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The basis statutory requirements for the formation of an ITC and its principal characteristics are as follows:

Corporate Requirements
Standard issued share capital	Lm 500 (approx. USD1500) (in any foreign currency)
Minimum paid up share capital on incorporation:	20%
Minimum number of Shareholders required:	One shareholder (if the company director is a natural person) or Two shareholders (if the director is corporate). (At least one non-resident shareholder)
Nominee Shareholders Permitted:	Yes
Minimum number of directors:	One. In certain cases, director may also act as company secretary.
Corporate directors permitted:	Yes
Local directors required:	No
Local meeting required?	No
Company secretary required?	Yes
Meetings:	At least one General Meeting each year, in addition to any other company meetings.
Local Registered office required:	Yes. We offer registered office services.
Malta Tax residence to benefit from Tax Treaty network:	Based on incorporation in Malta.
Exchange Control:	No exchange control regulations - may conduct business in any currency
Average timeframe to set up a new company	2 days (depending on availability and adequacy of documentation/information provided)

Disclosure and Reporting Requirements
Disclosure of beneficial owner to Company Registrar	No (when using nominees)
Government register of directors	Yes
Government register of shareholders	Yes
Annual return	Yes
Submission of accounts	Yes
Audit	Yes

If Company is fully owned by Non-Residents, an exemption from exchange control is given.

Company may operate an office in Malta and employ skilled expatriates in Malta. Foreign employees paid in Malta will be subject to National Insurance and local Income tax regulations. Tax rates vary between 0 - 35%, depending on the declared salary of the employee.

1. A letter of reference from a professional office in respect of each beneficial shareholder, or:

2. If the shareholder chooses to appear in his name, the Central Bank of Malta must be provided with details (name and fax number) of the foreign Bankers of the said shareholder and will request a short status report from such Bank confirming that the client is in good-standing.

This requirement is not applicable where the shareholder remains anonymous and uses the services of a licensed Nominee.

The process of formation takes about 2 days from submission to us of the full documentation. Details of costs are provided upon request.