Practical questions / Malta
A clearer
starting point.
Ten questions to help you find the right support. Your activity, reporting period and circumstances determine the advice and work required.
Before you begin.
I want to start a business in Malta. Where do I begin?
Start with the proposed activity, where you will operate, who is involved and whether you expect to employ staff. Consider the business structure, applicable registrations and any activity-specific permits before trading. Lotus can discuss start-up support and incorporation where appropriate; registration alone does not authorise every activity.
Should I be self-employed or incorporate a limited company?
The choice depends on the activity, ownership, commercial risks, expected finances and ongoing administrative requirements. A company has separate registration and company-reporting responsibilities. Compare the accounting and tax implications, and obtain legal advice where liability or ownership arrangements need it; there is no universally best structure.
When might VAT registration be required?
The activity, turnover, place and type of supplies, and purchases or transactions involving other countries can all matter. Malta has different registration and exemption arrangements; small turnover does not answer every VAT question. Check the current MTCA rules for the actual activity rather than relying on an old threshold or assuming that an exemption removes every obligation.
Can I change from my existing accountant?
You can enquire about a change. Explain the current scope, records available, outstanding work and proposed timing. Acceptance and any professional handover need to be discussed, including appropriate authorisations and contact with the previous adviser. Do not assume that appointments, records or filing responsibilities move automatically.
What if my accounts or tax obligations are overdue?
Identify the periods involved, what has been submitted or paid and any official correspondence. Lotus can discuss the accounting or tax work needed to establish the position and address gaps. Mention imminent dates promptly; bringing records up to date does not itself remove penalties or settle unpaid tax.
What does the payroll service cover?
The confirmed offering includes payroll setup and processing, payslips, tax and social security calculations, relevant FS3/FS4/FS7 documentation and employment administration. Discuss the headcount, pay cycle and exact registrations or reporting required. Work permit assistance is subject to the relevant application and authority; it is not a guarantee of approval.
Does every limited company require an audit, and who performs it?
Some companies may meet an applicable exemption, but the entity, period, conditions and any alternative reporting or review requirements must be checked. Tax-related exemptions do not automatically remove obligations under other legislation. Lotus helps with preparation and coordination; statutory audit and assurance engagements are undertaken by independent affiliated auditors, not by Lotus Consultancy Limited, subject to separate acceptance and independence requirements.
How are fees determined?
Ask for a quotation based on the actual services, transaction volume, complexity, reporting periods and frequency of support. Confirm inclusions, responsibilities, fees and terms before agreeing the assignment, and ask how additional work would be handled.
How do I contact Lotus during an engagement?
The published email and telephone remain the starting points. Agree the appropriate contact person, communication method, document-sharing arrangements and recurring tasks for your engagement. Confirm suitable communication arrangements when agreeing the scope.
Do you work with individuals and start-ups as well as established companies?
The confirmed services include personal tax enquiries, self-employment and start-up support, landlord accounting and work for companies and employers. Describe the activity and support you need so the appropriate scope can be discussed. Specialist matters outside that scope may require another professional adviser.
General information reviewed on . Check the requirements for your circumstances with the appropriate adviser or authority.
