As a member of the European Union since 2004, Malta has developed into one of the largest financial centres in the world and services clients from all over the world. It successfully has gained a strong reputation in a number of financial industries such as pensions, capital markets, funds, e-business, insurance and tax advisory to name a few.
One of the key advantages Malta has when businesses choose to set up business or outsource business to Malta is the language skills of the local work force. Owing to the strong British connection in Maltese history, English is spoken virtually by everyone to a good level. English is taught in schools and is officially a national language alongside Maltese. All legislation is drafted in Maltese and English and business is conducted in English. The majority of Maltese understand Italian owing to the proximity of the islands to Italy and its heavy cultural influence. Amongst the Maltese local population, it is also not uncommon to finds persons with a good command of German, French or Spanish. There is also a large expat workforce living in Malta with UK, Scandinavian, German nationals living and working in Malta.
Outsource book keeping in Malta
Although wages and salaries have risen over the last few years owing to the growth within the financial services industry they still remain low in comparison with Northern European countries and also help to make Malta an attractive country to outsource your business. Most accountants in Malta seek to qualify through either the Accountancy Degree at the reputable University of Malta or through the Association of Chartered Accountants. (ACCA)
Businesses are now considering and taking up the opportunity of outsourcing book keeping services as they are getting highly skilled and experienced book keepers and accountants working on their books for a lower cost than if carried out back home. The fact that staff can also speak fluent English and not broken English, as well as have a strong command of other languages also helps makes it a viable option.
Find out more about why businesses consider to outsource book keeping service to Malta by contacting us here.