Malta launches Family Business Act

Malta launched the Family Business Act white paper and public consultation on Wednesday.

"Family businesses needed recognition for the important role they play in the economy. But they also needed help to survive," said the archipelago's minister for the economy, investment and small business, Chris Cardona.

The minister said the act was a way of acknowledging that family businesses should not be pushed to the sidelines of the Maltese economy as they are its cornerstone. He emphasized the act would give greater recognition to the more than 70 percent of Maltese businesses which are run or controlled by families.

Cardona stated the legislation was not only of significance in that it rewarded and supported hard-working families, but also informs policymaking for family businesses worldwide.

"My understanding is that the Family Business Act makes a substantial step ahead in connecting the world of scholars and the one of policymakers. Above all in Europe," stated Paolo Morosetti, a visiting professor from the SDA Bocconi School of Management in Milan.

Dr Nadine Lia, legal advisor for the ministry, outlined how, in the process of developing the legislation, the white paper presented had won the support of the steering committee, the Attorney General's office, the EU Commission, as well as the family businesses met during the process.

The white paper can be accessed online through the ministry's website. Endit