The Family Business Act was enacted to encourage the regulation of family businesses, their governance and the transfer of the family business from one generation to the next; to encourage and assist family businesses to enhance their internal organisation and structure with the aim of effectively operating the business and working towards a successful succession of the family business; and for other matters consequential or ancillary thereto.
Family businesses are the backbone to the Maltese economy generating millions of turnover and their existence provides stability to the economy in a way that no other enterprise can. Unfortunately, at the same time they are exposed to their vulnerabilities and it has been these same vulnerabilities that have served as the common factor into the decline or death of family businesses. One of the key factors is that after years in operation and practise, when it comes to facilitating the transfer, many businesses were faced with either a legislative vacuum or else legislation that would render it not feasible to continue with the transfer. The scope of the Family Business Office is to tackle these difficulties and find sound, practical and responsible ways in paving a way ahead.
The role of the Family Business Office is intended to assist family businesses in their endeavours of transferring their family businesses by benefitting from the incentives made available to those registered and receive all due support in the process. Furthermore the Family Business Office serves as a support to family business in the regulation of their business, their governance and enhancement of their internal organisation and structure with the aim of helping them to effectively operate their business and work towards a successful succession of the family business.
For more information one can contact the Family Business Office:
Website: www.familybusiness.org.mt;