Through the new company registration services offered by the Malta Financial Services Authority, the burden of bureaucracy will be radically reduced, said Parliamentary Secretary in the Finance Ministry Tonio Fenech yesterday.

Mr Fenech was speaking at the launch of the new online registration service offered by the Registry of Companies at the Malta Financial Services Authority (MFSA).

Through this service, practitioners and members of the public can register new companies and file company documents online.

Company Registrar Anton Bartolo explained that authorised users of the online system will be able to obtain their own electronic signature and submit electronically signed documents.

The electronic signature is legally valid and can be used by directors, shareholders, liquidators, company secretaries and managers.

Dr Bartolo said that company directors and shareholders will be able to sign documents themselves from their office, and file the documents electronically.

He also pointed out that company directors or secretaries who wish to be able to sign documents online electronically without using all the other

services will be able to do so.

Furthermore, the new online system will also include the electronic filing of documents including the Memoranda and Articles of Association, annual returns, Form K and Form T.

It will also accept electronic payments for new company registration and annual returns.

Mr Fenech pointed out that these new services are not an upgrade of an information system.

“The online registry system introduces the concept of interactivity and less time is wasted by the MFSA and companies in completing forms and fulfilling obligations,” he said.

The services follow the government’s commitment to provide businesses, professionals and the public with high quality administrative services.

Registered users will be able to set up companies, file annual returns and sign and submit frequently-used company forms from the comfort of their desks, said Mr Fenech.

He pointed out that it is not usual for a system to send out reminders to companies to pay their fees.

“If a company does not fulfil its legal obligations, they are penalised but not sent reminders. However, through the online reminder services, fewer penalties will be paid, at a minimal cost.”

During the first nine months of 2006, over 2,000 new companies were registered with the MFSA, amounting to a total of 40,000 registered companies, said Mr Fenech.

He also spoke about the growth in the financial sector.

“According to statistics released by the National Statistics Office, the Gross Value Added in direct financial intermediation services alone has grown by around Lm11.8 million or 27 per cent in 2005, he said.

The MFSA’s Office for Consumer Affairs received and processed over 150 complaints and is also publishing comparative pricing tables for a number of financial products and services on the market, added Mr Fenech.

However, he pointed out that there is a need for constant and ongoing training in the financial services sector to upgrade the services and their quality.

A number of practical sessions will be held next year by the MFSA, offering more information on the new systems to those who are interested.

These services are available on the Registry of Companies’ website at http:// registry.mfsa.com.mt