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The MDIA issues a consultation paper on guidelines applicable to resident agents.
The Malta Digital Innovation Authority ("MDIA") has issued the last consultation document on Chapter 4 of its Guidance Notes which is addressed toward resident agents.
A resident agent refers to the resident agent defined in the Innovative Technology Arrangements and Services Act[1] ("ITAS"):ITAS provides that a person who makes an application to the MDIA for any form of recognition and who is not ordinarily resident in Malta is required to appoint a resident agent who is:
A) Habitually resident in Malta;
B) Not interdicted or incapacitated or is an undischarged bankrupt;
C) Has not been convicted of any of the crimes affecting public trust or of theft or money laundering or of knowingly receiving property obtained by theft or fraud; and
D) Has provided satisfaction to the MDIA that he is a person capable of carrying out functions stated within the ITAS.
The term 'ordinarily resident' is being interpreted in accordance with the Income Tax Act [2].
The latest guidelines are aimed at providing guidance to prospective applicants on:
- Scope of applicability of the resident agent;
- Eligibility criteria;
- Information to be submitted to the MDIA;
- The role of the resident agent;
- Powers of the resident agent;
- Liability of the resident agent; and
- Resignation and removal of the resident agent
The MDIA consultation period in relation to Chapter 4 is open to the public until 24 October 2018.
[1] Chapter 592 of the Laws of Malta
[2] Chapter 123 of the Laws of Malta