The Malta Business Registry (MBR) has published its Annual Report and Financial Statements for the financial year ending 31st December 2024.
The year 2024 has marked yet another significant step in the MBR's ongoing journey towards becoming a fully paperless entity. Several innovative digital advancements have underscored this transformation, most notably the MBR's new online portal, the Business Automation Registry Online System, (BAROS); a major leap in streamlining and modernising our services, enhancing operational efficiency and transparency. Over 200,000 documents were registered through the BAROS in 2024 which also supports the mandatory online submission of annual accounts. It streamlines processes for businesses and has introduced a cultural shift reflecting the MBR's broader vision in embracing innovation to enhance our service delivery.
Another significant milestone for MBR during the year in review was the issuance of the tender for the Central Data Repository Solution (CDR), which, by integrating artificial intelligence, will enable the secure sharing of important documentation between government entities. Through this simplification of processes, the CDR will eliminate repetitive procedures, accelerate compliance tasks, improve the ease of doing business in Malta and enhance the overall quality of life for both individuals and businesses.
An educational campaign promoting the responsible use of digital signatures was launched whilst, ever in line with our vision and mission, the MBR introduced Application Programming Interfaces (APIs), designed in tailored packages to enhance collaboration and digital services for Subject Persons. In this way, businesses may now integrate registry data into their operations effortlessly, driving smarter decision-making. Another important project launched was the online Self-Assessment Tool which enables companies to assess their current position and determine their viability for continued success, clear proof of the MBR's belief in the resilience of businesses and the power of proactive planning.
2024 saw a total of 3,376 total annual company registrations, including 3,231 private companies together with public, overseas and European companies, partnerships and European Economic Interest Grouping. A total of 206,002 documents were registered, including the issuance of 11,515 certificates by the Registry Unit. In continuance of its rigorous procedures to ensure proper governance and compliance, the Compliance Unit reviewed 21,380 notifications and conducted a total of 1,478 onsite inspections to verify beneficial ownership. In parallel, screening of involvements totalled to 137,786. An innovative approach highlights interesting facts about the Register's profile, providing a compelling insight about the current population of shareholders and directors, the preferred months for company registrations and the median time for liquidations. This overview provides a reflection of what constitutes the Malta Business Register, characteristics and interesting aspects of Malta's business community.
The Minister for the Economy, Enterprise and Strategic Projects, Mr Silvio Schembri remarked that 2024 showed that the MBR's commitment to innovation ensures it stays ahead of the curve, safeguarding Malta's competitive edge in an ever-evolving global landscape. "The MBR is introducing tools to provide a holistic ecosystem to our thriving business community. Such initiatives are a crucial step toward fulfilling the main aims of Malta Vision 2050, which focuses on improving the quality of life for citizens and positioning the government as an early adopter of advanced technologies. Having a strong pediment as the MBR does provide the ideal springboard for Malta as a nation to look ahead and build today's tomorrow" said Minister Schembri.
The Chief Executive Officer and Registrar Dr Geraldine Spiteri Lucas remarked that 2024 further confirmed that the MBR has long been a cornerstone in safeguarding the interests of Malta's jurisdiction, solidifying this role further by laying the groundwork to embrace advanced digital methodologies, enhancing both operational efficiency and transparency. "The MBR's proactivity and vociferous stance garnered international respect resulting in building strong bridges and relationships with our counterparts ... From pioneering digital tools like BAROS to leading global conversations at the Corporate Registers Forum, the MBR stands as a beacon of leadership and transformation. By empowering businesses with cutting-edge solutions and fostering global partnerships, we are not only strengthening Malta's reputation as a forward-thinking jurisdiction but also creating a lasting legacy of innovation and resilience." said Dr Spiteri Lucas.
You may download the MBR's Annual Report 2024 from https://mbr.mt/annual-report-2024.