Over the last fifteen years, Malta’s economy has grown at an unprecedented rate, establishing itself as a competitive player in Europe’s growing economy.

The country’s excellent start-up incentives have attracted attention internationally, triggering tremendous growth in the business and finance sector. Coupled with its developing technological infrastructure, our tiny island has become a favoured hub for investment opportunities.

Whilst Malta has successfully positioned itself as a strategic operational location and boasts an attractive lifestyle, opening up to international business opportunities comes with its legal and financial challenges – a reality which our local corporate service providers are more than familiar with.

If you think you’ve had a hard time getting on top of that pile of life admin sitting on your desk at home, just think of what it’s like having to deal with the corporate equivalent of a whole portfolio of clients. It’s living through a paperwork nightmare on a daily basis, so much so that the daily hurdles feel like coming to the office is like attending a track and field event.

Keeping up to date with the digital landscape of the 21st century whilst using tools from the Middle Ages is why all CSPs will find that these five pain points are just the tip of the iceberg.

1. Digital solutions got lost on the way

Whilst other sectors are benefiting from increased efficiency as a result of the digital shift, the corporate world appears to have been overlooked, with current admin processes completely lacking any form of 21st-century innovation. With just under 200 MFSA registered corporate service providers, whose role, in the words of the MFSA themselves, are ‘the gatekeepers to the financial system’, you’d think there’d be a digital solution that offers them the helping hand they so desperately require.

2. The lack of specialised applications available 

The influx of foreign trade in Malta, accompanied by the world’s rapidly expanding digital ecosystem, calls for purpose-made tools that help ease the pressure experienced by corporate service providers in meeting their clients’ ever-increasing list of regulatory and legal needs. After all, their responsibilities not only impact the legal foundations on which a business operates, but have a knock-on effect, both within the financial sector and the broader economy. This all means that the development of specialised applications for the sector is long overdue.

3. Another task, another tool

Corporate service providers work with incredibly decentralised systems and in the absence of any suitable alternatives, often end up having to re-purpose office systems that weren’t actually designed to meet their specific needs. A single task could require a document to be drafted in Word, registers manually updated in Excel and signatures obtained in physical form, all at great cost and high turn-around times. Too many hours are lost on repetitive manual admin, often with a high risk of error and a lack of oversight.

Just imagine how frustrating it is that a missing full stop has the power to deem a document invalid. A single full stop.

The tools currently available just don’t cut it.

4. Document preparation is a nightmare

Document prep is still an entirely manual process from start to finish. From creating documents afresh to sifting through old versions to find one you can somewhat update and re-use – errors are inevitable. To top it off, acquiring signatures is still done via a courier system which is a truly tedious and incredibly old-school practice. Add some inadequate software to the mix and you’ll have all the ingredients required to totally lose it.

 5. Managing your client portfolio is a multitasking feat

Keeping track of document renewal dates, administering share transfers, updating internal registers, handling directorship and company changes, liaising with the Malta Business Registry – the list goes on and on and on. The lack of automation inevitably increases the margin of error and makes taking care of an entire client portfolio a serious mental workout.

By now you’re probably thinking: ‘Wouldn’t it be fantastic if one centralised solution could handle everything?’, and the answer is yes, it would be.

Luckily, Binderr has done just that by creating the one CSP platform to rule them all.

If you’re struggling to find tools to streamline your daily admin tasks, then this is the revolution you’ve been waiting for.

Binderr’s web-native solution is designed to fast-track document management processes and optimise corporate services by replacing routine tasks with data-driven automation for a smoother and more efficient document turnaround time.

Binderr enhances productivity with self-executing document workflows and real-time sign statuses that allow you to seamlessly track the document lifecycle from anywhere, so you never lose sight of the task at hand. With automatically populating MBR forms, business registers, corporate structures and documents, inputting data manually and drawing boxes in Word are struggles of the past.

Designed as one centralised hub for all your corporate admin needs, gone are the days of makeshift solutions and inadequate tools. The platform’s qualified e-signatures feature and in-app submissions to MBR are the time-saving game-changer that turns a disjointed 90-minute workflow into a ten-minute job.

Improving efficiency, decreasing the margin of error and ensuring a smoother operation – Binderr allows corporate service providers to focus on providing value in areas that matter most, while repetitive tasks are managed with automations and workflows fit to handle end-to-end entity management.

Tag a CSP that would benefit from Binderr!