Innovate Scheme

Deloitte Malta Gi3 Alert

27 January 2024

Innovation aid for SMEs

Malta Enterprise have relaunched the Innovate Scheme – Innovation Aid for SMEs (hereinafter, the ‘Scheme’) intended to support small and medium-sized enterprises (hereinafter, ‘SMEs’) to improve their innovation performance.

An undertaking must meet the following main criteria in order to benefit from the Scheme:

i. Qualify as an SME;

ii. If established for less than five years or if it employs less than five full time employees, to submit a business plan together with the application; and

iii. Must not have dues, in relation to VAT, Income Tax and Social Security, exceeding Eur1,000, unless there is an existing repayment agreement; for dues less than Eur1,000, applicant should be able to justify position and commit to regularise dues, where applicable.

The Scheme provides funding for the secondment of highly qualified personnel and for access to innovation advisory and support services, which would enable SMEs to carry out projects leading to product, process and organisational innovation. Prior to applying for support, SMEs would need to establish the focus of the innovation action required and contact a relevant Research and Knowledge Dissemination Organisation to discuss the nature and extent of its involvement (provision of seconded personnel and/or innovation advisory and support services) to meet the set targets. Applications are to be submitted prior to the start of the innovation project. Projects are to commence within 12 months from the date funding is approved.

The maximum support per application under this Scheme shall not exceed 50% of the eligible costs, capped at Eur250,000. In the case of assistance for innovation advisory and support services, support may exceed the 50% threshold, subject to a capping of Eur220,000 per undertaking within any three-year period. The eligible costs shall be the costs related to secondment of highly qualified personnel, the costs of the innovation advisory services and the costs of the innovation support services.

How can we help?

Deloitte Malta is ready to assist in answering your queries, so please do not hesitate to reach out to us for any further guidance you may require.

In addition, Deloitte Malta is able to assist with the preparation of the required applications and any supporting documentation, as well as document submission and any required follow-ups.

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