Issue link: https://maltatoday.uberflip.com/i/288366
12 Business Today maltatoday, WEDNESDAY, 2 APRIL 2014 Sheila Dean (left) and Prime Minister Joseph Muscat (right) Equiom celebrates the launch of its Malta office Equiom, the leading international trust and corporate services provider with of- fices in Malta, Jersey and headquartered in the Isle of Man recently celebrated the launch of their Maltese operation. The champagne reception, which was held at the Palazzo Parisio in Naxxar, Malta, was attended by 80 guests from across the finance sector including Prime Minister Joseph Muscat. Equiom Group Managing Director Sheila Dean commented on the launch: "I am delighted to officially celebrate the launch of our Malta office and can't quite believe that it has been 12 months since Equiom Malta was established. With its very strong maritime focus as an internationally recognised flag state, together with excellent shipyard facilities, bunkering and berthing, we had long considered Malta for structuring opportunities for further expansion of our yachting and aviation division. We have built a comprehensive service offering covering the trust, fiduciary, yachting, aviation and eGaming sectors, which is seamlessly delivered by our very capable Equiom Malta team. In addition we have also been fortunate to work with very experienced and professional advisers in Malta, the Malta Financial Services Authority as well as Finance Malta." Equiom's Maltese operation has continued to grow from strength to strength with the intention of offering the widest possible range of services to clients, including acting as trustees and nominee shareholders in addition to administering private foundations, to support and develop both existing and new relationships. The Group head office in the Isle of Man provides support drawing on Equiom's heritage, experience, and technical expertise. For more information go on to: www. equiom.im FTIAS welcomes students from MCAST On 26 March, a group of just under 40 MCAST were invited for a visit at the FTIAS offices in Qormi. The aim of this visit was to educate stu- dents on recruitment issues and also to inform them about the career op- portunities offered by the company. FTIAS Ltd. is currently looking to reach the 200 employees by the end of this year, representing a 60% in- crease over a span of two years and is also projecting to get to 275 em- ployees by the end of 2016. "While it's always great to welcome those interested in our business at FTIAS, we love welcoming school groups and teachers in particular as this allows us to showcase the FTIAS culture. At FTIAS, we strive for best practice and over the years we have embarked on the six sigma projects to develop the required skills and competencies. On the other hand, we take equally seriously opportunities for social interaction and leisure. We have formed a Sports and Social Committee, which is responsible for organising events and activities on an ongoing basis. Whatever we go in for, we go in with an unrelenting passion and enthusiasm to make it the best experience we possibly can," Calvin Cassar explained. MCAST students had the chance to watch a visual presentation about recruitment, tips on job searching, CV formation, and had the opportunity to ask questions and learn more about the diverse career paths at FTIAS. After the presentation given by Calvin Cassar, HR Manager at FTIAS, the students also had the opportunity to meet some of the company's diverse managers and administrators who shared some thoughts with students. Teachers and schools who would like to organise a visit to FTIAS offices should send an email on customer.service@ftias.com Malta Chamber calls for stricter controls to eliminate unfair competition Jurgen Balzan The Malta Chamber today voiced its serious concern at the level of unfair competition being reported by its members in the importation and dis- tribution sector. "The situation arises from a lack of effective enforcement, allowing certain so-called 'traders' to go unpunished despite operating in total disregard of their regulatory responsibilities, including fiscal," the chamber said. The Malta Chamber said that it was monitoring the situation closely and recently received an increased number of reports of unfairly lost sales from aggrieved members in a number of sectors such as wines and spirits, electronic goods, fast-moving consumer goods, furniture and residential turn-key projects. In its statement it stressed that this unlevel playing field was also leading to loss of revenue to government, aside from lower turnovers and market share erosion of law-abiding companies. The Malta Chamber added that if the unfair competition is addressed, it could significantly ease off pressure for further tax increases at a time when government is seeking to reduce its deficit. Moreover, the lack of enforcement is leading to a decline in investment and employment opportunities among law-abiding businesses. Malta Chamber also underlined the "high risks to consumer health and safety" and the insignificant price savings for consumers these practices were creating. "All the above continues to arise because the country did not effectively replace border controls – which are no longer permissible with Malta being part of the Single European Market – with an appropriate market surveillance structure." Pointing out that government should make addressing unfair competition a priority, the chamber said that it had consistently advocated the need for urgently setting up a multi-departmental single authority responsible for fair and effective market surveillance. The authority, the chamber proposed, must be empowered with the necessary resources and executive powers to, "once and for all," proactively enforce taxes, laws and regulations on persons who operate below the compliance radar and beyond the knowledge of any authority including fiscal. "To add insult to injury, due to a situation of scarce and fragmented resources, previous reports by the Malta Chamber on this situation have often resulted in the unaccaptable practice of bona fide traders being subjected to selective inspections," it said. Experience showed that companies with long and impeccable track records of fiscal compliance bore the brunt of scrutiny and inspections because this was the most convenient approach for enforcement officers. The Malta Chamber stressed that it stands in favour of a liberalised and competitive business environment provided this is fair and in compliance with Malta's legal, regulatory and fiscal obligations. "Given the situation, the Malta Chamber is in the process of consolidating updated feedback from the various sectors it represents and shall shortly be delivering a comprehensive presentation to the Parliamentary Committee for Economic and Financial Affairs."