Malta | Business START cash grant scheme
The Minister for the Economy, Investment and Small Business has launched an incentive called Business START or BSTART. The pilot project will be available from the 1st June 2015 to the 30th June 2016 or earlier until the allocated budget of €500,000 funding is exhausted.
A start-up cash grant capped at €25,000 per project is intended to support recent small start-up undertakings engaged in specific target sectors and activities. An initial cash grant of €10,000 shall be paid for economically viable and innovative projects approved by Malta Enterprise Corporation. Subsequent quarterly installments shall be paid at €600 per full-time employee engaged with the undertaking multiplied by the number of full months which would have elapsed from the previous installment, subject that the Corporation reviews and endorses the undertaking’s progress which must be in line with the original business plan or subsequent market adjustments.
The eligible target sectors/activities are:
– Manufacturing; or
– Information technology, digital media and communications; or
– Research, development and technical Innovation; or biotechnology, pharmaceuticals and life sciences; or
– Other start-up undertakings proposing products and/or services that can be marketed and distributed internationally and which are typically more advanced than those prevailing in their respective industry, in terms of technology, know-how and skills.
– Are limited liability companies, co-operative enterprises, self-employed persons, registered or unregistered partnerships; and
– Must employ less than 50 full time equivalent employees; and
– Must have a turnover and balance sheet that do not exceed €10 million; and
– Must have been established for not more than 5 years.
Included in the scheme’s list of non-eligible entities, sectors and activities are:
– Wholesalers or retailers of goods or services with no added value;
– Public entities;
– Entities engaged in real estate; or licensed gambling; or financial and/or insurance services;
– Voluntary organisations;
– Undertakings that have distributed profits in the last five years.