SME Chamber assisting wedding sector through Covid
06 May 2021
The SME Chamber is working to seek further clarifications on the gradual return to normality...
Over 70% of Maltese Business Owners are family owned and employ about 40,000 people. From this 70% only a mere 30% of these businesses manage a successful transition to the second generation and less than 10% progress to the third.
The Ministry for the Economy, Investment and Small Business has launched a white paper on the Family Business Act which seeks to provide this sector
with the essential legal framework to allow business owners to pass their companies on to the next generation. Through the successful implementation of this legislation it will aim to reduce the risks of transfers and will also provide better access to finance for family businesses. This legislation will also encourage companies to make the necessary plans for succession and initiate the interest of planning the process from the early stages of new business.
The Ministry also plans to provide legal advice and assistance from regulators to any family business owners that would require assistance in the case of transfers.
The white paper has also addressed main issues such as dependence on its owner and nepotism. On this note, the Honourable Chris Cardona explained that the act was not trying to ignore emotions but it will prioritise business practices. He continued to state that the act should be an enabler not a restriction as it is also part of an agenda to reduce bureaucracy.
GRTU has been calling for such legislation which should seek to support and further family businesses particularly in the case of inter-generational transitions. GRTU shall be reviewing the white paper launched and welcomes contributions and concerns by its members in order to formulate its feedback on this document to ensure the best for family business.
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).