Malta being an island in the central part of the Mediterranean has always been a centre of trade with a maritime tradition. Both in times of war and in times of peace, the island has featured prominently and geographically as a crucial link amongst all the key posts of the region, and as a focal point for international trade. All these factors have served to consolidate the maritime vocation and tradition in Malta . The comprehensive range of maritime service facilities, which Malta provides, has significantly enhanced the island's reputation as an important maritime service centre.
Vessel registration under the Malta flag and the operation of ships is regulated by the Merchant Shipping Act which is based on the UK legislation but subsequently revised and amended. Any type of Vessel, ranging from oil rigs to pleasure yachts, may be registered under the Malta flag under the name of legally constituted corporate bodies or entities or by citizens of the European Union, or vessels registered under other flags on a bare boat charger to a Maltese company. Registration of a Maltese shipping company is a straightforward, inexpensive and expeditious procedure. Provided that all the relevant documentation is available, a Maltese company may be registered with a minimum share capital of EUR 1,250 fully subscribed, within forty-eight hours.
The major advantages to registration shipping under the Maltese flag:
- · Low company formation and registration costs
- No restriction on the nationality shareholders, Directors of shipping companies
or on ship masters, officers and crew
- · Complete tax exemption to owners, charterers and financiers of Maltese ships
- · No restrictions on the sale and mortgaging of Maltese ships
- · No trading restrictions
- · Preferential treatment is given to Maltese ships in certain ports
- · Serious and efficient maritime administration
- · Flag state inspectorate to ensure adherence to international standards
- · 24/7 service in respect of urgent matters
- · Malta is very active in the participation in international ship fora
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