Malta: Non-Compliant Companies Struck Off from the Company Register

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Malta: Non-Compliant Companies Struck Off from the Company Register

Malta was forced to take the action to strike off the non-compliant companies from the Maltese Company Register after MONEYVAL’s visit (the EU anti-money laundering assessment body). The major breach of the compliance requirements are non-reporting beneficiary owners and non-reporting of annual accounts. It was reported that approximately 10,000 companies were struck off.

For sure it’s true that some struck-off companies have assets on their balance sheet, which might be reclaimed by the states where they are located as ownerless. Recently, Russia has advised Malta that it will denounce the reduced tax rates which could be claimed by tax resident companies under the DTA between Russia and Malta. It is yet another blow to Malta’s reputation as the European offshore centre.