Yes Minimum paid up capital 250 Nationality of Directors Any Currency of Capital Any Fiduciary Shareholders Yes EU VAT Registration Yes Corporate Shareholders Yes Refunds within 14 days Time to Register 48 hours 12

13 International Business: Company Facts (Continued) Single Member Companies Yes Minimum number of directors (private companies) One Minimum number of directors (public companies) Two Nationality of shareholders Any Bearer shares No 13

14 About the Firm Business Environment Legal basics Tax Considerations HQP Rules Tax Considerations CCLex.com Malta London 14

15 CCLex.com Malta Trading Structures Shareholder Tax Refund 30% Company 65K 35% 35K 30K IRD Net MT Tax 5% Net Income (after expenses) 100K 15

16 Two-Tier Structures 1/2 Shareholder Dividend & Refund mixed in HoldCo. No further tax in MT. No dividend WHT in MT. HoldCo OpCo Dividend 95K Dividend 65K 35% 35K Tax 30%: 30K (14-21 days) IRD Net MT Tax 5% Net Income 100K 16

17 Two-Tier Structures 2/2 Shareholder HoldCo Business Assets Personal Assets Business Premises Companies Bank Accounts Boats Jet Car Home OpCo 17

18 International Business: Intellectual Property Royalty Routing Structure + Malta IP HoldCo IP HoldCo Dividend Tax 30% 30K Royalty Company 65K Net MT Tax 35% 5% IRD 35K Royalties 100K 18

19 International Business: Intellectual Property Summary Refund portion 6/7ths 5/7ths Trading Royalties Passive Royalties Net Tax Result 5% 10% 19

20 5. Three-tier Structures: Test Case Settlor Trust Beneficiaries HoldCo Business Assets Personal Assets Business Premises Companies Bank Accounts Boats Jet Car Home OpCo 20

21 International Business: Trading Companies Double Tax Relief Systems Treaty Relief > 60 Double Tax Treaty Partners Max Credit = Malta tax on double taxed income. Unilateral Relief Credit inc. relief on a multi-tier basis for underlying taxes Flat-Rate Foreign Tax Credit (FRFTC) Notional Credit = 25% of net foreign-source income No proof of foreign tax is required. 21

22 CCLex.com International Business: > 60 Double Tax Treaties Albania France Latvia San Marino Australia Georgia Lebanon Serbia Austria Germany Libya Singapore Barbados Greece Lithuania Slovakia Belgium Hong Kong Luxembourg Slovenia Bulgaria Hungary Malaysia South Africa Canada Iceland Montenegro Spain China India Morocco Sweden Croatia Ireland Netherlands Switzerland Cyprus Isle of Man Norway Syria Czech Republic Italy Pakistan Tunisia Denmark Jersey Poland United Arab Emirates Egypt Jordan Portugal United Kingdom Estonia Korea Qatar United States of America Finland Kuwait Romania others on the way 22

23 About the Firm Business Environment Legal basics HQP Rules Highly Qualified Persons Rules CCLex.com Malta London 23

24 CCLex.com Highly Qualified Persons Rules: FS & I-Gaming The employment income is taxed at a flat rate of 15% An option for an individual: not domiciled in Malta, and employed under a qualifying employment contract Applicable: Where salary exceeds 75,000 as of year of assessment 2011, consecutive period of 5 years for all EU member state nationals (incl. Norway, Iceland, Liechtenstein and Switzerland) Consecutive period of 4 years for third country nationals Where the employment income exceeds 5,000,000, income in excess of 5,000,000 is exempt from tax. 24

25 CCLex.com Highly Qualified Persons Rules: Eligible Offices The employment income must arise under employment contracts with companies licensed and/or recognized by the Competent Authority (MFSA or LGA) where the position is one of the following: Chief Executive Officer, Chief Commercial Officer Chief Financial Officer, Head of Marketing (including Head of Distribution Channels), Senior Analyst or Trader, Fraud and Investigations Officer, Odds Compiler Specialist, Chief Commercial Officer; Head of Research and Development (including Search Engine Optimisation and Systems Architecture. Head of Distribution Channels 25

26 CCLex.com Highly Qualified Persons Scheme: Digital Games Requirements: Hold a qualifying contract of employment Hold an eligible office Malta Enterprise approval Minimum annual income of EUR 45,000 (exclusive of fringe benefits) Highly Qualified Persons Scheme: Eligible Offices 26

27 CCLex.com HQP Digital Games: Eligible Offices Chief Executive Officer Chief Technical Officer Chief Creative Officer Head of Writing Lead in-world Writer Lead Game Programmer Software Engineer Director Game Developer Director of Online Community Head of Art Design and Visualisation Art Director, Digital Artist 27

28 CCLex.com HQP Digital Games: Eligible Offices (Continued) Commercial Director (Digital Licensing) Head of Game Design Game Director Game Designer Audio Director Video Director Producer and Head of Marketing. 28

29 About the Firm Business Environment Legal basics HQP Rules Case Study Highly Qualified Persons Rules CCLex.com Malta London 29

30 Case Study: Proposed 360º service: International Tax Advice Corporate Setup Personal Trusts EU / Int. TM Registration Transfer of IP Drafting of Contracts. Ongoing Accounting Recruitment & Payroll FSA Clearance of FinanceCo Shareholders Group HoldCo Malta tax refunds Group corporate governance; Collective ownership. IP Co FinanceCo Trading Co IP: TMs, Software Code Transfer of IP from original Startup Company. IP Ownership & Protection Licensing to group / third companies International Group financing activities (tax efficient intra-group loans) Active trading: Marketing, Support Community Management Payment processing 30

31 Office Locations: UK Desk: Thank you! Your Trusted Advisors in Malta CCLex.com Malta London 31

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