By a notice published on the 17th June 2020, the Malta Business Registry (“MBR”) has informed interested parties of the newly enacted regulations titled ‘Companies Act (Shipping and Aviation Cell Companies) Regulations’.
The purpose of these regulations is to create a new structure to be used by companies operating in the shipping and aviation field by means of cell companies. Companies falling under this category will be distinguished from other companies by their name since they will be required to include the following terms in their name “Mobile Assets Protected Cell Company” or “MAPCC”.
These cell companies may be incorporated by having their objects to be termed in a manner which allows for the carrying on shipping or aviation business as defined in article 84E of the Companies Act. Alternatively, already existing companies may convert themselves into a cell company.
The assets of a cell company shall be either cellular assets or non-cellular assets. The assets attributable to a cell of a cell company comprise assets represented by the proceeds of cell share capital and reserves attributable to the cell and all other assets attributable to the cell. Furthermore, a cell company may create and issue shares for any of its cells and the proceeds of the issue shall be comprised in the cellular assets attributable to the cell.
Cell companies are obliged to inform third parties that they are dealing with a cell company while also providing them with information on the remedies available to these third parties. Moreover, these cell companies and their cells are also obliged to comply with the Companies Act (Register of Beneficial Owners) Regulations.
Please contact us should you require further information on shipping and aviation cell companies.
