Companies that register in Malta can partake in the tax benefits that registration in the Maltese jurisdiction brings about. Many a time, it would be greatly beneficial to have a resident director who can oversee the operation and smooth functioning of the company. The director ensures that the company operates and is managed effectively and efficiently. Additionally, the director also ensures that effective controls are in place that would ensure that the company operates in compliance with Maltese laws and regulations, and that the shareholders are getting a good return on their investment. S/he would also normally be entrusted with being the company representative on the ground and would normally, on that account, be given signatory powers and the power to bind the company with contractual obligations.
In the specific case of gaming companies, a key official to act as director must be appointed within 21 days from the issuance of a gaming license on gaming operators licenced by the Lotteries and Gaming Authority (LGA). A Key Official has to supervise the operations of the licensee and ensure that the licence holder complies with all applicable laws and regulations, the conditions of the licence and any directives issued by the LGA to the licensee. By doing that, the key official also protects the image of the licensee. The key official is the main contact point in Malta and the person responsible for liaison with the LGA.
The Key Official is appointed by the licensee, and is entrusted with a number of responsibilities, including:
- Acting as a primary contact with the LGA. In fact, the LGA recognises only the Key Official as the liaison with the licensee;
- Responsibility for paying the gaming tax on time;
- Assisting the LGA in the certification process and in any investigation;
- Ensuring that all games are fair and correct, and that the remote gaming system is well-kept and maintained;
- Ensuring compliance with Maltese laws and applicable EU directives at all times;
- Reporting to the LGA (monthly and on an ad-hoc basis on any changes);
- Submission of Company’s audited Financial Statements.
Furthermore, the Key Official, together with the Management of the Company, needs to ensure that the Company is operating in line with the following Maltese regulations:
- Companies Act, 1995
- Data Protection Act, 2001
- Electronic Commerce Act, 2001
- Electronic Communications (Regulation) Act, 1997
- Income Tax Act, 1948
- Income Tax Management Act, 1994
- Lotteries and other games Act, 2001 as amended (Remote Gaming Regulations)
- Prevention of Money Laundering Act, 1994
The Key Official must be:
- Resident in Malta;
- A director of the gaming company;
- Familiar with IT systems and laws and regulations governing remote gaming;
- Knowledgeable of gaming operations;
- Approved by the LGA as fit and proper to hold such post.
Our directorship and key official services are tailored to the specific needs and therefore the specific industry and operation of the client. Charges vary on the basis of the volume of activity that the company on which the Director / Key Official needs to act, as well as on the risk to and the envisaged hands-on involvement of the director or key official.