Flap Operator,
As from 1st May 2004 Malta will form part of the EU and that will enable you and other EU citizens to set up businesses in Malta without needing a 51% Maltese shareholding. At the moment what you stated is true and it also applies to Maltese businessmen and companies in other EU countries. Air Malta set up Azzurra Air in Italy in 95/96 and it had a 49% shareholding due to the fact that Air Malta was not a community carrier.