10,000 inactive companies registered with Malta Business Registry

The Malta Business Registry is undergoing an update to the register of companies. 10,000 companies were found inactive, and procedures are ongoing regarding them.

Minister for Economy Silvio Schembri stated this while addressing a webinar. He explained that this process is part of the entity’s work in order to safeguard Malta’s reputation, adding that in the light of the Moneyval report, the Government is committed to strengthen existing structures.

Schembri went on to say that in the Malta Business Registry’s case, the law has changed in such a way that allows the registrar to ensure that any information is correct, and allows it to take action should companies not provide the required information.

He concluded by saying that emergent Technologies will be used to aid transparency and efficiency. Such tools include artificial intelligence for document verification.