As part of the annual SME Week 2016, now in its eighth consecutive year, Dr Max Ganado and Dr Anthony Cremona participated in an event organised by the Malta Association of Family Enterprises. SME 2016 is organised by the Ministry for the Economy, Investment and Small Businesses and supports micro, small and medium-sized enterprises and generates public awareness on entrepreneurship.
Dr Cremona gave an overview of the recently enacted Family Business Act, which is charting new ground in relation to the registration and regulation of family businesses. The Act seeks to consolidate rather than fragment businesses across generations and addresses complex issues including succession, fiscal incentives and dispute resolution mechanisms.
Dr Ganado then explained how trusts can be effectively used in the design of a family business holding structure, outlining the positive strategies to adopt and the flexibilities one can achieve through trusts in the context of the new Law which includes Trusts as a recognised legal form of family enterprises.