This incentive is intended to support small startup undertakings that are in the process of consolidating a business operation that has demonstrated market potential and is deemed as economically feasible and innovative by the Malta Enterprise.
The final date for submission of new applications shall be the 30th of October 2020 and no further assistance will be awarded after 31st December 2020 under this scheme.
The applicant must be an undertaking established in the European Economic Community but being based in Malta. The latter can be shows through:
- The ownership, leasing or right of use by a third party of adequate premises from where to conduct an economic activity
- Employs at least 2 full time employees based in Malta and liable to pay tax in Malta.
In order to benefit from this incentive, the company shall be operating in one of the below economic activity.
- Mining and Quarrying
- Electricity, gas, steam and air conditioning supply
- Water supply, sewerage, waste management and remediation activities
- Wholesale and retail trade; repair of motor vehicles and motorcycles
- Transportation and storage
- Accommodation and food service activities
- Information and communication
- Financial and Insurance activities
- Real estate activities
- Professional, scientific and technical activities
- Administrative and support service activities
- Human health and social work activities
- Arts, entertainment and recreation
- Other Service Activities
Also, in order to comply with the eligibility criteria’s, the applicant must be:
- Proposing products and/or services that have potential to be marketed and distributed internationally; and
- Producing products and/or service which are new or substantially improved compares to the state of the art in the local industry.
The Malta Enterprise may award a maximum grant of EUR 100,000. The award is limited to EUR 25,000 for any 6 months and shall only be granted if the beneficiary remains classifies as a startup undertaking.
Definition of Startup undertaking: this shall mean an unlisted company which has been established for less than 5 years and which fulfil the following conditions:
- It has not taken over the activity of another enterprise
- It has not yet distributed profits
- It has not been formed through a merger.
Also, the following conditions must be satisfied on order to meet the `small entity` criteria:
- Number of full time employees must be less than 50
- Turnover or Balance sheet total must not exceed EUR 10 million
The grant shall be distributed at 3 months intervals. Each distribution shall be calculating by multiplying EUR 1,500 by the total number of Full Time Employees who have been engaged with the company for at least one full month.
The Malta Enterprise shall discontinue or suspend the support if the applicant fails to satisfy the commitment to establish a sustainable business. Beneficiaries shall therefore be required to submit to the Malta Enterprise periodic reports every 6 months on the progress achieved while highlighting any changes to the original plan.
How can Erremme help you?
Erremme can guide you through the application process by completing the relevant application forms, business plans and other documents. The admission process is managed and regulated by the Malta Enterprise and these Incentive Guidelines will remain active until 30th of October 2020.
For more information contact us on email@example.com