The United Kingdom voted to leave the European Union in a referendum held on 23 June 2016. As a consequences of the referendum, the British government invoked Article 50 of the Treaty on the European Union. Therefore on 29 March 2017, and a period of negotiation, has started. This, according to the said Article of the Treaty, is not to exceed 2 years. Naturally, businesses need to plan ahead for Brexit. How its this going to effect the way the do business with the EU?
At this stage it is hard to predict the consequences of Brexit. Access to the EU Single Market is, however, the main concern. It might be the case that the companies registered in the UK will forfeit their passporting rights. This would mean that they will no longer be able to provide their products and services in any other EU member state without needing further authorization in each relevant country.
Brexit – Why Malta?
Malta can provide a solution to the companies and businessmen in the UK and can become their EU business gateway with regards to the following:
- Firstly, Being a member state of the EU, Malta benefits from access to the EU single market. By establishing a company in Malta, or by re-domiciling an already existing company into Malta the companies and businessmen in UK can enjoy the same benefits.
- Secondly, Corporate and commercial law of Malta is based on the English law. Malta has also implemented all EU Directives into its legal system.
- Thirdly, Malta has a long-standing, stable and special relationship with UK.
- Fourthly, Malta has the most favourable tax system in the EU. Effective tax can be lowered to as little as 5% and even 0%.
- Lastly, English is an official language of the country.
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