SME Chamber participated during a conference by the Malta Sustainability Forum organised by APS Bank
17 November 2022
The discussion focused on the Voluntary Occupational Retirement Pension SME Chamber Vice President, Michael Galea,...
Maltese businesses are disappointed that in the midst of an economic recession, Malta Financial Services Authority was allowed to increase its company registration fees. The increase came about through legal notice 354 of 2008. For small companies with an authorised share capital of up to Euro 1500, the increase is of 150%. For a company with an authorised share capital of Euro 115,000, the fee is now Euro 880, an increase of 270%. The higher the amount of share capital the greater is the increase. This clearly discourages businesses from increasing share capital. Existing companies have to pay this increase or incur penalties.
The World Economic Forum report on Competitiveness indicates in its Malta report that the greatest obstacle for business in Malta is inefficient government bureaucracy. The burden of government regulation also negatively affects Malta's competitiveness. Why certain authorities are allowed to increase their fees by such unreasonable amounts is beyond comprehension. One wonders how much of this increase will go towards reducing Malta's overall deficit. This increase is clearly another sign of rubbing salt into the wounds of business people. Authorities should find ways and means of introducing better and more efficient regulation by reducing bureaucracy rather than increasing fees without any real benefits for Maltese businesses.
GRTU knows with regret that MFSA which is the Public Regulator authorised at law to safeguard the business community and the consumer from the abuses of the financial institution is now itself further over burdening enterprises rather than further relieving the excessive burdens already being suffered by Enterprises striving to compete under difficult current market situation.
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).