Fenlex Offering

Fenlex has been active in servicing the international business sector since the 1980’s. With over 20 years’ experience in the field Fenlex offers company incorporation, accountancy, company secretary, tax compliance and VAT Services amongst others. We offer our clients “hands on” assistance in their day to day needs. To do this, we use cost-effective systems which are assisted by state of the art technology solutions and are closely associated with Fenech & Fenech Advocates, one of Malta’s largest and longest established law firms.

 
 

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New Scheme for High Net Worth Individuals

A high net worth individuals scheme was launched by Finance Minister Tonio Fenech yesterday morning to replace the permanent residence scheme, which was suspended abruptly at the beginning of the year. Under the new rules, the property bought by foreigners has to be worth a minimum of €400,000, up from the previous minimum of €116,000. People buying property under the new scheme will have to spend a minimum of 90 days per year living in Malta and there shall be two sets of rules. One aimed at EU Nationals and the other at non-EU nationals. All applicants will have to spend a minimum of €400,000 on the property or €20,000 a year in rent.They have to have health insurance recognised across the EU and pay an application fee of €6,000 to cover fees the government will be incurring to carry out a 'fit and proper' test .The application forms can only be submitted by Maltese warrant holders registered with the inland revenue department as authorised people. Tax is set at 15 per cent tax on foreign income and normal tax on any local income. The minimum tax payable for EU nationals is €20,000 a year and €2,500 tax per dependent. Non-EU residents will need to renew their visa every three months or enter into a contract with the government with a financial bond of €500,000 and €150,000 per dependent. Their minimum tax payment will be € 25,000 a year.

Existing permanent residents registered under the old scheme will not lose their status unless they sold their property.

Applications received or copies of promises of sale signed beforethe launch of the new High Net Worth Indovidual Scheme and which are not processed because the scheme was suspended will have the €6,000 application fee waived.

Last Updated ( Friday, 16 September 2011 11:25 )
 
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A quick guide of the main features of Maltese Companies

One of the world’s earliest, most successful and wealthiest multinational organisations made Malta its home. Malta in turn made this organisation famous. It came to be known as the Knights of Malta, and the traditions of commerce, international trade and multiculturalism it established became ingrained in the culture of the Maltese Islands. Malta’s exceptional location in the Mediterranean has always ensured that its geopolitical importance is established. Historically, this allowed Malta to punch well above its tiny size, a characteristic that continues to this day. Since Malta joined the European Union in 2004, its presence as a financial services centre is increasingly being felt.

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Malta-China collaboration on financial services discussed

The relationship between Malta and China is becoming closer: Following the signing of an agreement aimed at developing the securities markets earlier this year between the Malta Financial Services Authority (MFSA) and the China Securities Regulatory Commission, the Maltese Finance minister Tonio Fenech now met a delegation from the China Banking Regulatory Commission (CBRC). The MFSA and the CBRC had concluded and signed a Memorandum of Understanding which established an agreement for the sharing of supervisory information and which was aimed to enhance co-operation in the area of banking supervision.

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ECJ Judgement: German gambling monopoly has come to an end

The German Interstate Treaty on Gambling violates European Union law. Three preliminary rulings handed down by the European Court of Justice confirm that the “German rules do not limit games of chance in a consistent and systematic manner” and stresses that “national rules concerning that monopoly, held to be contrary to the fundamental freedoms of the Union, cannot continue to apply during the time necessary to bring it into conformity with (European) Union law”. The Court stresses in particular that “the holders of public monopolies carry out intensive advertising campaigns with a view to maximize profit from lotteries thereby departing from the objectives justifying the existence of those monopolies”.

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Malta and Germany to further strengthen bilateral relations

Malta is an attractive investment and business location for German companies. The recent one day visit by German Foreign Minister Guido Westerwelle “is a living proof that the Federal Republic of Germany considers Malta as one of its main partners in economic and political collaboration”, Malta's Deputy Prime Minister Tonio Borg said. He said that Germany has supported Malta, over the years, on a number of politial matters. Furthermore, it is worth mentioning the trust placed by German investors in Malta.

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Fenlex taking part in European iGaming Congress and Expo

Fenlex Corporate Services Ltd. will be exhibiting at the European iGaming Congress & Expo (EIG) between the 19th and 21st October 2010 at the Bella Centre in Copenhagen. The EiG attracts attendees from all areas of online gaming, from the most senior management to specialists in areas as diverse as iGaming law, regulation, finance, marketing, business development, fraud, payments and IT. In 2009, over 1500 people from over 60 countries attended the event.

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New Markets, new Opportunities?

Managing websites in different languages and teams that provide customer support in their respective mother tongue are standard for most online gaming operators. And whereas the term localization is usually applied to translations and software adaptation, it could soon mean more. (Article appeared in iGaming Business Magazine, July 2010)

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Malta expands its tax treaty network through an agreement with Uruguay

Malta and Uruguay have concluded negotiations on a double taxation agreement (DTA) between the two countries, which is expected to be signed later on this year. This announcement assumes particular importance in consideration of the fact that despite Malta’s extensive tax treaty network of over fifty agreements, so far, it has not yet signed a double taxation agreement with any South American country.

