Opportunities in superyachts: Ease of doing business in Malta and the MBR

The Malta Business Registry, participated in the Opportunities in Superyachts 11th Annual Conference through a panel discussion which focused on Ease of Doing Business in Malta (Yachting Industry). With the participation of the MBR, together with other important stakeholders, the discussion focused on means of greater synergy and collaboration, as well as delved into the importance of digitalisation in an ever-changing scenario.

Dr Geraldine Spiteri Lucas, MBR CEO and registrar, said that the MBR has recognised the importance of this specialised sector and has set up a team of specialists within its Registry, dedicated to maritime affairs. The MBR’s leading role in the development of a central repository will also contribute towards the further development of this niche in attracting and further facilitating business in Malta, simplifying bureaucratic processes and consolidating scattered data sources into a single, secure system.

Michael Mifsud, CEO Yachting Malta, stressed that Yachting Malta strives to promote Malta as a destination of excellence for Yachting not only from a destination perspective but also as an enabler and facilitator for local industry to internationalise. Yachting Malta also acts to identify and attract high profile yachting events to the Maltese Islands, including sailing regattas, power racing, boat shows, yachting awards and conferences thus paving a way for the generation of yachting-related commerce and business. Mark Savona, Transport Malta’s assistant registrar, remarked that the Malta Commercial Yacht Code has become an industry favourite, contributing in the growth of a cleaner and safer Malta-registered commercial yacht fleet, with many private yachts owners also voluntarily adopting the Code.

As official receiver and MBR’s head of Insolvency and Receivership Service, Dr Ingrid Hamilton explained that the pre-insolvency framework will bring about a shift in the mind frame of investors and creditors in the superyacht industry. We are realising that there is the possibility of a second chance and there is now a fully-fledged framework in place to achieve this.

The panel discussion also featured the active participation of Dr Marthese Portelli, CEO of the Malta Chamber of Commerce and Dr Matthew Attard, president Malta Maritime Law Association, who shared their views on the subject.

The panel was moderated by Annalise Zammit, COO and deputy registrar of the MBR.