How to Hire and Recruit a New Team in Malta

Malta is an attractive country to build a presence and the country continues to attract companies opening offices and establishing an occupancy here. According to the NSO, Foreign Direct Investment in Malta stands at €196.2 billion and during the year 2020, FDI flows in Malta increased by €3.4 billion.

Many sectors continue to find Malta attractive, including IT and iGaming, however, financial and insurance activities accounted for 97.6 per cent of FDI stocks in December 2020.

Fortunately, as an English speaking country where business is conducted in English, people from around Europe are comfortable relocating and building a career here. This gives Malta an opportunity, along with Ireland, as being one of the only two English speaking countries in the European Union.

 

What assistance is available for establishing an office in Malta?

The government in Malta is supportive of organisations starting up and expanding their operations in Malta. Malta Enterprise is highly supportive and offers financial support to companies looking to build a business and recruit people in Malta. They have a programme for start-up organisations as well as more established organisations establishing a presence for the first time. It is worth reaching out to them to see what assistance they can provide to your organisation.

Malta is a small economy and export-orientated businesses with access to the single market means that the bulk of the organisations are export or internationally outward in their approach. There is also export assistance available to companies via Trade Malta.

 

How to hire a new team?

In regards to finance, legal and insurance professionals, it is worth consulting our recruitment agency salary survey and salary guide. If your organisation is considering building an IT or Software Development team, please see Archer IT Recruitment Salary Survey. Archer is a specialist IT Recruitment Agency in Malta. Accelerate Recruitment focuses on Executive Search and the recruitment of Legal, Accountants, Finance, Banking and Insurance professionals. There are other more generalist recruitment agents in Malta and here is a list of the legally registered recruitment agencies in Malta.

Other useful places to attract talent to your new office in Malta can be done with local job boards such as keepmeposted or maltajobsboard.

 

What is the Corporate Tax, Income Tax and Employment Taxes in Malta?

The headline corporation tax in Malta may not appear attractive, however, there are several ways that this can be optimised to a lower level and it is worth consulting with a local tax advisor who can explain the options available to your organisation.

Income tax in Malta is attractive by European standards, particularly for those who are higher-income earners. This is an attractive element for recruiting people who are based in Malta or considering relocating to Malta.

There are modest Employer Social Security contributions when employing people in Malta. Fortunately, people have access to a good universal health system and other social security benefits.

It is worth noting that when you are recruiting and employing people in Malta, not only does the organisation need to register with the Office of Commissioner for Revenue but companies will also need to register with Jobsplus. This is a simple but necessary process.

The Maltese government has excellent online services and has made huge progress with digitising government services in recent years to foster its progressive approach for a positive business environment.

 

Setting up a Company or entity in Malta

It may be useful to use an accounting practice or corporate service provider in Malta to assist your organisation during the establishment of your function or on an ongoing basis. A local banking relationship at this stage may not be essential as Malta has the benefit of being part of the Single Euro Payment Area (SEPA) and other Euro Zone banks are able to provide services in Malta.

For any specific questions about recruiting talent with compliance, finance, legal, banking or insurance people, please feel free to reach out to us.

For more information on how to hire and recruit a new team in Malta or a consultation on your current recruitment strategy, please contact Alessandro Binetti.

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