The Registry of Companies, which is responsible for the registered information and documentation pertaining to new and existing companies, will be the first in the world to be run on a Blockchain based system, according to Parliamentary Secretary Silvio Schembri.
Mr Schembri, who paid a visit to the ongoing works on the new premises in Zejtun, said that through a massive investment in IT, the Registry of Companies will be more efficient and will lessen unnecessary bureaucratic procedures.
The Registry of Companies formally de-mergered from the Malta Financial Services Authority (MFSA) at the end of last year and established itself as a standalone agency. Through the new Legal Act, the Registry of Companies was given the responsibility for all assets, liabilities and obligations which were previously vested or entered by the MFSA and which emanate or arise from the functions of the Agency.
“The decision to create a separate standalone Registry is in line with the proposed changes to the MFSA which are set to strengthen the internal management structure of the Authority allowing it to focus solely on its regulatory role, while also delve into non-traditional segments of the market,” said Mr Schembri.
“The need for the agency to move into new premises reflects the pace at which Malta’s economy is growing. In fact, in 2012, around 58,783 companies were registered in Malta which starkly contrasts with the 91,600 companies registered by May 2019, meaning an increase of 55 per cent in a span of six years. Hence, in view of these results, it was only natural for the Agency to look for better accommodated premises to work from,” he said, adding that a holistic setup dedicated solely to RoC functions will be more effective in providing a better service.
The Registry of Companies will be located in Zejtun, along with the International Taxation Unit, Tech.MT Foundation, Finance Malta and Gaming Malta.