Since the launch of the Malta Business Registry’s (MBR) new online system, BAROS (Business Automation Registry Online System), it has become a game-changer within the industry, highlighting the increasing need for digital solutions. It is noteworthy to observe the swift adaptation of CSPs (Corporate Service Providers) and practitioners, coupled with their proactive approach to enhancing service delivery. Following the smooth transition since its launch last year and the introduction of new digital methods, the MBR aims to deliver an upgraded system offering a more seamless user experience.

As of 1st November 2024, companies must submit their annual accounts exclusively via the MBR’s online system, BAROS. This significant step aligns with MBR’s ambitious vision of becoming a paperless entity by 2025.

By law, every company must file its accounts with the Malta Business Registry annually, following its registration. Annual accounts must be submitted within 42 days of the company’s made-up date, which corresponds to the date of incorporation. Failure to comply will result in fines. It is the responsibility of all individuals involved in a company’s operations, including directors, to ensure the timely submission of annual accounts. This compliance ensures that companies operate within the law and keeps the registry up-to-date, serving the interests of the business community and the Maltese jurisdiction.

This measure follows extensive discussions with key stakeholders who have emphasised the need for digitalisation in a rapidly evolving world. It underscores MBR’s commitment to understanding the needs of practitioners and the industry. In response to the announcement, MBR, in collaboration with the Malta Institute of Accountants, organised a CPE-accredited training seminar, providing a step-by-step guide to using the BAROS system. MBR employees addressed queries from attendees during the seminar.

What are the effects of this significant initiative?
Online submission of annual accounts is expected to enhance consistency, reduce errors, improve service quality, and eliminate the need for in-person visits to the front desk. It also offers the flexibility of submitting annual accounts at any time, while promoting reduced paper use.

What is required for submitting annual accounts online?
Users need authorised accounts on the BAROS website (register.mbr.mt), a digital certificate, and company-linked access. With these in place, users can submit their annual accounts online.

A digital certificate is crucial for signing documents on the Registry Portal. It is important to note that MBR offers a Qualified Digital Signature, which requires users to undergo an Identity Verification Process conducted by MBR staff, as stipulated by the eIDAS Regulation.

Additionally, BAROS allows for the online submission of annual accounts for both the Companies Act and Merchant Shipping Regulations. Directors, secretaries, CSPs, auditors and accountants can file these documents from the day after the financial year ends.

There is no restriction on the number of people authorised to submit annual accounts online, as companies can be linked to either a personal or corporate account. End users can upload annual accounts without needing previous years’ accounts to be processed first. However, if an annual account has already been started by another CSP, they will not be able to view the existing records for that year, though this will not prevent them from submitting the accounts. Users will receive a warning in such cases.

MBR’s Chief Operations Officer and Deputy Registrar, Annalise Zammit, highlighted that this initiative was preceded by extensive discussions with CSPs. Prior to its launch, a CPE-accredited training seminar was organised, where MBR employees presented a detailed step-by-step guide on the process. “This seminar, in collaboration with the Malta Institute of Accountants, encouraged attendees to raise their queries and better understand MBR’s ultimate goal of advancing digital transformation,” said Ms Zammit.

MBR’s Chief Executive Officer and Registrar, Geraldine Spiteri Lucas, remarked that the drive towards digitalisation is yielding positive results, helping MBR reach its goal of becoming a paperless entity. “The recent call for tenders for the development of the Central Data Repository Solution and our current focus on APIs are proving essential in building stronger connections with the industry,” stated Dr Spiteri Lucas.