5 reasons you should take advantage of business opportunities in Malta

With its persistent marketing and ambitious promotions, Malta has become a financial center and an extremely competitive market. This has created many business opportunities in Malta, especially for those who are starting a business in Malta as a foreigner.

1. Malta's Strategic Location

Malta is a republic island in the Mediterranean and has been a member of the European Union since 2004. As part of a British colony, Malta has close ties to the United Kingdom. Malta has a strategic location at the crossroads between Europe, Africa and the Middle East. Located on one of the busiest logistics routes in the world, the Malta Freeport is one of Europe's most important shipping lanes. Through an upgrade at a total cost of over €300,000,000, Malta Freeport now possesses a state-of-the-art facility and can handle the world's largest shipping vessels.

Since Malta has long established partnerships with all countries such as the USA, France, Germany, Italy, Russia, Turkey, Korea and the UK, all means of communication, Customs and legal procedures are both simplified and super efficient. Furthermore, Malta has a tradition of welcoming investors from all over the world to set up their headquarters here. This is extremely good news for anyone starting a business in malta as a foreigner.

Malta Freeport - one of Europe's most important shipping lanes.

2. An impressive economy

Although Malta is one of the smallest countries in the European Union, this does not mean that the Maltese economy is less developed than other member states. The potential and robustness of the Maltese economy can surprise anyone as Malta’s excellent performance in overcoming the consequences of Covid-19 as well as recovering the national economy. This is best demonstrated by Malta's 2021 gross domestic product predicted by the World Bank to reach $14.5 billion.

Malta's service industry continues to grow and thrive thanks to its relentless promotional efforts. Therefore, it is predictable that the tourism industry has a much higher proportion than other agricultural and industrial sectors. According to the Statista business data report, the service sector accounts for 76.14% of Malta's total GDP in 2020. In which, the financial services segment is the most strongly developed. Malta is recognized as a world-class hub for financial investment firms, fund managers as well as major banks. These can be considered as biggest business opportunities in Malta if your company is operating in these kinds of fields.

3. Easy transportation network

Having one of the best IT infrastructures for new technology, more and more businesses are choosing Malta as their corporate headquarters, both online and offline. At the same time, Malta's internet connection is super fast, which is a big plus when running a company remotely.

Malta also has a harbor called Freeport, which is the largest international port in the world and the first transshipment hub in the Mediterranean region. As the central Mediterranean port and at the crossroads of some of the world's most important shipping lanes, it has grown tremendously since its founding in 1988. Malta is also seen as a hub for major airlines serving the whole Europe and the Middle East.

4. Perfect economic climate for starting a business in Malta as a foreigner

Malta is a bilingual country and most of the population is fluent in English. Furthermore, most government and legal documents are available in English. This eliminates the language barrier for those who are setting up a business in Malta as a foreigner. In addition, Maltese people have a great respect for the culture and religion of others. Because of these things, it can be said that Malta is one of the countries with the most foreign-friendly economies.

Malta has been assessed by major credit rating agencies such as S&P and Fitch as a stable economy with great potential for development. According to economic experts, although the Maltese economy has experienced many fluctuations due to the Covid-19 pandemic, with the current economic scale, it is not impossible for this country to recover to its original state. In an interview published on the website of the Malta Independent, Prime Minister Robert Abela said the Government continues to encourage businesses to invest with supportive policies such as the financial support package for businesses up to €90 million recently.

Malta has been assessed as a stable economy with great potential for development.

5. Favorable tax system

Since the 1950s, Malta has introduced measures to attract entrepreneurs and investors from all over the world to develop the national economy and create more business opportunities in Malta. One of the most effective ways to attract foreign companies is Malta's preferential tax policy. In particular, the entire tax system of this country is strictly monitored by the EU, so it is extremely safe and legal. With numerous discounts and promotions for companies incorporated in Malta combined with being the gateway to Europe and the Middle East, the country is becoming one of the world's best investment destinations.

In addition, to make it easier for you to choose the industry to set up a company, we have listed the top 10 businesses in Malta that are considered to have the most growth potential in 2022.

• Financial services
• Information and communications technology
• Distribution/export - import of electronic equipment
• Office services
• Health services
• Oil and Gas
• Logistics
• Training and education
• Gaming
• Airline service

With these top 10 businesses in Malta, we hope you will have an overview of which areas to invest in. At the same time, you can also carefully consider factors such as financial resources and long-term business plans before making the decision to set up a company in Malta.