Prosperity of Malta
A latest report from the European Centre for Policy Reform and Entrepreneurship (ECEPR), Malta among other European countries is considered as one of the top southern European hotbeds for ‘brain businesses.’ A study from, The Geography of Europe’s Brain Business Jobs, shows that 5.5 per cent of the working age population of Malta is employed in highly knowledge-intensive companies which is higher than the European average of 5%.
The government of Malta is also focusing on fresh ideas to boost businesses and investors on making a strategic choice of investing and setting up a base in Malta. The country is growing fast and making its name globally in becoming a hub for blockchain, bitcoin and a prominent Artificial Intelligence (AI) sector. Through studies and reports it is also observed that Malta is one among the world’s richest, healthiest and most prosperous nations. Malta is also considered in top of more than 100 variables to determine the most prosperous countries among the 149 under review.
Malta – the land of Self-Belonginess
For foreigners working and living in Malta, the combination of an efficient business climate, excellent infrastructure and driven workforce, enhanced by the relaxed holiday environment in which they operate, offers a unique and magical experience. For expatriates, the living costs in Malta are considerably lower than the main countries in central Europe, and the international schools reflect this low cost of living. In addition, the good climate and relaxed pace of life make it an attractive location for expatriates and their families. As an EU jurisdiction with favorable tax rates, Malta is set to establish itself as the place of choice for businesses. In addition, the participation exemption on dividends and capital gains derived by Maltese companies from their overseas investments, the absence of transfer pricing and the Controlled Foreign Corporation (CFC) rules, an extensive double taxation treaty network and the refundable tax credit system attract groups of companies to set up their trading and holding companies in Malta. Maltese standard time is one hour ahead of Greenwich Mean Time (GMT) and six hours ahead of US Eastern Standard Time (EST) so business runs smoothly with the international community.
Location – The jewel of EU
Truly, Malta is an island that gives more than 3000 hours of sunshine yearly surrounding itself with blue crystal waters, also making itself as the HUB of Yachting, Shipping and Maritime industry. This in return brings businesses a great sense of positivity and belonginess towards the outstanding and lavish economy with its culture followed from the roots.
The island is very well connected with all the major European airports with a maximum of a 3-hour airtime. With a community of English-speaking individual(s), the island also possesses its high standard healthcare and education globally.
Uniformity, Resilience and Governmental support
Malta has always been a welcoming jurisdiction when it comes to digital industries. Over a decade ago, it was one of the first countries to legislate in support of the iGaming industry and it now holds the title of the most respected online gaming regulatory jurisdiction in the world. The same is happening with ICOs, cryptocurrencies, and blockchain technology. From the beginning of 2019, the Blockchain Island has been progressing beyond the hype. The Maltese Government is also enacting one of the first Bills in the world giving a D.A.O. its own legal personality. In addition, through the support and the welcoming support of industries and enterprise, Malta is also working around the clock on a set of incentives that will support businesses in Artificial Intelligence, quite an initiative to (e)grow the economy and bloom its (e)market. This advancement is encouraged through seminars like the upcoming event “AI in Business Malta Summit”(https://aibusinessmalta.com/) which will focus on the advancement of Artificial Intelligence and give an in-depth knowledge on how AI will in the future capitalize on the opportunities starting from a small business to the fortune list.
This development has led to a large influx of crypto companies into the country with industry giants announcing themselves to headquarter in the beautiful island of Malta. The Maltese governments’ approach towards regulation and compliance with international standards, whilst also ensuring the burgeoning industry can flourish, is unique and has really helped to put Malta on the map. When the new legislation is fully implemented, ICOs will be vetted and regulated, service providers such as brokers, investment managers, and (e)Wallet providers will be supervised, and clear standards will be established that will protect the consumer and operator alike.
Innovation and Invention
Malta has always tried to stay one step ahead of the crowd, particularly when it comes to technological innovation. Malta as very well-known is the home to the iGaming industry which in turn has helped to create a flourishing digital ecosystem on the island. Malta was also one of the pioneers to get a citizenship by investment programme approved by the EU. From law firms and corporate service providers to marketing agencies and IT consultancies – Malta is home to many providers that have adapted to service the world of technology. Innovation also runs in the veins of the Maltese people and there is a huge pool of local talent- multi-lingual, highly educated, experienced in innovating sectors- that are ready to be a part of the next big thing.
Team SMM – Solution and guidance to Malta
With the adaptiveness of technological and gamification upliftment to bloom the economy at its heights, Team of SMM is all geared to legally assist and guide anyone looking to set up in Malta as a choice. Our on the ground knowledge, helps us engage and assist our clients with the ongoing compliance. SMM team believes in a disciplined and structured way to provide seamless service to our clients which caters all their needs.
Sources – (Times of Malta), (CBS Group) (SMM Group) (https://aibusinessmalta.com/)