‘Malta is an ideal location to set up and expand IT business’ – Fonicom CEO Renaldo Arciola

Renaldo Arciola is the Co-Founder and CEO of Fonicom, an IT systems integrator and managed systems solution provider with a presence in Malta, India, and The Netherlands. He has over 20 years of experience leading large-scale, cross-border technology projects for global enterprises.

What are the benefits of operating in Malta for globally oriented IT enterprises?

The benefits are many and varied. Malta offers a very favourable tax regime for IT enterprises, as well as a very well-educated and skilled workforce. There is also a very pro-business environment in Malta, which makes it an ideal location for setting up and expanding IT businesses. Additionally, Malta offers excellent infrastructure and is very well-connected to major markets and city centres around Europe and Africa, as well as being a member of the European Union and the Eurozone.

What are your thoughts on the ease of doing business in Malta?

Malta is an excellent jurisdiction for doing business. The process of incorporating a company is very straightforward and there are a number of excellent service providers that can offer support in setting up a business. Malta Enterprise is also a great resource for businesses, offering support in the form of grants, incentives, and other forms of assistance. The support from agencies such as Tech.MT and Gaming Malta is also excellent. The only area where it may be a little challenging to do business is in dealing with banks and financial institutions.

What benefits can investors in the IT space expect when setting up in Malta?

There are a number of synergies that investors setting up in Malta can expect to see. Firstly, Maltese law is favourable to online businesses and the country has a vibrant digital sector. Both the local and international IT sectors are growing rapidly in Malta. As a financial services hub and home to several multinational IT companies, Malta is well-positioned to support growth in the IT sector. The local IT sector is also well-developed, with a strong focus on product innovation and customer service.

As a founder of a company with an international presence, what support did you find from local authorities in building operations and exporting services?

There was no shortage of support from local authorities to build operations and export services. Government incentives in Malta are very attractive, with a number of tax benefits and subsidies available to businesses. We found the amount of red tape to be low compared to other countries, which made setting up and expanding our operations straightforward.

Fonicom has partnerships with Google, Microsoft, Dell, and Cisco, among a host of others. How accessible are such industry leaders for companies operating out of Malta?

Very accessible. The kind of organisations setting up shop in Malta are typically global in their reach, so there are always plenty of opportunities for cross-collaboration. For example, our work with some of our partners involves managing and deploying the latest in cutting-edge technology, which is something that greatly interests the likes of global vendors. There are many synergies to be had, and we frequently find ourselves working with these companies on major projects. Big data and cloud computing are key growth sectors in the global economy.

What are the key opportunities in the field that investors could find Malta is best-placed to exploit?

Malta is well-positioned to capitalise on opportunities in the fields of artificial intelligence, FinTech, RegTech, and esports. Malta has already established itself as a leading jurisdiction for FinTech, and has attracted several major players in the industry. The country is also home to a number of RegTech companies, which are helping to drive innovation in the regulatory space.

This feature was first carried in the Malta Invest 2023 edition. Malta Invest is the first-ever comprehensive international investment guide focusing on Malta as a destination. It is produced by Content House Group.