Notice to Company Service Providers issued by the Malta Business Registry

On the 17th May 2021, the Malta Business Registry (“MBR”) issued a notice directed to Company Service Providers (“CSPs”) noting the changes and procedures which will be implemented by the MBR following the enactment of the Company Service Providers (Amendment) Act, 2020.

The MBR advised that persons not specifically exempt by the Company Service Providers Act (Exemption) Regulations offering CSP services by way of business as defined in the Company Service Providers Act (“Act”) without applying for an authorisation with the Malta Financial Services Authority (“MFSA”), will be deemed to be providing their services without an authorisation. Consequently, the MBR notes that it will not process any documentation submitted by unauthorised persons until and unless it is provided with a physical receipt issued by the MFSA that the relevant persons have applied for authorisation.

Furthermore, the notice specifies that CSPs who are already registered in terms of the Act prior to the amendments are to ensure that, when required to change their share capital due to the classification provided by the MFSA, a copy of the certificate of authorisation issued by the MFSA is to accompany the relevant MBR form and documentation for the change in share capital.

Moreover, following the classification provided to them by the MFSA, CSPs who were already registered in terms of the Act prior to the amendments should ensure that, any applicable changes to the services they offer resulting from the classification are to be reflected in the objects clause of their memorandum and articles of associations. Furthermore, any submissions to the MBR related to the amendments of the memorandum and articles should be preceded by the approval of the MFSA.

Do not hesitate to contact us should you require any further information or assistance on the above.