Major industries in the country are tourism, electronics, ship building and repair, construction, food and beverages, pharmaceuticals, footwear, clothing, tobacco, aviation services, financial services, information technology services. The Industrial Production growth rate of Malta is -6.9%.3.5% of population in the country are unemployed. The total number of unemployed people in Malta is 15,123. Malta produces 2,221 GW/h of electricity each year. Malta emits 6 metric tons per capita of CO₂. On average, you would pay 1.8 USD for one liter of gasoline in Malta. One liter of diesel would cost 1.35 USD.

Labour
The total labor force of Malta is 204,210 people, wherein 1% are working in agriculture, 25% are working in industry, and 74% are employed in services. People in Malta speak the English, and Maltese languages.

In general, all jurisdictions can be divided into classic offshore, low-tax jurisdictions and prestige jurisdictions. The prestige of a jurisdiction corresponds to its rank, which is determined by taking into account and evaluating information from the International Sanctions List, the OECD Gray or Black List and the EU Jurisdiction White List as well as data on the development of the financial markets and determining whether the jurisdiction ob FATF AML is deficient and whether there are money laundering concerns. These are the basic criteria that matter in determining whether the jurisdiction is prestigious or not. It cannot be considered prestigious if it is on a financial blacklist.

Austria, France, the United Kingdom, the United States of America and Switzerland are among the top five most reputable jurisdictions for incorporating a company.

A general overview of Austria

Registering a company or start-up in this jurisdiction allows the owner(s) to participate in all projects initiated by the Austrian government. The basic company types available are LLC, ULP, PJSC, PLLC, LLP, and JSC.

Taxes: The income tax rate is 25%, with a minimum corporation tax of EUR 500, plus 20% VAT and a capital tax that varies between 0.8% and 1%. If the subsidiary is registered within the EU, the tax rate on dividend income is 0%; if not, it is 25%.

Austria has agreements with more than 90 countries that enable companies to avoid double taxation. It has no exchange control. This jurisdiction ensures the confidentiality of business data.

A general overview of France

France is a respectable jurisdiction that allows your company to offer products and services bearing the mark of a European company. The basic legal structures available are SP, GP, PJSC, PJSC, LLC, CLS and LLPE.

France offers a number of options: the ability to obtain credit from French banks, the ability to obtain a residence permit, no taxation for companies registered in the country doing business outside of France, and no exchange controls. France has agreements with more than 89 other countries that allow companies to avoid double taxation.

A general overview of the United Kingdom

The UK is considered a respectable jurisdiction due to its high level of legal protection, a simple and transparent tax system, the ability to charge VAT and the availability of nominee services.

The basic company types available in the UK are PC, Limited Warranty Company, ULC and LLC. Again, there are no tax obligations for UK registered companies operating exclusively outside the country. Corporate tax rates depend on profit (between 20% and 24%). The UK has agreements with more than 100 countries that allow companies to avoid double taxation.

A general overview of the United States of America

The US offers a respectable, highly trusted jurisdiction for a company to register, allowing it to offer products and services bearing a US company's trademark. This jurisdiction imposes no tax obligations on entities designated as non-resident and also permits nominee services. There is no taxation for companies incorporated in the country that do all their business outside of the United States.

The basic legal structures available are private contractor, corporation, branch of a foreign corporation, representative office of a foreign corporation, partnership, LLC, joint venture, or LLJSC.

A general overview of Switzerland

The good reputation of this jurisdiction is based on several factors, such as strong business development, a dynamic economy and a track record of innovation. The most important corporate forms available in Switzerland are LLC, ULP, JSC, Commandite Partnership and Subsidiary.

