Malta is aspiring to become a start-up hub and has early this year launched two schemes in this respect.
New Measures, including cash grants, have been launched by Malta Enterprise in the form of the Business Start 2021 and the Business Development 2021 Support Measures.
For the Business Development 2021 scheme, the applicable projects should fall under the one or more of the following activities:
Management of waste and environmental solutions;
Research and development activities;
Provision of industrial services and solutions to manufacturing operations;
Digitisation of processes;
Development of digital service and systems (including video games and entertainment
systems) intended for international markets;
Maintenance, repair and overhaul of aircraft and other electro-mechanical equipment;
Services that by nature are not limited to geographic scope and are scalable internationally.
For the Business Start 2021 scheme, the proposed project should fall under one or more of the following activities:
Industrial services analogous to manufacturing;
Health, Biotechnology, Pharmaceuticals and Life Sciences;
Other innovative economic activities which are enabled through knowledge and technology providing services or products which are currently not readily available in the relevant market or which shall be provided through a process which is novel.
In order to be eligible for assistance under Business Start 2021, applicants must fulfil at least two of the following criteria:
The proposed products and/or services have the potential to generate income from various geographical markets.
The applicant produces or intends to produce products which are new or substantially improved compared to existing products on the market or provides or intends to provide services which are new or substantially improved compared to existing services on the market.
The applicant shall utilise processes, which are new or substantially improved compared to those adopted in current complementary activities.
Both schemes have a funding limit of € 200,000 per project and can be provided in cash grant or as a tax-credit.
Eligible expenses covered include the following:
Lease and Rental of Real Estate
Support and Advisory Services
Rights Licences and Certfications
Procurement of Tangible Assets (Equipment etc)
Other terms and conditions apply. If you are undertaking a growth project or starting up a new business feel free to contact us for a free evaluation to guage your funding potential. Other business support measures may be applicable if your business activity does not fall within the scope of the activities listed above.