Have you been intending to start up your own business but have been afraid of all the research you’ll have to conduct in order to find out all of the documents and information you need to gather? Fear not,we’ve done all the groundwork for you! Check out the 10 process you need to go through before starting up your business.
Reserve a unique company name
What is the first thing you do when you bring a baby into this world? Name it. Your business is your baby, so it is important you first give it a name. It is vital that the name of your company is unique, so make sure to check about the name you have in mind to make sure it isn’t already taken. You can start by checking whether it’s already taken on the Yellow Directory itself. Once you have thought up of a name, register it at the Companies Registry in Attard.
Draft the memorandum and article of association
What comes next is drafting a statute that will be encompassed of your aims and goals as a business. This document will contain basic information about your business and will state your rights and responsibilities as a business. You will need a lawyer or accountant to assist you during this process.
Deposit the paid-in minimum capital
After you open a temporary bank account for your company, you need to deposit a paid-in capital. The minimum amount of deposit depends on the type of company you’re starting up. Here’s a list of banks you could consider opening an account with.
Register at the companies registry
When the previous 3 steps have been carried out, you will need to register your company officially. It is important for this step to come at this stage as you will need to provide documentation of your registered name, memorandum and bank account.
Obtain a trade license
In order to legally make a profit out of a business, you must own a trade license. This is a type 4 license and can be obtained at the commerce office. The fees for this type of license vary according to the size of your company.
Obtain a TIN
A Tax Identification Number is crucial when starting your business as you will need to register your company as taxable later on. This process can be done at the Inland Revenue process and will require you to present your memorandum and registration number. (This step can be ignored by Maltese self-employed individuals as their identification number serves as their TIN)
Open a permanent bank account
Once all of the previous steps have been performed, you can finally open a permanent account and transfer the initial sum from your temporary account to the permanent one.
Register for VAT
In order to register for your VAT number, you will need to submit an application form (S.L.406.09), your TIN number, a copy of the memorandum, a copy of the original certificate of registration including the stamp of the MFSA (Malta Financial Services Authority).
Obtain a PE Number and register employees
In order to hire employees, you must first obtain an employer identification number so you can then progress to registering your employees with ETC. Of course, if you intend to work in your business alone, there is no need for this step.
Register for data protection
If you intend to employ workers or register information about people on your website – such as with gaming companies or researching companies dealing with statistics, you will need to register for data protection in order to safeguard the information you gather. If you don’t intend on employing anyone or gathering information or taking pictures of other people, that won’t be necessary.
There you go, starting up a business has never sounded so easy! Let us know if we forgot anything or if this document has helped you out!