Author: SME Chamber

The Malta Business Registry reminds the public that the Registrar of Companies (the “Registrar”) is accepting documentation in electronic form. All documentation that is required to be submitted to the Registrar in accordance with Maltese company law procedures, may be validly submitted electronically by making use from one of the following methods:

(a) The Malta Business Registry’s online portal

 (b) The Malta Business Registry’s electronic submissions’ email address

All registered users on the current online portal may submit the necessary documentation using the already-established simple method referred to in (a). The information needed in order to follow this step may be found on https://mbr.mt/online-filing-information/

In case that a user is not in possession of a Maltese ID Card or does not hold the necessary infrastructure of a smart card reader, method (b) referred to above may instead be followed. The user in this case is only required to have a valid qualified electronic signature (Refer to Appendix A for more information) to complete electronic submissions and be able to sign the documentation electronically. All the forms and documentation required to be submitted for registration would need to be signed using the respective qualified electronic signature as issued by the qualified trust service provider. Once the documents are signed, the user may then proceed to send the documentation to dedicated email address on 

MBR urges you to limit the submission of documents / correspondence in paper-format unless it’s absolutely necessary. If documents are delivered to their premises in Zejtun, one can either hand them over directly to our front office staff or place them in a box situated at the entrance of our premises.

If one opts for the latter option, it is important that:

1. all documents are accompanied by a covering letter listing all the documents submitted and the name and details of a contact person, and

2. placed in a sealed envelope with the name of the company/ies clearly visible.

If documents are delivered by courier, in addition to points (1) and (2) above, the envelope must clearly state the name of the Company Service Provider. Envelopes having missing information will be sent back.

If you require assistance or clarification do not hesitate to MBR:  https://mbr.mt/contact/

The Directive No 19 on the use of cheques and bank drafts in terms of the CENTRAL BANK OF MALTA ACT (Cap. 204) came into force on the 1st of January 2022.

This directive seeks to ensure the safe and effective use of cheques and bank drafts, referred to as ‘paper-based instruments’, to reduce the legal and operational risks associated with these payment instruments.

The below is a summary of the main Rules of the Directive:

The below is a summary of the main Regulations of the Directive:

As from 1st January 2022, the Malta Business Registry (“MBR”) also needs to follow this directive and thus payments by cheques and bank drafts or by cash will be allowed using the following policy:

In case of Cheques and Bank Drafts:

In case of Cash-based Transactions:

The Malta Chamber of SMEs in collaboration with the Central Bank of Malta have recently organised a webinar about the recent regulation that establishes new rules on the use of cheques and bank drafts.

You may click on the video below and view the webinar recording.

More details about the Directive can be found on the Central Bank of Malta website (News – Central Bank of Malta (centralbankmalta.org)). Moreover, further details about the Cash (Restriction) Regulations can also be found on the FIAU website (Cash Restriction – FIAU Malta).

The Helpdesk aims to help EU SMEs by making available free-of-charge support with the completion of due diligence checks concerning EU restrictive measures compliance for specific business projects in Iran

The Due Diligence Helpdesk on EU Sanctions is an initiative funded by the European Union, building on the previous action financed under the Partnership Instrument “Due diligence for EU operators related to Iran” and the EU Sanctions Tool. It aims to support EU businesses, in particular small and medium-sized enterprises (SMEs), that are willing to engage with Iran, to do so legitimately, in compliance with EU legislation and within the framework of the Joint Comprehensive Plan of Action (JCPoA).

The Helpdesk provides EU SMEs with free-of-charge due diligence verifications on specific business projects in Iran, assessing their compliance with EU restrictive measures (sanctions).

The objective is to reassure EU SMEs and their financing partner institutions regarding the legitimacy of their intended business activities in Iran, thus demonstrating the EU’s continued commitment to the JCPoA.

