Starting a new company in Malta tends to be an exciting prospect for growth-oriented individuals. Malta not only attracts visitors with its beauty, lovely weather, and local people but is also a great place to operate a business.
Here are some of the top reasons why you should consider opening up a company in Malta.
Lowest Corporate Taxes
You might find the corporate tax rate of 35 percent a higher one and non-competitive than other European countries at first glance. However, you can reduce this tax rate up to 7 percent at the time of profit distribution to a holding company registered in another country.
Reasonable Income Taxes
Malta has a high-income tax rate, and people taking high salaries need to pay a good amount of money. Since the income tax rates go in bands, the trick to deal with these taxes is to draw as much salary as you need. The intuitive income tax system requires the earners to pay a higher tax percentage on the amount exceeding the band.
Lower Minimum Wages
Unlike other counties, Malta requires companies to pay €720 as minimum monthly payments to the labor. Most employees are satisfied with a salary of up to €2000 for the average jobs. It means you can save money on wages, allowing your business to be more lucrative.
The good news is that opening a company in Malta does not need you to invest a massive amount. The process of Maltese company formation is cheaper than other countries in the world. It is because of the minimum capital amount required to open a company, which is €1,165. Moreover, you need to deposit only 20 percent of this capital amount in the Maltese bank. However, you also need to pay an annual fee of €100 for doing business on the island.
Besides setting up a business in Malta, you can also benefit from various schemes and programs to get permanent residency with your entire family on this beautiful island. Find more at https://papilioservices.com/.