Under Article 163 of the Companies Act (Cap 386), companies are required to maintain proper accounting records. After each accounting period, companies must submit their annual accounts to the Malta Business Registry (MBR).
For each accounting period, the Directors must present the company’s annual accounts at a general meeting for approval. In terms of Article 182 (1) and (2) the time limits for this are:
Private companies:
Accounts must be approved within ten months after the end of the accounting period. For example, if the period ends on 31 December 2023, the accounts should be approved by 31 October 2024.
Public companies:
Accounts must be approved within seven months after the accounting period ends. For example, if the period ends on 31 December 2023, the accounts should be approved by 31 July 2024.
After approval, the company has 42 days to file the accounts with the MBR. For instance, a private company with an accounting period ending on 31 December 2023, would need to file its accounts by 12 December 2024.
If a company’s first accounting period lasts more than 12 months from the date of registration, the time allowed for directors to present the accounts is shortened based on how many days the accounting period exceeds 12 months. However, the company must still have at least three months after the end of the period to present the accounts.
Failing to meet these deadlines can result in penalties.