The free-of-charge services of the Due Diligence Helpdesk on EU Sanctions include:

Helpdesk Enquiry Service – Confidential Consultation

Individual EU SMEs can submit enquiries via the Sanctions DD Analysis tool, accessing a panel of experts to receive confidential first-line information on their specific business case. The Helpdesk will perform due diligence verifications and inform EU SMEs about whether their planned business activities will contravene EU Sanctions.

Information Materials

EU SMEs can download information materials from the website concerning EU sanctions and due diligence requirements pertaining to Iran’s business environment. The Helpdesk also publishes a regular newsletter which describes the due diligence approaches generally adopted in the emerging business sectors of interest to EU SMEs. News items are regularly posted on the Helpdesk website to keep EU SMEs up-to-date with the most important developments in the Iranian business environment.

Webinars

The Helpdesk delivers webinars for EU SMEs conducting business in Iran. Introduced by renowned experts, they cover EU sanctions and other due diligence compliance requirements when conducting business in Iran.

Companies can receive a subsidy of up to €75,000 over three years

The Ministry for Energy, Enterprise and Sustainable Development announce the extension of the rent subsidy scheme to help small and medium-sized companies increase their warehouse space.

This scheme was one of the Malta Chamber of SMEs Budget proposals as an assistance due to the increase in international freight cost.

The Government has decided to widen the eligible activities that may be supported through the scheme, which is open to enterprises in need of industrial space to: start a new business; implement growth plans; manage increases in orders; optimise supply chains and innovate processes to increase efficiency.

Companies seeking to rent an industrial premises can receive a subsidy of up to €75,000 spread over three years.

Addressing a press conference,  Minister Miriam Dalli and Malta Enterprise CEO Kurt Farrugia said the scheme was being extended to all companies to help mitigate the rise in freight costs. So far, this scheme has been aimed at manufacturing companies, vehicle maintenance companies and the industry sector.

With this extension the scheme aims to help a wider range of businesses, especially bulk import operators.

More details about the scheme can be found on businessfirst.com.mt

Following the announcement by Malta’s Prime Minister Robert Abela, the Wage Supplement to employees whose companies have been impacted by COVID-19 will be retained in January.

The format and value of disbursement will follow the system currently in place and managed by Malta Enterprise.

The one-month extension was approved by Cabinet and the situation will remain under review in view of the need to sustain Malta’s economic recovery amid an uncertain international scenario.

The Customs Department would like to remind all economic operators that all non-EU goods, including 2^nd hand vehicles to be imported into the EU arriving with Virtu Ferries at Deep Water Quay (DWQ) must be presented to Customs.

To this end, it is of the utmost importance that used vehicles are inspected upon arrival prior to leaving the quay.

Therefore, economic operators are advised that they should notify Mr. Lawrence Sammut (tel. 21257071) or Ms. Gianella James (tel. 21222965) at least 3 working days prior to the actual arrival of the vehicle  to allow sufficient time for the preparation of the import declaration and physical inspection of the vehicle.

For additional clarification, please send an email to .

Petri Salminen elected as new President of SME United

Malta Chamber of SMEs President Mr Paul Abela earlier today was re-elected as Director of SME United during its General Assembly which was held online.

SMEunited, is the European association of crafts and SMEs in Europe with around 70 member organisations from over 30 European countries. SMEunited is a recognised employers’ organisation and European Social Partner and acts on behalf of crafts and SMEs in the European Social Dialogue and in discussions with the EU institutions.

Mr Paul Abela was re-elected after receiving 68% of the eligible votes. Mr Abela thanked everyone and stated he’ll keep on working for SME’s at this European platform.

During this meeting Petri Salminen was elected as the new President for 2022-2023 of SME United. Mr Salminen stated the focus would remain on the recovery of SMEs following the pandemic crisis and allowing them to make the digital and green transformation.

In his acceptance speech, President-elect Salminen referred to the current situation SMEs are facing, mentioning the need to build an environment where SMEs can innovate, invest, and create jobs.

Businesses express cautious optimism for this festive season 

Different business strategies have given new meaning to Black Friday in Malta, bringing more positives overall for the whole month of November rather than during the specific day known as Black Friday. 

