van Cutsem Wittamer Marnef & Partners​ LEADING GLOBAL NETWORK MACKRELL INTERNATIONAL IN CHAMBERS GUIDE AS FOR EIGHTH YEAR RUNNING.

Company Service Providers

We have extensive experience working with Company Service Providers and we understand that as a Company Service Provider you are providing essential services to a company right from its inception. We will be able to guide you in all your regulatory and compliance requirements in a timely and efficient manner.

Licensing

In terms of the Company Service Providers Act (the “CSP Act”), a Company Service Provider (“CSP”) means any natural or legal person which, by way of business, provides any of the following services to third parties:

  1. Formation of companies or other legal entities;

  2. Acting or arranging for another person to act as director or secretary of a company or similar positions; or

  3. Provision of registered office and other related services.

The term “by way of business” refers to the scenario were a person holds himself out as providing company services by, inter alia, soliciting the services on offer to members of the public or provides company services on a regular and habitual basis. Another requirement is that in providing these services, this person is in receipt of remuneration or other benefits.

Any person who operates in or from Malta as a CSP shall apply for registration with the MFSA in terms of this Act. Upon receipt of the registration application, the MFSA will review the documentation provided and will also conduct its fitness and properness test in order to ensure that the applicant has the necessary competence, integrity and solvency to provide these services.

Should you already be licensed, authorised or recognised by the MFSA, the fitness and properness test is not required to be undertaken again. In such a scenario, you would still be subject to registering your business as a CSP, however the registration process would entail a notification letter accompanied by the prescribed application fee.

Should you require any assistance with the application for registration with the MFSA, we will be able to assist you with the following:

  1. Structuring, legal and regulatory advice;

  2. Assisting with the entire licensing process;

  3. Drafting of all internal rules, internal policies, and internal procedures;

  4. Liaising with the competent Maltese authorities on an ongoing basis;

  5. Assisting with the company incorporation; and

  6. Advising to ensure compliance with all the Anti-Money Laundering (AML) requirements and establishing effective KYC procedures.

Regulatory Advisory

If you are already operating as a Corporate Service Provider or require any other assistance in relation to CSP’s, our firm will be able to provide you with advice in relation to the regulatory requirements applicable.

Compliance Services

We understand that adherence to the applicable legislation is vital to any Company Service Provider. Our services include the following: 

  1. Acting as a Compliance Officer on your regulated entity;

  2. Preparing an Annual Compliance Program;

  3. Assistance with implementing adequate policies and procedures to identify breaches by the Companies and to minimise such breaches;

  4. Ensuring that the activities of the Company are in line with the applicable laws and MFSA rules;

  5. Ensuring that an adequate reporting procedure is in place for any breach;

  6. Assistance with Informing the Authority and management in case of any material breaches by the Companies;

  7. Monitoring returns provided to the MFSA to ensure that all information is in order;

  8. Assistance with ensuring that your staff is familiar with the applicable legislation and any relevant conditions applicable to their role;

  9. Providing adequate training to the officers of the Companies with regards to any compliance issues; and

  10. Any other duty that is ancillary or complimentary to the above duties.

Key contacts

RELATED NEWS

MFSA publishes amendments to the VFA FAQs

The Malta Financial Services Authority (the “MFSA”) has recently amended their Virtual Financial Assets (the “VFA”) Frequently Asked Questions (“FAQs”) adding FAQs in section 5 and a whole new section 10. The amendments supplement the Read more

Updates to the AML Directive – Part II

The following is the second part of an article which provides an overview of the major changes brought forward by the 5AMLD. E-money and prepaid cards There is now increased transparency regarding e-money products by reducing the threshold amounts Read more

Update to the AML Directive – Part I

A Review of the EU Directive 2018/843 Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or ter Read more

Consultation Document on MFSA’s FinTech strategy

The Malta Financial Services Authority (“MFSA”) has published a Consultation Document on its FinTech strategy (“Consultation Document”), with the aim of adopting a strategy where the MFSA focuses its efforts towards supporting such industr Read more