Malta | The Family Business Act – Consultation
The Ministry for the Economy, Investment and Small Business has in October 2015 launched a public consultation document regarding the Family Business Act. ”The Family Business Act White Paper is intended to provide background information on the family business sector and on its potential to address some of our family businesses needs while ensuring their growth and continuity.” The White paper proposes a number of fiscal incentives which a registered family business could benefit from.
The main highlights of the proposed legislation:
- The establishment of a family business “label”.
- Identifying which family members are to be recognised within the family business concept.
- Establishing the parameters of the family business “both in registering as a family business and maintaining the label, the level of direct and indirect ownership, as well as the quality of ownership, management and decision-making rights”.
- Determining the ownership and decision making roles of family members withing the family business concept.
The public consultation process will end on November 22, 2015.