How to expatriate to Malta and start a business there
Expatriation is the act of moving to another country with the intention of staying there for a long period of time. In modern usage, it often refers to a person who leaves their home country to live in another nation. In doing so, he or she may open up to new opportunities, whatever they may be. If you too want to expatriate, find out in this article everything you need to know to succeed in the process, especially if you choose Malta as your destination. We tell you everything!
Expatriating to Malta and starting a business: what is the first question to ask?
In recent years, many people are considering expatriation as an option. This is because they wish to start their own business abroad or have lost their jobs in their country of origin.
For all these reasons, expatriation has become a popular trend for those who want to start a business abroad and for those who are looking for new opportunities.
But the most relevant question that follows is: "Where do I go to start a business or find new career opportunities?
It depends on the field in which you want to excel. In fact, there are different types of businesses that might be better suited to one country than another. Sectors showing increasing vitality include: international finance, online gaming and e-gaming, import-export, etc.
If you are thinking of moving to Malta, there are some questions you need to answer first. What are the formalities involved in setting up a business abroad? What are the tax consequences of expatriation? Do I need a work permit?
Once you have all the answers, consider creating a quick website for your future business.
How to prepare your expatriation to Malta?
Expatriation is a process that cannot be improvised. In fact, it is not enough to determine the country of destination. To expatriate to Malta, you need to ask yourself a number of questions:
- Will my driver's license be valid abroad?
- What will my status be there?
- What do I have to do the year after I leave?
- Which school is right for my children?
That is why it is important to be well prepared, and not just a little!
You should learn about the culture and customs of the country you are going to and adapt as soon as possible. The same goes for the legal and health care systems.
This is not all, think also to inform the banking institution in which you have subscribed. This way, you can stay in good standing and be kept informed of all the formalities related to your move abroad.
On the other hand, don't forget to cancel all your subscription contracts. This includes the internet, telephone and television subscription contract, the electricity contract?
In addition, one thing you should do to prepare for your expatriation is toanticipate the registration of your children. You can choose between local schools where your children will be fully involved in the culture of your host country. Or you can opt for a bilingual school. But of the two, for those who wish to expatriate to Malta, the second option is more suitable, especially if your children are young.
Finally, Prepare your loved ones well for the expatriation you are planning. Spouses and children are sometimes forgotten in the preparation, but this can lead to a failure of the process. It is therefore very important to ask for their opinion on the one hand and to prepare them, in all aspects, on the other.
Why move to Malta?
Malta is an archipelago located in the center of the Mediterranean. More precisely, it is located between Sicily (Italy) and the North African coast. As part of the European Union, the island of Malta is the country with the most pleasant climate of all, with temperatures between 15 and 35 °.
It offers to all its residents an excellent sunshine for more than 300 days during the year. It is the most sought-after climate for any retiree wishing to enjoy the mild Mediterranean climate.
But the reasons for Expatriate to Malta are not limited only to that. Zoom in on all that life on this island has to offer.
The cost of living index is much lower in Malta than in France. As a reminder, this is the average price of food, clothing, transport, etc.
In addition, finding a home is not so complicated, and the growth of the real estate sector allows you to find new and well-built homes.
You can therefore search for an apartment according to your budget, the area in which you want to live or a specific property.
Malta is known to entrepreneurs and employees for its many tax advantages. In fact, there is an absence of housing tax and property tax. The same applies to the tax on large fortunes.
Moreover, Malta has no capital gains tax or inheritance tax. This makes it a very attractive destination for expatriates who want to start their own business.
The health of the expatriate
If you are considering moving to Malta, don't worry about your health. In fact, the Maltese health system is among the best in the world and among the cheapest.
So, to benefit from social security, contribute voluntarily as a self-employed person or as an entrepreneur.
The safety of expatriates living in Malta is guaranteed. Indeed, the island of Malta has a zero tolerance approach to crime and the violence.
In addition, the Maltese government maintains close relations with the European Union and the United States. This means that it has access to all the latest law enforcement technologies.
