Digitalisation Boosts Governance, Transparency, and Streamlines Processes

The collaboration between the Malta Business Registry (MBR) and The Malta Chamber of Commerce, Enterprise and Industry has resulted in improved communication and initiatives aimed at enhancing MBR’s services to the local business community.

MBR in collaboration with The Malta Chamber held a conference as part of SME Week 2024 under the auspices of the Ministry for the Economy, Enterprise and Strategic Projects entitled Business Empowerment.

MBR’s CEO and Registrar Dr Geraldine Spiteri Lucas explained that the, ‘Desk Officers are now more specialized which consequently led to streamlining guidelines, regulations, and requirements. The IT infrastructure has been strongly upgraded, leading to shifting services online as well as paving way for seamless integration between government agencies for the provision of standard documents and information within the limits allowed by the GDPR.” Dr Spiteri Lucas added that, “crucially, the effectiveness of communication is clearly demonstrated by allowing sufficient lead time before the implementation of new regulations. By conducting training seminars, we ensure that CSPs and practitioners are equipped with the necessary knowledge and tools for a swift adaptation to these changes.”

The President of The Malta Chamber Chris Vassallo Cesareo said that the integration of systems between government agencies to facilitate the provision of standard documents and information is a critical step toward eliminating repetitive, time-consuming tasks that drain resources and frustrate users. He insisted that, ‘’businesses need a cohesive ecosystem where data flows securely and efficiently across entities, minimising redundancy and creating value for all.”

During a fireside chat, moderated by Head of Media and Communication Strategist Rachel Bondi Attard, both MBR CEO Dr Geraldine Spiteri Lucas and The Malta Chamber CEO Dr Marthese Portelli emphasised that digitalisation doesn’t only contribute to better governance, transparency and accountability, but it also contributes to cleaner and more efficient processes. Dr Spiteri Lucas delved into MBR’s recent initiatives which strongly boosted digitalisation. The launch of the new online platform BAROS, Business Automation Registry Online System, introduced digital methods aimed at enhancing efficiency, such as the online submission of all types of company incorporations and other forms. Additionally, a call for tenders has been issued for the development of the Central Data Repository, an initiative intended to reduce unnecessary bureaucratic procedures. These initiatives align with MBR’s goal of promoting an entrepreneurial mindset, as seen in the recent launch of the self-assessment tool, which provides businesses with a free service to analyze their financial capability and seek help if necessary.

Dr Portelli emphasized that ongoing dialogue with the MBR is essential. “Maintaining open communication benefits not only the business community but also the country as a whole. At The Malta Chamber, we remain committed to providing input and support whenever needed. While we appreciate the MBR’s receptiveness to our feedback, we now look forward to seeing tangible implementation of the proposed measures,” said Dr Portelli.

Minister for the Economy , Enterprise and Strategic Projects Silvio Schembri said that during this month dedicated to businesses will serve as a forum for discussion so that as a Government we can pave and implement Malta Vision 2050.

’Vision Malta 2050 is not only about economic growth, but a plan to provide a better quality of life for everyone. The process has begun to establish strategic goals until 2035 that will lead Malta to a better future with clear goals and a long-term plan. This must be a vision of a country that looks at the needs of the people, quality jobs, sustainable growth, and national unity. Together we can build a stronger and more inclusive Malta. Above all, a strong country that, as announced in the budget, gives a better quality of life and creates that balance from which we really reap the fruits of the unprecedented economic growth that our country is experiencing. Vision Malta 2050 is our roadmap for the next 25 years, with key goals to be achieved in the next 10 years to ensure we stay on the right track’’ said Minister Schembri.
Minister for the Economy, Enterprise and Strategic Projects Silvio Schembri stated that this month dedicated to businesses will serve as a discussion forum for implementing Malta Vision 2050. This vision aims for economic growth and improving quality of life. Strategic goals until 2035 aim to ensure sustainable growth, quality jobs, and national unity. As outlined in the budget, the vision seeks to enhance life quality, balancing economic growth with real benefits for all. This roadmap sets key goals for the next decade to keep Malta on track.

At the conference, a panel discussion led by MBR’s COO and Deputy Registrar, Ms Annalise Zammit, focused on the upcoming Corporate Sustainability Reporting Directive (CSRD). Panelists Mr Norbert Vella from PWC, Mr Mark Micallef from BNF Bank, and Dr Damian Paul Cassar from MBR discussed the implications of the directive in helping companies implement sustainability reporting.

The panel noted that while CSRD presents challenges, it also offers opportunities for enhancing sustainability practices and stakeholder engagement. By approaching compliance strategically and collaboratively, organizations can lead in sustainability within their industries.

The conference also commemorated the 60th Anniversary of Malta’s Companies Act, which has evolved with EU directives and digitalization over time. This milestone was celebrated with a documentary featuring past registrars, academics, and MBR employees who have contributed to its development.