The Mediterranean charm and beauty of Malta is irresistible to tourists, as there are coastal shores, historical monuments and a safe environment. But, it is no longer just a popular destination amongst people who are looking to explore medieval history or want to marvel at the glory of nature. Nowadays, Malta has also become a hotspot for setting up business empires and for good reason. Why is this the case? Let’s take a look:
- No more tax worries
The 35% corporate tax rate may seem quite high at first glance, but when you dig in deep, you will come to know that Malta boasts one of the lowest effective corporate tax rates amongst European countries. Holding companies in other countries can cut down their effective tax to as low as 5%. There are also other tax benefits offered. The income tax system in the country is also quite intuitive and services like https://papilioservices.com/ can provide you with further details about it.
- Higher profits
Other than the excellent infrastructure, Malta’s banking industry and its economy is also quite stable and successful. The low minimum wage is also a relief to business owners, as it means they have to spend less money on salaries and wages. The best part is that you can access a skilled and educated workforce for half the cost of what you would be paying in other European countries.
- Easy and quick startup
Setting up a business in Malta is cheaper and easier than most people think. Only 20% of the minimum share capital is required in your bank account and the annual fee is also very low. Hence, people don’t need to have a huge amount of capital at their disposal in order to set up their business in this beautiful and breathtaking European nation.