A new website, StartinMalta.com, has been launched in collaboration with Malta Enterprise to assist local and foreign start-ups establish themselves and expand in Malta. It is a governmental initiative aimed to strenghten the Maltese startup ecosystem, for this to be the birthplace of many more startup success stories. The objective of the initiative is to work on educating the local investors and attracting foreign investors to Malta, helping the startups and the community at large to be aware of the resources and vital know-how available.
The concept is aimed at eliminating regulative issues and barriers that are complicating the process of operating a startup, investing or raising funding in Malta, and therefore help advance startup-friendly regulations.
The website provides information about Malta as the ideal place for investment, provides information on schemes available for start-up companies, as well as testimonials from successful start-ups.
Malta Enterprise Schemes featured on the website
Business Start
Between 2015 and 2020, Malta Enterprise assisted 62 companies with a cash grant totalling €1.5 million in aid granted under the Business Start scheme.
The scheme offers a seed and growth funding to small start-ups having an innovative and feasible idea or project. If the start-up is still in its early development phase and not yet backed by a formal business plan, it might be eligible for a cash grant of up to €10,000.
On the other hand, if the start-up presents a Business Plan and is deemed to be economically viable by Malta Enterprise, it may be awarded a maximum cash grant of €200,000. This incentive is available until the 31st December 2023.
Startup Finance
Malta Enterprise assisted 10 companies to the tune of €4 million through the Startup Finance scheme between 2017 and 2020.
This scheme is also intended to provide support to start-ups having innovative projects if they can demonstrate that the business idea is viable and show commitment towards growth. The repayable assistance may not exceed €400,000, which may be increased to up to €800,000 if the startup is an innovative enterprise. The assistance is linked to private equity, wages, working capital, tangible & intangible assets, crowdfunding and one time accelerator grant.
The application must be submitted withing 60 months from the start-up date and must be submitted until 31st December, 2022.
Business Development
A company may benefit from this scheme if it wants to expand or consolidate its activities, or perhaps even undertake new projects.
The amount of financial aid granted will depend on how much the project will contribute to the Maltese economy and on the number of new jobs that will be created or maintained, but ccompanies can be awarded support in the form of tax credit or cash grants of up to €200,000.
The incentive is available until 31st December, 2023. Eligible costs shall be directly related to the operation of the undertaking in the following areas: Relocation costs of Key Personnel; Payroll Costs; Lease and Rental of Real Estate; Support and Advisory Services; Rights, Licences and Certifications; and Procurement and Relocation of Tangible Assets.
Bridge Advice can help you find the scheme most suitable for your needs and assist you with obtaining these grants from Malta Enterprise to fulfil your growth ambitions.Find out more about our services at www.bridge.mt or contact us on info@bridge.mt