On the 25 March 2020, the Malta Business Registry (the “MBR”) issued a notice on the submission of Annual Returns and Financial Statements.
The MBR reiterated that every company is required to submit to the MBR their Annual Return, together with the applicable registration fee by not later than 42 days from the anniversary date of the company. Furthermore, private companies should submit their Financial Statements by not later than ten months and 42 days from the financial year end. In relation to public companies, Financial Statements are to be submitted by not later than seven months and 42 days from the financial year end.
In this regard, officers of companies are required to take proper procedures to make sure that Annual Return and Financial statements are filed on time. In order for the MBR to help companies achieve this particular aim, the MBR noted that filing of such documents can either be done through their online services or else submitted in paper format. Processing of documents in paper format will begin after 5 days from delivery to reduce any health risks for MBR employees.
Should a company be effected by the COVID-19 situation and the filing of the Annual Return and/or Financial Statements falls within the period of 23 March 2020 until 31 May 2020, the MBR will waive the relative penalty on late filing if these documents are filed with the MBR before the 31 July 2020.
In its notice, the MBR also stated that if the company has additional notifications to submit with the Registrar but is unable to do so because of the current situation we are facing, it should immediately inform the MBR by means of an email. This email should be sent by not later than the notification period allowed by law, otherwise no revisions of penalties will be considered on such company.
Feel free to contact us if you require any further clarifications in relation to the MBR’s reporting requirements.