By means of Legal Notice 19 of 2017, the Maltese Minister of Finance has issued new regulations relating to the transfer of the registered office of a European Company, also referred to as Societas Europaea (SE). The purpose of these regulations is to implement the provisions of Council Regulation No. 2157/2001 of the 8th October 2001.
What is an SE?
The European Company is a type of public limited liability company regulated under EU law. The European Company Statute offers:
a simpler way to run a business if one is active in more than one EU country;
greater mobility in the integrated EU market: for example a company may transfer its registered office to another EU country without having to be dissolved;
a framework for how to involve staff who are employed in more than one country, in the running of the business.
Transfer to Malta of an SE
Where a company registered in another EU or EEA member state proposes to transfer its registered office to Malta, the following documents shall be delivered to the Malta Registry of Companies.
A copy of the resolution approving the transfer of the SE’s registered office;
A certificate issued by the Court, a notary or other relevant competent authority in the EU or EEA MS in which the SE has its registered office attesting that the acts and formalities required for the transfer has been completed;
The M&A of the SE adopted in accordance with the provisions of the Maltese Companies Act and the with the EC regulation.
Transfer of an SE outside Malta
Where a company which is registered as an SE in Malta proposes to transfer its registered office to another EU or EEA MS, the directors of the SE must draw up a transfer proposal in accordance with the EC regulation which shall be submitted to the Maltese Registry of Companies for registration. The Board of Directors must also draw up a report explaining and justifying the legal and economic aspects of the transfer and explaining the implications of the transfer for shareholders, creditors and employees.
The SE must notify in writing its shareholders and creditors of their right to examine the transfer proposal and to obtain copies free of charge by not later than one month before the general meeting called upon to decide upon the transfer.
Furthermore, all the directors of the SE must by means of a declaration of solvency satisfy the Registry of Companies that the interests of creditors and holders of other rights have been adequately protected. In particular, all the directors of the company are required to confirm that:
The SE will be able to pay its debts in full within 12 months starting from the date on which the transfer is proposed to be made; and
The SE will be able to carry on its business as a going concern and will accordingly be able to pay its debts as they fall due.
For further information, please contact Stephen Balzan. Stephen is the firm’s tax and corporate services partner. He may be contacted on firstname.lastname@example.org.
This article contains general information only and is not intended to address the circumstances of any particular individual or entity. ACT, by means of this article is not rendering any accounting, business, financial, investment, legal, tax, or other professional advice or service. This article is not a substitute for such professional advice, nor should it be used as a basis for any decision or action that may affect your finances or your business. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Before making any decisions or before taking any action that may affect your finances or your business, you should consult a qualified professional adviser. ACT shall not be responsible for any loss whatsoever sustained by any person who relies on this article.
16th January 2017
Maltese companies are subject to tax at the rate of 35% on their world wide income and capital gains. Malta grants various fiscal incentives to both companies and their shareholders upon distribution of a dividend. Malta is a membe...Learn More
Setting up a company in Malta is a relatively straight forward procedure and can be set up within 2 working days, provided we are in receipt of all the information, funds and due diligence documentation we need. The Act that regulates Malte...Learn More
Warm climate, friendly people, excellent communication infrastructures, low criminality and many other features of the Maltese islands have made Malta an excellent destination for people to take up residence in. Moreover low rates of taxati...Learn More
In the last few years, a large number of remote gaming operators have established themselves in Malta and the Malta Gaming Authority has to date issued over 400 licenses. The Gaming Licenses There are four (4) different gaming licenses that a prospective applicant may apply for, being:&nb...Learn More
Malta has become a destination of choice for the setting up of Payment Institutions (also referred to as Payment Services Providers or PSPs). A number of advantages has contributed to this success, mainly but not limited to the fiscal incentives granted not only to the payment institutions ...Learn More
Malta has recently seen an increase in the number of Electronic Money Institutions (EMIs) looking to set up their operations in Malta. This has been largely due to the growth in the e-commerce and the i-gaming industries. Such EMIs are regulated by the Financial Institutions Act and t...Learn More