Malta has a well-evolved financial sector which has contributed to its robust economy over the years. This modernized financial technology business sector, is a product of the country’s proficient labor force and cutting edge IT systems. There has been a tremendous growth of the financial business since its birth in 2010 evidenced by a remarkable growth of 67% in only six years! The first quarter of 2016, marked a staggering 5.3 billion dollars’ worth of the Maltese financial technology businesses.
Non-resident investors have largely contributed to this growth and are always welcome to engage in business with Malta. The only pressing step for foreigners to start operating their financial technology businesses in Malta is the acquisition of licenses. The department responsible for licensing the financial industry in Malta is the MFSA (Malta Financial Services Authority).
Financial technology companies in Malta
The country is still growing in the field but presently it has the capacity to accommodate several financial technology divisions. Business people interested in creating financial companies in Malta have a chance to choose from the following business structures—digital currency, e-money, community funding, blockchain or payment service.
Information Technology and the Finance Industry
The growth of financial technology in Malta has been driven by the ambitions of innovative IT professionals in the state. These have sort to improve the financial technology systems by providing solutions to problems and bringing new ideas on the table. Consequently, Malta has become a scathing competitor in the financial sector globally and this is attracting a vast number of foreign businessmen in the country. The booming of the financial technology has opened more business opportunities for the state and has made doing business much more convenient resulting in growth of the economy.
Financial Technology Licenses to operate business in Malta
In order to operate a financial company, you are required to have a license. Companies wishing to become incorporated or intending to become registered should get a license with the MFSA in order to operate. After obtaining licenses for financial and investment services, your company should comply with the stated data protection laws.
Financial technology companies operating in Malta can protect their services and products by utilizing intellectual property law. Malta has been progressive in the financial business lately and it plans to continue growing in the future. The country has made prospects of establishing a regulation that’s independently for financial technology.
In order to get detailed information on the formation of financial technology companies in Malta, you can contact SIGTAX. Our invaluable team, which consists of expert lawyers, accountants and consultants will give you detailed information and counsel in each step. Our lawyers can provide you with finer details on the legal aspects pertaining to citizenship in Malta so that you don’t skip any necessary steps.