Ease of doing business in Malta highlighted during major yachting conference

Various Maltese yachting stakeholders discussed the ease of doing business in Malta for the industry during a recent conference that saw governmental entities highlight ways in which the country is geared to serve the growing sector.

Speaking at the 11th annual Opportunities in Superyachts Conference, held at the Corinthia St George’s Bay, Geraldine Spiteri Lucas, CEO and Registrar of the Malta Business Registry (MBR), said that the MBR has recognised the importance of this specialised sector and has setup 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,” said Dr Spiteri Lucas.

The conference was organised by Quaynote Communications, an international firm events firm focusing on the global superyacht, business jet and security industries.

Also participating in a panel discussion was Michael Mifsud, CEO of Yachting Malta, who stressed that the private-public association 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.

He pointed out that 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.”

Meanwhile, 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 yacht owners also voluntarily adopting the code.

Ingrid Hamilton, Official Receiver and MBR’s Head of Insolvency and Receivership Service, explained that the recently enacted 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 Marthese Portelli, CEO of the Malta Chamber of Commerce, and Matthew Attard, President of the Malta Maritime Law Association, who shared their views on the subject.