The MBR’s online register is an essential tool for individuals, businesses and professionals alike. It provides access to key information about companies and organisations, including their legal status, ownership details and compliance with regulatory requirements.
The importance of this register extends beyond corporate governance and regulatory oversight, offering practical benefits that can positively impact daily life in various ways.
One of the core benefits of the register is the transparency it offers. By providing up-to-date information on registered companies, it allows individuals and businesses to make informed decisions.
For example, when entering into a business relationship, accessing the registry allows you to verify that a company is legally registered, ensuring that you are dealing with a legitimate entity. This can protect you from fraud or unethical practices. For instance, before signing a contract with a new supplier, you can check the portal to verify their legitimacy, saving you from potential legal or financial troubles.
For investors, the register is a critical resource for due diligence. Whether investing in stocks or entering a partnership, it is crucial to assess a company’s financial stability and ownership structure. Accessing detailed information on directors, shareholders and past legal issues helps investors assess potential risks and benefits. For example, an investor looking to fund a start-up might check the registry to see if the company has any outstanding legal issues or a history of bankruptcies, helping to mitigate the risks associated with the investment.
Employers and recruiters can also benefit from the portal by using it to verify the credentials of prospective employees or contractors. For instance, if a job candidate claims to have owned or operated a business, an employer can use the register to verify that claim. This ensures the accuracy of the candidate’s background, which is essential in preventing employment fraud and making sound hiring decisions. On the other hand, the prospective employee can also check the financial stability and ownership of his/her prospective employer.
Businesses themselves can use the register to ensure that they are compliant with local regulations. The register provides reminders about filing deadlines, such as financial statements, annual BO notification and annual returns. Keeping track of these deadlines helps businesses avoid penalties and maintain good standing with regulatory bodies.
The MBR’s public register can be accessed here. The register is an invaluable tool that offers far-reaching benefits, from preventing fraud to aiding in investment decisions and ensuring legal compliance. By providing transparency and access to critical business information, it empowers individuals and companies to make informed decisions, reduce risks and promote integrity in everyday business transactions.
Accessing this portal should be considered a best practice for anyone engaging in commercial activities, whether they are business owners, investors, employees or consumers.
Dr Geraldine Spiteri Lucas is CEO and registrar.