Provider Financial Sustainability: Eligibility Check

This eligibility check applies to the following categories: University, Higher Education Institution or Further and Higher Education Institution.

The purpose of the eligibility check is to determine whether the External Quality Assurance/Confirmation of Accreditation process can be initiated. The MFHEA will only start the EQA process if the following eligibility condition is fulfilled:

the financial sustainability of the provider has been confirmed through an eligibility check conducted by the MFHEA with the support of a certified accountant.

Note 1: All documentation submitted must be in English. If any of the documentation needs to be translated, any translation done outside the territory of Malta must be apostilled.

Note 2: Any identification documents must be certified by a certified public accountant, notary, lawyer or a warranted professional.

Note 3: The MFHEA reserves the right to request additional information and documentation.

Kindly follow the list of required documents according to your organisation’s type.

Limited Liability Company

Compulsory documentation

Financial Accounts (a copy of the most recent fully signed audited accounts)
FSS (Final Settlement System), VAT and Income Tax Compliance Certificate (evidence in the form of a compliance certificate issued by the Commissioner for Revenue that all returns have been submitted and there is no outstanding liability. Such certificate must not be older than 3 months from the date of submission.)
A recent List of Employees with the company, which is issued to employers by JobsPlus on request. (This is a document containing a list of all active employees with a specific employer at a particular point in time/specific date.)
Organisational chart clearly showing the names and positions held of those in top and middle management posts
Copy of Memorandum and Articles of Association of the company
A Business Plan. The Business Plan shall include the following sections:
– Business History
– Background and Objective
– Business Environment
– Services and Product
– Target Market and Marketing Strategy
– Management and Organisation
– Business Proposal and Resource
– Expected Outcomes and Impact
A Financial Plan. The Financial Plan shall be supported by three-year projections and should include:
– Three-year income and expenditure projection
– Three-year projected statements of financial position at respective years’ end
– Quarterly cash flow forecasts for three year
– Assumptions and support data for revenue streams, human resources, and capital expenditure items.

Additional Documents – only if applicable

A signed explanation by a company director or company secretary for any non-compliance with the Malta Business Registry in terms of submission of annual returns, audited financial statements or Beneficial Ownership Forms
Recent management accounts duly signed by director/s – only applicable if the audited financial statements are older than two years
Bank Sanction Letter – only applicable if the company has an overdraft or loans with a banking institution
Letter of support from parent company/related parties – only applicable when the institution has a negative equity position
List of shareholders, directors and company secretary – only applicable if the information available on the Malta Business Register is not up to date due to share transfers
Most recent Beneficial Ownership Form – only applicable if this is required by the Malta Business Registry
Copy of agreement with the Commissioner for Revenue on how outstanding liabilities for income tax, FSS and VAT are to be paid by instalments – only applicable if there are outstanding liabilities as per Compliance Certificate
All documentation requested in the Compulsory List must be submitted for a holding company if the licensee company is owned by a parent/holding company
If the holding company of the licensee is registered in a foreign jurisdiction, a Certificate of Incumbency or of Good Standing is required.

Cooperatives /Partnership

Compulsory documentation

Financial Accounts (a copy of the most recent fully signed audited accounts)
Copy of the most recent Form A – Committee of Management – submitted to the Cooperatives Board
Copy of the most recent Form B – Members List – submitted to the Cooperatives Board
Compliance certificate to be obtained from the Cooperatives Board requesting information as to whether the cooperative is compliant in terms of timely submission of audited financial statements, Form A and Form B
FSS (Final Settlement System), VAT and Income Tax Compliance Certificate (evidence in the form of a compliance certificate issued by the Commissioner for Revenue that all returns have been submitted and there is no outstanding liability. Such certificate must not be older than 3 months from the date of submission.)
A recent List of Employees with the cooperative, which JobsPlus issues to employers on request. (This is a document containing a list of all active employees with a specific employer at a particular point in time/specific date.)
Organisational chart clearly showing the names and positions held of those in top and middle management posts
Copy of Statute of the cooperative
A Business Plan. The Business Plan shall include the following sections:
– Business History
– Background and Objective
– Business Environment
– Services and Products
– Target Market and Marketing Strategy
– Management and Organisation
– Business Proposal and Resources
– Expected Outcomes and Impacts
A Financial Plan. The Financial Plan shall be supported by three-year projections and should include:
– Three-year income and expenditure projections
– Three-year projected statements of financial position at respective years’ ends
– Quarterly cash flow forecasts for three years
– Assumptions and support data for revenue streams, human resources, and capital expenditure items.

Additional Documents – only if applicable

A signed explanation by a responsible officer for any non-compliance with the Cooperatives Board in terms of submission of audited financial statements, Form A and Form B
Recent management accounts duly signed by responsible officers – only applicable if the audited financial statements are older than two years
Bank Sanction Letter – only applicable if the cooperative has an overdraft or loans with a banking institution
Letter of support from members – only applicable when the cooperative has a negative equity position
Updated List of Members duly signed by two officers of the cooperative (only applicable if the latest Form B is not up to date with recent developments)
Copy of agreement with the Commissioner for Revenue on how outstanding liabilities for income tax, FSS and VAT are to be paid by instalments – only applicable if there are outstanding liabilities as per Compliance Certificate.

NGO Foundations/Voluntary Organisations or any other

Compulsory documentation

Financial Accounts (a copy of the most recent fully signed audited or certified accounts)
FSS (Final Settlement System), VAT and Income Tax Compliance Certificate (evidence in the form of a compliance certificate issued by the Commissioner for Revenue that all returns have been submitted and there is no outstanding liability. Such certificate must not be older than 3 months from date of submission.)
A recent List of Employees with the entity, which JobsPlus issues to employers on request. (This is a document containing a list of all active employees with a specific employer at a particular point in time/specific date.
Organisational chart clearly showing the names and positions held of those in top and middle management posts
Copy of Deed of Constitution
Copy of Statue
A Business Plan. The Business Plan shall include the following sections
– Business History
– Background and Objectives
– Business Environment
– Services and Products
– Target Market and Marketing Strategy
– Management and Organisation
– Business Proposal and Resources
– Expected Outcomes and Impacts
A Financial Plan. The Financial Plan shall be supported by three-year projections and should include:
– Three-year income and expenditure projections
– Three-year projected statements of financial position at respective years’ ends
– Quarterly cash flow forecasts for three years
– Assumptions and support data for revenue streams, human resources, and capital expenditure items.

Additional Documents – only if applicable

Copy of Certificate of Registration with the Voluntary Organisations Commissioner
Copy of the most recent Annual Return submitted to the Voluntary Organisations Commissioner
Copy of Certificate of Registration with the Public Registry
Certificate of Good Standing issued by the Public Registry
Certificate of Good Standing issued by the Voluntary Organisations Commissioner
Recent management accounts duly signed by director/s – only applicable if the audited/certified financial statements are older than two years
Bank Sanction Letter – only applicable if the entity has an overdraft or loans with a banking institution
List of administrators – only applicable if the data presented is not up to date with recent developments
Copy of agreement with the Commissioner for Revenue on how outstanding liabilities for income tax, FSS and VAT are to be paid by instalments – only applicable if there are outstanding liabilities as per Compliance Certificate.