The Services industry in Malta
The Maltese economy has been evolving very rapidly and is today a highly industrialised, service-based economy. The relative decline of the share of agriculture and of industry in the Maltese economy coincided with the emergence of a large number of new operators in the services industry. Since Malta joined the European Union way back in 2004, the share of the services industry has grown and is considered to be the largest increase experienced across the EU. In the decade before Malta’s accession to the European union, the main sectors that contributed most to the market were construction, real estate, financial services, education and public administration; in the following ten years, the biggest sectors were financial services, IT, legal and accounting services, betting and education.
The financial services sector is now the fastest growing sector of the economy in Malta. This means that there is growth potential in areas like Blockchain technology, trade finance, private banking business activities, trusts, investment banking and advice, fund management as well as accounting and administration, insurance management, and electronic payments systems. Financial services, together with the aviation, maritime and hospitality service industries make up a big percentage of the services sector in Malta.
Language services providers in Malta including translation companies and agencies have benefitted and continue to benefit widely from this diversification of the Maltese economy and the expansion of the financial services sector. Most if not all of these businesses require at some point or another, and especially at the setting-up stage, the services of a professional translation company for the official translation and/or certification of their documentation, including but not limited to registration documents, bookkeeping records, memorandum and articles, company statutes, good standing certificates as well as personal documentation like signature authentications, notarial deeds, contractual agreements, utility bills and several other types of documents which are to be presented to the respective authorities as and when requested.
As a result of Brexit, it is believed that Malta’s financial services industry is likely to continue to see growth in specific areas likes fund administration, asset management and servicing, and corporate banking. Moreover, since many businesses are choosing to be registered and based in Malta, the demand for official and certified translations issued by language service providers in Malta (which are themselves also included in the services industry) has increased accordingly. Official data shows that financial services account for approximately 11% of the GDP of Malta. If you too are seeking the services of a professional translation services company to provide you with a Certified Translation in Malta, we strongly suggest you contact Euris Consult Limited on translations@eurisconsult.com and we will provide you with a free quote.
