MBR Publishes Regulatory Amendments

Act LX of 2021 introduces various amendments to the Companies Act, in order to take into account the Digitalisation Directive (which deals with electronic filings). Furthermore, additional duties are imposed in the Registrar and certain additional requirements are put into place. This has created the need for additional forms to be established as well as provisions on the appointment of directors and disqualification provisions for company directors.

A person applying to be appointed as director of a company is required to sign the Memorandum of the company or to submit a declaration in writing to show explicit consent to be appointed director and to declare whether they are aware of any circumstances that could lead to his or her disqualification, both in terms of Maltese law and in terms of any of the requirements of the laws of other EU Member States.

Therefore, Form K has now been revamped, so that includes a second part which a director uses to signify his or her consent to the appointment. Form K(1) is used for that declaration to be made when a director is being appointed for newly-formed companies.

These forms shall be accepted as of the 01 February 2022.

More on this link: Legislative amendments introduced by Act LX of 2021 – Malta Business Registry (mbr.mt)

By Geraldine Spiteri

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