Malta

Financial Reporting Obligations for Companies in Malta

1. Registry for Financial Statements Submission

In Malta, companies must submit their financial statements (annual reports) to the Malta Business Registry (MBR) (https://mbr.mt), known locally as the Reġistru tan-Negozju ta' Malta. The financial statements are filed with the Registrar of Companies.

2. Legal Forms Obliged to Publish Financial Statements

The following legal forms are required to submit financial statements to the registry:

  • Private Limited Liability Company (Kumpanija b’Responsabilità Limitata – Ltd)
  • Public Limited Liability Company (Kumpanija Pubblika b’Responsabilità Limitata – Plc)
  • Limited Partnership (Soċjetà b’Responsabilità Limitata – LP)
  • General Partnership (Soċjetà b’Responsabilità Illimitata – GP)
  • Cooperatives (Kooperattivi)

Legal forms not obliged:

  • Sole Proprietorship (Intrapriża waħdanija – only required to submit tax returns, not detailed financial statements)
  • Small Unregistered Entities – may only need to submit simplified financial summaries depending on the regulatory framework

3. Audit Requirements

Most companies in Malta are required to have their financial statements audited. The specific conditions for audit requirements, based on company size, are outlined below:

Legal Form Rule Criteria
Private Limited Liability Company (Ltd) Audit required unless exempt Exemption possible if turnover (less than) €80 000 and specific conditions are met
Public Limited Liability Company (Plc) Audit always required No exemption regardless of size
Limited Partnership (LP) Audit required Criteria similar to Ltd if large
General Partnership (GP) Audit required Criteria similar to Ltd if large

The conditions under which an LLC can be exempted from audit include having an annual turnover not exceeding €80 000, all shareholders being qualifying individuals, and filing the necessary exemption request within six months of the accounting period's end.

4. Local Stock Exchange

Companies listed on the local stock exchange in Malta must publish their financial statements on the Malta Stock Exchange (Borża ta' Malta: https://www.borzamalta.com.mt).

5. Deadline for Submission of Financial Statements

  • Private Companies (LLC): within 10 months after the end of the financial year
  • Public Companies (PLC): within 7 months after the end of the financial year

Once approved in the annual general meeting, companies have 42 days to file these statements with the Registrar.

6. Partial Financial Statements

Certain small companies may submit simplified financial statements under the General Accounting Principles for Small and Medium-Sized Entities (GAPSME). This allows them to provide less detailed reports, such as omitting the cash flow statement.

7. Consequences of Late Submission

Failure to submit financial statements on time can result in penalties, including daily fines until compliance is achieved. Persistent non-compliance could lead to legal action and, in severe cases, the striking off of the company from the registry.

8. Specific Conditions for Foreign-Owned Branches

Foreign-owned branches and newly established companies must comply with the same financial reporting requirements as domestic entities. However, they may have additional obligations, such as providing parent company documentation and adhering to any specific requirements set by the Malta Financial Services Authority (MFSA: https://www.mfsa.mt).

Sources

Source Link
Malta Business Registry https://mbr.mt
CSB Group – Audit Requirements https://www.csbgroup.com/malta-audit-requirements
Malta Stock Exchange https://www.borzamalta.com.mt
Malta Financial Services Authority (MFSA) https://www.mfsa.mt
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