The Malta Independent 16 July 2019, Tuesday

Registry of Companies to be first agency in the world run by a Blockchain-based system

Wednesday, 8 May 2019, 19:56 Last update: about 3 months ago

Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri visited the ongoing works on the new premises of the Registry of Companies Agency in Żejtun.

The Registry of Companies is a public registry responsible for the registered information and documentation pertaining to new and existing companies. It was at the end of last year when formally the Registry of Companies demerged from the MFSA and established itself as a standalone agency.

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Through the new Legal Act the Registry of Companies was given the responsibility for all assets, liabilities and obligations which were previously vested or entered by the MFSA and which emanate or arise from the functions of the Agency.
 
"The decision to create a separate standalone Registry is in line with the proposed changes to the MFSA which are set to strengthen the internal management structure of the Authority allowing it to focus solely on its regulatory role, while also delve into non-traditional segments of the market' said Silvio Schembri.

"The need for the Agency to move into new premises reflects the pace at which Malta's economy is growing. In fact in 2012 around 58,783 were registered in Malta which starkly contrasts with the 91,600 companies registered by May 2019, meaning an increase of 55% in a span of 6 years. Hence, in view of these results, it was only natural for the Agency to look for better accommodated premises to work from," said Silvio Schembri while adding that there is no disputing the fact an autonomous holistic setup dedicated solely to RoC functions will be more effective in providing a better service.

The new Agency is in the process of recruiting new staff to invest in 7 new units: HR Unit, the Legal Unit, the Finance and Administration Unit, the IT Unit, the International Affairs, Research and Communications Unit, Internal Audit Unit and the Enforcement and Compliance Unit.

"Through an extensive investment in IT, the Registry of Companies will be more efficient and will lessen unnecessary bureaucratic procedures. It will be run by a system which will handle all of the processes performed by the Registry of Companies. The new system will make possible the provision of new services which with the present system are not being provided bringing the agency the first in the world to be run on a Blockchain based system," said the Parliamentary Secretary.

"The Government is committed to implement family friendly measures where this is possible. In fact, an innovative service of child minding will be provided for people working for this agency. This would allow parents to bring their children here to be picked up for school and vice-versa. This will compliment and encourage the uptake of the free transport services being provided by the Goverment," said the Parliamentary Secretary.

Silvio Schembri added that the new premises will form an integral part of Malta's technological and innovative activity. "While previous administration disregarded the South of Malta, this administration sought to exploit the potential of this area by bringing commercial activity to the part for the benefit of all," said the Parliamentary Secretary.

Joseph Farrugia, the Registrar, said that the new premises will strengthen the Agency operations to address better the challenges and will seek that the consumer and operators will be served efficiently and without any unnecessary delays. Mr Farrugia added that the Agency will be introducing the one-stop-shop concept by establishing the office of Capital Gains in the same building.

The Registry of Companies will be located in Żejtun together with the International Taxation Unit, Tech.MT Foundation, Finance Malta and Gaming Malta. The offices will be equipped with the latest techology and includes meeting rooms, training room, board room, first aid room, archives, conference hall, canteen facilities and parking for all staff. By housing all these entities under one roof, a considerable amount of cost savings would be gained to common infrastructure facilities and back office services.

During the visit, Parliamentary Secretary Schembri was accompanied by Member of Parliament Alex Muscat.
 
 

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