Reducing Bureaucracy for Businesses

Isaac Sammut  -  15/July/2022

As announced last week by the Minister for the Economy, EU funds and lands, Mr Silvio Schembri, the Cabinet has approved the establishment of a Steering Committee that will be addressing a number of measures directly impacting the financial services industry and the clients it strives to assist.

The ease of doing business is a fundamental metric onto which the financial services industry operates as it highlights an economy’s performance and success, and acts as a means by which corporate clients and businesses are attracted to Malta.

Unfortunately, the ease of doing business has increased in terms of complexity and somehow made it more difficult for businesses to establish in Malta. As a service provider directly engaged in offering company formation services, KSi Malta understands that the process of onboarding and assisting a client has become a rather burdensome endeavour, especially in terms of compiling and submitting due diligence documentation to various entities, opening a bank account, and obtaining credit for working capital financing.

To this end, it is promising to see that the government already has a plan of action in place to address the above. By establishing a centralised document repository system to minimize repetitive submission of requested documentation by different governmental entities is a step in the right direction. Reducing the time to open a bank account and setting up a credit review office are also applauded developments that the financial services industry will avail of.

It is also positive to see that service providers will be involved in the decision-making process and will have a voice in terms of how these proposed measures will be implemented on the ground to facilitate their line of work and service offerings.

KSi Malta, a leading tax, legal advisory and corporate services firm has always been at the forefront in providing cost-effective solutions to its clients. Ultimately, ensuring a streamlined and coherent service, not at the expense of good governance, is fundamental for KSi Malta to continue expanding its client portfolio and keep the flag flying for Malta.

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