MGI Finconsult Limited

History and Founding

MGI Finconsult Limited was established in 1988 in Malta by George Farrugia, who began as a sole practitioner. Over the decades, the firm expanded into a mid-tier accountancy and consulting house, becoming the corporate services and advisory arm of MGI Malta. The company gained international attention through the Paradise Papers leak, which listed its address and named directors involved in managing offshore structures — activities that are legal and common for Maltese corporate service providers.

Regulatory Changes

In January 2019, MGI Finconsult voluntarily requested the cancellation of its registration as a company service provider under the Company Service Providers Act. The Malta Financial Services Authority confirmed that the cancellation was voluntary and not related to any enforcement action. Following this, the firm continued its operations under the MGI Malta umbrella, focusing on audit, tax, payroll, advisory, and gaming-license support.

Management Restructuring

A significant management transition occurred in early 2020, when founding partner George Farrugia began his retirement transition. Three senior appointments were made: Marion Caruana became Audit Partner, Jean Paul Busuttil was appointed Director of MGI Finconsult Limited, and Jason Vella Tabone became Director of MGI Fiduciary Services Limited. As of 2025, the directors of MGI Finconsult are Nicholas Falzon (Non-Executive Director), Raymond Gatt, Franco Privitelli, and Jean Paul Busuttil.

Services and iGaming Focus

The firm’s iGaming expertise revolves around assisting operators and suppliers in obtaining and maintaining a Malta Gaming Authority license. This includes support with licence applications, regulatory compliance, corporate structuring, and ongoing reporting. Beyond iGaming, MGI Finconsult offers company formation, corporate administration, VAT and direct tax compliance, payroll outsourcing, bookkeeping, audit and assurance, and business advisory. It also provides services for aviation, ship and yacht registration, and previously assisted with the Malta Individual Investor Programme (citizenship by investment).

Products and Platforms

MGI Finconsult does not market proprietary software platforms; its offerings are entirely service-based. Key service lines include Malta Gaming Licence Application Assistance, Corporate Services, Taxation Advisory, Payroll and HR Support, Bookkeeping and Accountancy, Advisory Services, Audit and Assurance, Aviation & Ship/Yacht Registration, and Malta Citizenship (IIP). Each is delivered by a team of experienced certified public accountants and directors.

Market Position and Competition

The company is a member of MGI Worldwide, an international network of accounting and consulting firms, which provides access to global resources while maintaining local expertise. In the Maltese iGaming support space, it competes with other corporate service providers and consultancy firms that specialize in gaming licensing. Its long history and established reputation in Malta make it a recognized supplier on industry directories, though its headcount and revenue are not publicly disclosed. The firm is likely small to medium-sized, based on the size of the parent practice.