Malta publishes An Act to Amend the Companies Act with the primary changes focusing on the use of digital tools and processes as well as the appointment and the holding of office of directors and other company officers.
An Act to Amend the Companies Act, Cap. 386 (“Companies Amendment Act”) was published in October 2021. This Act amends the Malta Companies Act with the amendments focusing on the use of digital tools and processes as well as the appointment and the holding of the office of directors and other officers.
LN 417 of 2021 provides that articles 2(a), 3(b), 5, 6, 7 and 9 of the Companies Amendment Act come into force as from October 2021. These mainly cover:
- the transposition of ‘Digitalisation Directive’ regarding the use of digital tools and processes into company law
- requirements relating to the appointment, qualification, and the holding of office and disqualification of a director of a company
- disqualification provisions with respect to company directors
- added duties and powers to the Registrar.
Noteworthy changes include:
- the option of designating a service address rather than a residential address for the company, which option also applies to shareholders and the company secretary;
- the obligation for directors to inform the Registrar whether they are aware of any instances which could lead to their disqualification to act as such, and this obligation is triggered upon their being appointed directors, rather than prior to being appointed; and
- the 14 day period for a company to notify the removal of an officer at the Registrar’s request on the basis of disqualification or lack of a licence.
More detailed information can be found in the publication entitled An Overview of the Revised Malta Companies Act 2021.
