Minister for the Economy, Investment and Small Businesses Silvio Schembri launched the Malta Business Registry five-year strategic plan 2020-2025: Defining the road ahead.
“Amid these unprecedented circumstances, sustained on a global level, it is of utmost importance for authorities, entities, agencies and businesses to have a concrete strategy which shall serve as the building block for the materialisation of a futuristic vision,” said Minister Schembri.
The plan also paves the way for MBR to further safeguard the reputation of the Maltese jurisdiction by bolstering good governance and enhancing its due diligence methods.
Over the past two years, the Malta Business Registry has solidly established itself as a stand-alone agency which caters for the needs of the business community, adapts to their needs and to the ever-evolving market and consolidates the strong operational environment Malta offers as a jurisdiction. Based on four pillars; internationalisation, Information and Communication Technology, changing purposes; and knowledge and learning, the Malta Business Registry’s vision is to be Malta’s foremost national business registry, recognised globally as an excellent business registry offering quality services to the corporate and business sectors, both locally and internationally, fully compliant with local legislation and international standards.
“In order to lessen unnecessary bureaucratic procedures, the Malta Business Registry will address the demand for an enhanced holistic register by maintaining such a register, complemented with the proposed introduction of a business register which will ensure that accurate data is consistently stored and used as a single source for current and future submissions. All economic operators will have the opportunity to update this central register which will contain the necessary identifiers to link the economic operators to various other government entities – a system which interlinks all services offered by the government to businesses and self-employed,” explained Schembri.
The plan also paves the way for MBR to further safeguard the reputation of the Maltese jurisdiction by bolstering good governance and enhancing its due diligence methods, core values which strongly complement the Maltese government’s economic strategy.
“Hence, over the next five years, MBR will seek to make changes, mostly requiring legislative adaptation, which will deter and act against those who persist in misusing the register. The strategic plan is also highlighting the global perspective through the internationalisation of MBR’s purposes by adjourning with international developments,” said Minister Schembri.
Schembri commended Malta Business Registry for its major investment in its new online portal, which is based on blockchain technology, thus ensuring transparency and efficiency in the services provided, as well as MBR’s proactive stance in putting forward suggestions that shape the adoption of new business models in such a manner that Malta anticipates such changes, changes which ultimately lend our jurisdiction a competitive edge in the attraction of new businesses.
“The Malta Business Registry’s successful strides are a result of a dedicated, well-trained workforce that considers this agency as their second home. The agency’s modus operandi in this regard is already serving as a point of reference within the public sector; a model player within the same sector. The fact remains that, in an ever-evolving scenario, one must be ahead of the game. As a government, we grasped upon the opportunities despite these challenging times and sought to navigate through unprecedented storms to ensure that Malta retains its competitive edge,” said Minister Schembri.
‘Our Strategic Plan for 2020–2025 is moulded around the understanding that today’s financial market is fast-moving and ever-shifting. Our success will stem from our focus and improvements on our strengths and keeping the effects of our identified weaknesses to a minimum. The MBR is, above all else, an entity which has always kept both its clients and employees at the core of its operations. This people-centric trait has inspired us to provide our customers with an efficient, cost-effective and impartial service, whilst striving towards giving our employees the opportunities they deserve to evolve in their professional roles,” said Malta Business Registry CEO Joe Farrugia.
The Chief Operations Officer Kenneth Brincat, said, “Ahead of 2025, is a plan which defines MBR’s road ahead for the next five years. It is a transformative journey supported by an elaborate action programme focused on combating economic crime through active use of analysis and intelligence, building high performance culture, and investment on technological development.”