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Malta signs investment guarantee agreement with Serbia

Malta and Serbia signed an investment guarantee agreement. The agreement is meant to promote investment flow between the 2 countries, and provides a legal framework that sets norms and protection for investing in the respective countries. The double taxation agreement which the two countries signed last year had just gone into force on June 16 2010. Deputy Prime Minister and Minister of Foreign Affairs Dr Tonio Borg said that this will continue to strengthen bilateral ties and improve economic and trade relations.

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Fenlex celebrates 10 years in business

Fenlex is celebrating its 10th anniversary this year. Karl Diacono, the firm’s CEO, sums up the main developments which have helped shape the company’s success over the past decade.

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Amended double taxation agreement key to attract further German investment

The Minister of Finance, the Economy and Investment Tonio Fenech and the German Ambassador to Malta Bernd Braun have signed a protocol amending the agreement on the avoidance of double taxation which is intended to bring the existing agreement in line with current international standards concerning effective exchange of information and transparency. 

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Keen interest from China to explore business opportunities in Malta

Trade between Malta and China has increased by some 140 per cent over the past four years. Despite the financial crisis, Malta was also the only EU country that experienced an increase in trade with China last year. An increase of almost 10% said Malta’s ambassador to China Karl Xuereb during a visit by the president of the Malta Chamber of Commerce and Enterprise Helga Ellul to the vice-chairman of the China Council for the Promotion of International Trade (CCPIT) Yu Ping. Both sides discussed further cooperation and the strengthening of their ties. The visit took place during the last day of the Malta Enterprise trade delegation in Beijing.

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2,678 new companies were registered in 2009

Despite the global recession, the Malta Financial Services Authority (MFSA) registered 2,612 new companies in addition to 66 commercial partnerships in 2009, bringing the total to 2,678 new registrations. The total number of companies on the register as at end December 2009 stood at 48,520 companies (2008: 45,975). “Given the turmoil that followed the worldwide financial crisis, the performance of Malta’s financial services sector in 2009 can be described as extremely good”, pointed out MFSA’s chairman, Professor Joe Bannister, in the Annual Report 2009 which was recently published.
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Malta and Croatia to cooperate in creating investment opportunities

Malta and Croatia can significantly improve their trade relations and create new opportunities for investment between both countries, Minister of Foreign Affairs Tonio Borg said.

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Licensing in Malta - Due for a Change

Karl Diacono, Managing Director of Fenlex, looks at the state of online gaming licensing in Malta (article appeared in iGaming Business Jan/Feb 2010).

Malta’s Remote Gaming Regulation 2004 is due for updating. In fact it is known that the Regulation in the current form is somewhat weak in that, in many areas, it is open to interpretation or does not give operators or the authority itself, clear cut answers in a number of areas. It is also known that the regulator is not too happy with the current state of affairs but has been too busy solving the big issue that cropped up this year when Maltese villages where invaded by gaming shops packed with gaming machinery that was not regulated. This problem is now solved with new legislation in place regulating these onshore operations. The next big project, after the LGA settles into its spanking new offices, should be updating the current remote gaming regulations.

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International Gaming Expo - A success for Fenlex and Fenech & Fenech

For the first time Fenlex Corporate Services Limited and Fenech & Fenech Advocates set up their own stand at one of the most important global gaming events – the International Gaming Expo in London which took place between 26th and 28th January. “We have received a high number of quality leads for potential new business and meet up with a large number of our existing customers”, Fenlex’s Managing Director Karl Diacono said.

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Investment funds: Malta and China develop a framework for cooperation

Malta’s fund industry has opened up to one of the world's largest pools of private capital. The Malta Financial Services Authority (MFSA) and the People’s Republic of China Securities Regulation Commission have signed a Memorandum of Understanding (MoU), allowing Chinese Qualified Domestic Institutional Investors to invest, on behalf of Chinese investors, domiciled investment funds regulated by the MFSA into Malta. At the same time, MFSA licensed companies will be able to access the Chinese Qualified Foreign Institutional Investor status and invest directly in China.

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Will Court of Justice strike down German online gaming rules?

National rules restricting the provision of sports betting must pursue their objectives consistently and systematically to be in conformity with EU law. This is the opinion of Advocate General Yves Bot in a betting case involving Winner Wetten (C-409/06) before the Court of Justice of the European Union (CJEU). Rules adopted by North Rhine-Westphalia that justify the organisation of a sports betting monopoly for reasons of preventing addiction to gambling are incapable of protecting consumers and are therefore incompatible with European Union law, concludes Bot.

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Malta and Jersey sign double taxation agreement

Malta and Jersey have signed an agreement on the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. This is the 16th double taxation agreement signed during the past 22 months, all aimed at increasing Malta’s attractiveness to foreign direct investment.
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World Gambling Briefing to be held in Malta

Malta will host the international gaming community in 2010: The World Gambling Briefing will take place on the island between the 24th and 25th March. Over 150 attendees are expected to participate in more than 15 sessions. This two day event will focus on tangible shifts in regulations and policies around the world and how to take advantage of them. The World Gambling Briefing is already in its fifth year and offers operators a wide spectrum of business models to learn from and potential partners to meet.
 
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