Switzerland offers a high level of confidentiality, the world's leading currency, mechanisms to avoid double taxation, a reasonable tax system with tax rates depending on residence, income level and legal form of the company, tax optimization opportunities and the opportunity to set up service companies that can for the administration of the business activities of the parent company

It is now common practice to set up trusts in tax havens. However, not many clients are aware of the benefits that trusts established in the UK can bring. The idea of a UK trust is particularly appealing when beneficiaries and settlors are based in Europe or other onshore countries and do not want the transfer of property to be associated with tax havens. In addition, English law (under which the trusts are established) gives the confidence and security of the UK legal system. A trust established in the UK offers reliability and reputation to its owners.

The first trustee of a trust established under the Law of England and Wales must be a UK-resident individual or company. In most cases, the trustee is a professional and licensed UK trust services provider. Contact Confidus now to set up your trust.

UK trusts are generally established in order to fulfil a certain goal (a few examples are listed below). For simple cases where assets are to be distributed to the beneficiaries after the settlor’s death, a UK trust will not be the best solution, as such a straightforward task is better handled in other well-known trust jurisdictions (see Panama private foundation for asset protection). A UK trust may be used for the following purposes:

Accumulating a diverse portfolio of foreign assets into one system for better organised, unified and professional administration. This solution also minimises your exposure to estate taxes and cuts out unnecessary estate duties and requirements.
As a tax-exempt holding structure. A trust serves as a good holding vehicle, especially for clients with several companies in different countries, offering a tax-free and confidential holding structure.
Reducing the burden of exchange control regulations and minimising exposure to inheritance taxes and other types of property taxation in your place of residence, and breaking the association or attachment between the owned assets and the heirs’ place of residence.
Achieving confidentiality with respect to the ownership of the assets. Throughout the UK, a trust’s legal documents do not need to be made publicly available. This provides anonymity and confidentiality for the settlor and the beneficiaries.
Avoiding forced heirship regulation, which your country may apply to your assets.
Guaranteeing the settlor’s plans for the future in case of death or incapacity.

A general partnership is a legal form in which two or more people work together or form an association to start a business to make a profit as a group. The founding process is also referred to as founding a company. As a rule, profits are divided equally among the shareholders, who are also equally personally liable for the entire company. However, the general partnership is dissolved if one of the partners decides to withdraw from the joint business.

While general partnerships offer some tax exemptions, it's worth noting that they have a distinct disadvantage when it comes to personal liability. In an open partnership, the actions of one partner are automatically deemed to be endorsed by the others, making each partner personally liable for the actions of the others. The liability of the partners in a general partnership can be summarized as follows:

Each partner is responsible for his own actions.
Each partner is responsible for the actions of all other partners.
Each partner is responsible for the actions of the employees of the partnership.
Therefore, we strongly recommend that you think twice and do your due diligence on your potential business partners. A good alternative to a general partnership can be a limited partnership or a limited liability company.

General partnership owner
The owners of a general partnership are known as "general partners" and have unlimited liability for the partnership. After the conclusion of the company formation agreement, they are regarded as shareholders. Each partner is authorized to conduct business on behalf of the company without the permission or authorization of the other general partners. General partners must always take tax planning into account and it is strongly recommended that they do not take any material risks for the company as their personal wealth would be at risk.

Functions of an open trading company
General partnerships are formed for various reasons and have certain legal implications, e.g. for corporate governance procedures, profit-sharing, liability for shareholder debts, etc. Profits are always shared equally among all shareholders in the company, and they have absolute autonomy to run the business and respectively. In addition, all partners are considered liable if one or more of them have dealings with a third party, as each partner can enter into and execute agreements on behalf of the partnership as a whole.

Advantages of an open trading company
Like any other legal entity, general partnerships have their advantages and disadvantages. However, obvious partnerships offer several benefits that can speed up the incorporation process as well as increase the efficiency and longevity of the business. Perhaps the greatest advantages of partnerships are simplified taxes and less paperwork. All profits and losses are handled by the partners, and forming a general partnership requires less time and less paperwork than other forms of partnership. The paperwork is usually very simple and the company formation should be completed within the jurisdiction where the agreement was issued.