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International Trading Companies

Definition

An International Trading Company (ITC) is an onshore Maltese company engaged solely in carrying on trading activities with persons outside Malta who are not resident in Malta and which has its objects expressly limited to such trading activities as well as to such acts and activities as are necessary for the conduct of its operations from Malta.

Taxation

An ITC is taxed at the normal company rate of tax that is currently 35%. Malta's full imputation system of taxation, and provisions for refunds contained in the legislation, make an ITC a very tax efficient vehicle for non-residents shareholders.

Advance Revenue Rulings

An ITC can apply with this unit for an advance revenue ruling (ARR) this provides assurance in advance of the application of tax relief and credit mechanism applicable to non-resident shareholders. Such ruling will remain binding on the Inland Revenue Commissioner for a period of five years from the time of such ruling, or for a period of two years from changes in law which may occur.

Registration Requirements

Minimum issued share capital is Lm500 or equivalent in foreign currency. The number of shareholders is normally two, however, a 'Single Member Company' may also be registered;
A registered office address in Malta is required;
One director and a company secretary are a minimum officers requirement of a company. 'Single Member Company' may have the same one director also acting as a company secretary;
Every company must hold at least one general meeting annually;
An annual return is filed with the Registrar of Companies once every year.

Time required for Incorporation

The incorporation process is relatively swift provided that all the necessary information and documentation is in place.