It is therefore difficult for any criminal to get away with his crimes or to hide from police investigations.
What are the formalities for expatriating to Malta?
The process for moving to Malta is relatively simple. As long as you have the right papers and you are not from a country where Malta has restrictions.
The formalities to be expected when moving to Malta are as follows:
- A Maltese residence permit. It can be obtained by anyone who has been granted a visa or a long-term residence permit by the Maltese authorities.
- A application procedure. It can take up to 6 months to complete, but is usually less than 3 months if all documents are complete and submitted correctly.
Please note that you do not need an employer sponsor or a family member residing in Malta, nor do you need a minimum salary requirement for your expatriation. Therefore, you only need to complete the above points.
Why start a business in Malta?
There are many many advantages from start a business in Malta. Whether you want to set up your business on the main island of Malta or on the sister island of Gozo, it is an ideal place to start your business. Moreover, it has been ranked as the most competitive country in the world by the World Economic Forum.
In fact, Malta is a small country, but it has everything that any international company would need. It has excellent infrastructure and transport links. In addition, it is strategically located in the Mediterranean Sea and its tax system is one of the most competitive in Europe.
So, if you want to propel yourself in the field of import-export, think above all to create a site with a well optimized content for its referencing.
The country is also well known for its hospitality. It attracts tourists from all over the world, especially during the summer months. What's more, Malta offers many incentives for start-up businesses. These include lower corporate tax rates than other European countries and more flexible labor laws. This makes it easier to hire employees.
In addition, Malta also offers a stable political climate with a low crime rate. This provides an excellent environment for the expansion of your future business in the field of international finance and digital technology.
What are the administrative costs of setting up a business in Malta?
Starting a business can be expensive, whether you want to move to Malta or elsewhere. It is therefore important to know the administrative costs before you start.
In fact, there are many types of administrative costs that you will need to consider before starting your business. These include accounting, legal and insurance.
The accounting is one of the most common expenses that entrepreneurs have to pay, as they need it to keep track of their finances.
The legal feesThese are also common. This is because they help entrepreneurs protect their business from lawsuits and other legal problems.
L?insuranceInsurance is necessary for any company. It helps to protect against losses due to natural disasters, but not only. The insurance also constitutes a guarantee in case of accidents that could damage company property or injure employees.
Apart from these fees, those who wish to Expatriate to Malta must know the other categories of costs for the creation of a company in there:
Annual management costs of the company
Annual business management fees are compulsory for setting up a business in Malta. These costs depend on the size and industry of the company and include
- license renewal,
- direct debit,
- VAT declaration, balance sheet,
- social declarations,
- tax returns.
Administrative costs payable to the Maltese state
The administrative expenses The amount of tax payable to the Maltese government depends on your business activity in Malta. The more business you have, the higher your administrative costs will be, as you will have to pay more taxes to the Maltese government.
But in general, the administrative costs of starting a business in Malta are are 350 ?.
Anyway, Malta is a small country with a very large offer of financial products. It is therefore worthwhile to compare the different offers in order to choose the best one.
What are the advantages of setting up a holding company in Malta?
As a reminder, a holding company is a company whose purpose is to hold shares in companies. This holding company can be found in many industries, and is often used to manage a family business.
Holding companies are classified in two categoriesnamely active and passive.
The active companies are those that are listed on the stock exchange and have a significant stake in the company.
The passive companiesIn addition, the companies that do not have a significant stake in the company are the ones that do not have a significant stake in the company. Instead, they hold shares in other public companies.
And if you want to start one or the other, learn all the essential tools to promote your company in the first place.
But what are the advantages of creating such a company in Maltawhich is one of the most popular places to create?
First, the state offers tax benefitsThis makes it an attractive location for many international investors to locate in Europe. This makes it an attractive location for many international investors who wish to establish themselves in Europe.
In addition to the tax benefits,such a process offers very interesting operational, financial and legal advantages.
For example, you can pool some or all of the necessary support functions for your company. This is also the case with the fact that you can bring in more investors without losing control of the subsidiary.
An excellent reason to move to Malta!