Aug
18

Registrar for Companies Assumes the Function of Registrar for Legal Persons

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The President, by and with the advice and consent of the House of Representatives, has enacted Act No. XLVII of 2020 to amend the Second Schedule to the Civil Code, Chapter 16 of the Laws of Malta (the "Second Schedule"), and the Companies Act, Chapter 386 of the Laws of Malta, and to provide for related and ancillary provisions. The function of the Registrar for Legal Persons has now been assumed by the Registrar for Companies of the Malta Business Registry. The Registrar for Legal Persons previously fell under the purview of the Public Registry within Identity M...
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Feb
24

Amendments to Beneficial Ownership Regulations relating to Trusts, Foundations and Associations

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Amendments have been made to the beneficial ownership regulations relating to trusts, foundations and associations together with other amendments to the principal AML/CFT regulations. The purpose of the majority of these amendments is to transpose Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing as amended by Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 and other amending Direct...
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Feb
21

Malta Foundations

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INTRODUCTION Maltese law allows for the establishment of various types of foundations, whether for a social or private purpose or for the benefit of named beneficiaries or a class thereof. DEFINITION OF FOUNDATION A foundation is an organisation consisting of a universality of things constituted in writing, including by means of a will, by a founder or founders whereby assets are destined either: (a) for the fulfillment of a specified purpose; and/or (b) for the benefit of a named person or class of persons, and which are entrusted to the administration of a desig...
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Jan
23

Registrar of Legal Persons moving to MBR

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The Identity Malta Agency and the Malta Business Registry have announced that as from the 3 rd February, 2020:- (1) All new applications pertaining to registration of foundations and association as legal persons in terms of the Second Schedule of the Civil Code; and (2) The submission of information pertaining to the Register of Beneficial Owners in terms of the Civil Code (Second Schedule) (Register of Beneficial Owners - Associations) Regulations and Civil Code (Second Schedule) (Register of Beneficial Owners - Foundations) Regulations; Shall be delivered to the...
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Jun
27

All Foundations and Associations to Submit Beneficial Ownership Information by 30th June 2019

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This article was written by Dr Joshua Chircop and Dr Dorita Cardona . The Registrar for Legal Persons has announced that all foundations and associations are required to submit information on their beneficial ownership by the 30 th June, 2019. This announcement follows another recent announcement by the Commissioner for Voluntary Organisations requiring all foundations and associations in Malta which qualify as voluntary organisations to enrol or notify the Commissioner by the 30 th June 2019.   Foundations and Associations are required to comply with the Civ...
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