The Malta Business Registry (MBR) has issued its Annual Report and Financial Statements for the fiscal year ending December 31, 2023, which provide a thorough overview of the organisation's accomplishments, initiatives, and strategic direction during the previous year. During 2023, MBR ensured the strengthening and safeguarding of the Maltese jurisdiction's interests following years of legislative changes that transformed the corporate services sector as we know it. Malta's competitive edge has also been strengthened by the implementation of new legislative frameworks and the transposition of EU regulations.
Key Achievements and Initiatives
The MBR (Malta Business Registry) has been implementing digital transformation initiatives to enhance its operations and reduce bureaucratic procedures. One significant project completed in 2023 was the replacement of the legacy online system with the new Business Automation Registry Online System (BAROS). This new platform, which utilises distributed ledger technology, includes features such as the incorporation of all companies and commercial partnerships, the filing of more electronic statutory forms, and the use of qualified digital signatures. The system is interconnected with other European registries through the Business Register Interconnection System (BRIS) and the Beneficial Owner Register Interconnection System (BORIS).
Additionally, the MBR launched the Central Data Repository, designed to streamline the Know Your Customer (KYC) process, promote standardisation, and improve efficiency by eliminating duplicative efforts. This system was part of MBR's broader effort to maintain Malta's competitive edge as a business-friendly jurisdiction.
Anti-Money Laundering (AML) Initiatives: The Malta Business Registry (MBR) has continued to strengthen its compliance framework, particularly in the fight against money laundering and terrorist financing. The introduction of an automated AML Risk Model Tool has enhanced the MBR's ability to assess and mitigate risks associated with business registrations. This tool represents a significant leap in MBR's capacity to ensure that Malta remains a secure jurisdiction for business.
Audit Committee Establishment: The formation of an Audit Committee within the MBR is a strategic move to bolster governance and oversight. This committee plays a critical role in ensuring that MBR's operations align with international best practices and regulatory standards.
MBR's active participation in international forums and its alignment with global regulatory standards reflect Malta's growing influence in the international business community. These efforts are aimed at positioning Malta as a leading jurisdiction in the global financial services sector.
The report outlines various measures taken to improve operational efficiency, including staff training, process optimisation, and customer service enhancements. These initiatives have contributed to a more responsive and effective business registry, which is crucial for supporting Malta's economic growth.
The advancements and initiatives outlined in the Malta Business Registry (MBR) Annual Report 2023 are set to have a profound impact on Malta's business landscape in the coming years. Taking into consideration the tiny island, in 2023, 3,150 new limited companies and investment firms with variable share capital were registered, and 215,916 documents were registered overall. The Registry Unit also issued 14,100 certificates as part of this process. The Compliance Unit evaluated 21,928 notifications as part of its stringent protocols to guarantee good governance and compliance, and it carried out 1,661 onsite inspections in total to confirm beneficial ownership. The number of involvements screened in parallel came to 96,700.
Conclusion
The Malta Business Registry (MBR) Annual Report 2023 illustrates a year of significant progress and strategic development for Malta's business environment. Through technological modernisation, enhanced compliance measures, and international collaboration, MBR is not only supporting the growth of local businesses but also positioning Malta as a competitive and secure destination for global enterprises. These developments are expected to contribute positively to Malta's economic landscape, driving growth and reinforcing the country's standing in the international business community. For more detailed information, please refer to MBR Annual Report 2023.
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