A survey concluded by the Malta Chamber of SMEs has confirmed that this year many businesses decided to extend their offers beyond just the day of Black Friday and while this led to a calmer 26^th of November – Black Friday, it also gave businesses a strong November and results which left the majority satisfied overall.  

In terms of the period during which the Black Friday offers were available, most popular was Black Friday Week starting the 22nd of November with 35% of businesses opting for this option. This was followed by the ‘Black Friday Weekend’ at 27% and closely followed by those opting to run offers throughout the month of November at 23%. 

Extending the offers on a longer period resulted in a successful strategy for most businesses. Businesses wanted to avoid overcrowding and queues because of Covid. In addition, given the dire situation all businesses are facing in terms of human resources, this strategy helped them keep up with the increased demands, while also maintaining the same level of customer service.  

As for the results related to the level of business, highest scoring were businesses that expressed their satisfaction (23%) or high degree of satisfaction (16%) with the level of business generated thanks to Black Friday. Together these made 39% of respondents.

The most common sectors to be found here are household goods, electronics, beauty and personal care services as well as education and training.  

On average, business increased by around 30% over the same period last year for businesses that performed well. When asked what they attributed this result to, most mentioned their own effective marketing strategies, increased investment in their online presence, more offers made available as well as increased consumer confidence. They however acknowledged that the bad weather during the Black Friday Week might have affected them negatively.  

 Those which expressed their dissatisfaction (23%) or a high degree of dissatisfaction (10%), together 33%, mainly came from sectors not normally associated with Black Friday and those predominantly selling essential items. 

On average, business here decreased by around 25% over the same period last year for businesses that performed poorly. Bad weather conditions, competition from overseas and consumers being cautious with their spending were the most common reasons quoted, together with the complications related to international shipping which did not result in ideal stock complement. 

 Malta Chamber of SMEs CEO, Abigail Agius Mamo, said that these results leave room for optimism. Malta is surely on the road to recovery, albeit the pace of recovery being a slow one. Businesses need to recover at a faster pace to start making up for the losses sustained since the start of the pandemic, a steady recovery is however is the best one can hope for.’ 

It was noted that the percentage of businesses that chose not to participate in the Black Friday campaigns, because they believe that focusing on selling during Christmas and New Year is more important, continues to decrease year on year and in fact this year the percentage is a marginal one. 

 The Chamber of SMEs also asked businesses for their expectations for this year’s festive season. The majority, at 42% expect to be in a better than 2020, followed by 23% that believe that sales levels will be comparable with 2020 levels. 18% feel that they might fare worse than last year and 11% of businesses feel that on the other hand this festive season will be closer to 2019 levels. 

‘The Chamber of SMEs feels that businesses are more cautious in their optimism, compared to weeks and months ago. Malta is highly dependent on the functioning of foreign markets, making it very sensitive to Covid developments in other countries and on an international level. Businesses are however looking forward to give their best for a successful festive season’ concluded Ms Agius Mamo.  

SME Chamber President Mr Paul Abela and CEO Ms Abigail Agius Mamo received the award during a ceremony at Saint James Cavalier

The Malta Chamber of SMEs was awarded the National Supporting Business Award 2021 for the constant support to its members.

The NSBA awards were organised by the Commerce Department within the Ministry for Economy and Industry.

The Malta Chamber of SMEs nomination submission was entitled ‘With You All the Way’, which provided online advice and peer support to help thousands of SMEs adapt to a changed business environment.

Hundreds of SMEs have benefitted from this assistance, provided through a number of webinars, information sessions and virtual meetings, to increase their online presence and digitalise their services and operations.

Thanks to the efforts and initiatives by the Malta Chamber of SMEs, amongst others, many of these small and medium-sized enterprises which face a number of hardships throughout the pandemic, have managed to overcome hurdles and then transform them into new opportunities to evolve and grow into stronger and more resilient businesses.

As winner of this years’ National Supporting Business Award the SME Chamber was also nominated for the European Enterprise Promotion Awards (EEPA).