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.