Assistance for Start-Ups
Deloitte Malta News Alert
6 April 2021
Malta Enterprise has launched a new Business Start Scheme BStart 2021 by means of which small start-up undertakings may benefit from maximum financial assistance of up to €200,000. The support provides initial seed funding of up to €10,000 for the early development phase, followed by assistance of up to €20,000 per quarter for start-ups that present an economically viable business plan.
This scheme is complemented by another scheme, Start-Up Finance, through which innovative enterprises may receive up to €800,000 in assistance. The support, with the exception of a one-time Accelerator Grant, shall be awarded as a repayable advance. The one-time Accelerator Grant provides subsistence funding for a limited time period to the core group of persons engaged in the development of the start-up business. This consists of €100 per week per team member, limited to five team members registered as full time employees of the start-up.
Enterprises establishing an operational base in Malta and enterprises undergoing a development phase such as an expansion project, consolidation of existing activities or reengineering of business processes, may also benefit from the Business Development 2021 Scheme. This scheme provides assistance in the form of tax credits or cash grants of up to €200,000. The aid shall be awarded to support costs incurred following the approval of Malta Enterprise. Such costs include relocation costs of personnel, payroll costs, lease and rental of real estate, support and advisory services, relocation and procurement of tangible assets, and costs related to rights, licences and certifications.
Malta Enterprise have also launched a new website, StartinMalta.com, as a Government initiative to encourage the setting up of Maltese start-ups.
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