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"Family Business" in Malta


				17.07.2013
						The Parliament of Malta began public discussion of the legislative proposal "On the family business." This legislative proposal is aimed at facilitating the transfer of the "family business" by inheritance. Maltese authorities hopes that the adoption of this law encourages the continuation of the family business by heirs, which in turn will lead to the economic development of the country. 


  


  
The Ministry of Economy of Malta gives the following statistics: 75% of the local industry belongs to the companies which are "family business", but only 30% of the heirs continue to pursue this business. One of the limiting factors, according to the authorities, is the issue of the transfer and registration of inheritance.

 
  
 We should mention, that in other European Union countries there is no analogue of such law. So, Malta can become an innovator in this field. The process of public discussion of the legislative proposal will last until 12 of August.

 
  
 

 		

	
		
	
		
Expert’s opinion

	
After all the events which took place in Cyprus, Malta attracts more and more attention. This country famous not only for it’s beaches, but also for the tax system, which allows you to build and develop the business, also the programs for obtaining a residence permit in the country quite attractive.

 Definitely, the government now wants to attract attention to business, and possibly attract a part of Cypriot investors. Well, quite naturally, the jurisdiction supports this.



 An interesting program for the conservation of the "family" business is unique in its nature. But, if it’s not a big business, inheritance, always accompanied by large bureaucratic procedures and costs, which are not always manageable. If Malta would become the innovator in this field, it will only add plusses to jurisdiction. It will help to keep a huge number of companies. This situation will be useful for everyone. We will follow the discussion of the project"



										
Irina Lomakina  									     ( Director of “Honest&Bright” company)
									

	
	
	
					
	
	
	


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