Good ideas call for calculated action… right? So, you have a business idea and devise a plan but then boom – you hit a wall. You need the money. It’s one of the largest building blocks for start-up companies, so where can you get the financial support? Well we’ll let you in on a little secret…
Over the years, Malta Enterprise provided several schemes that resulted in highly innovative companies obtained through a 1-to-1 approach that not only reach business needs, but exceeded them. Whether you’re just starting out, or you’ve been around here for a while with some new ideas to share, we know a guy 😉…I mean an agency.
The more potential your project shows, the more your business contributes to the economy – which means the bigger the support your company is eligible for. This may come in the form of grants or tax credits… or otherwise as a repayable advance which you will start to pay back upon making profits. So work now, worry later!
These schemes are intended for self-employed individuals, partnerships, limited liability companies, and cooperative, whether they’re situated here in Malta or are aspiring to bring their international ideas to the local scene.
There’s also a start-up residency programme for international businesses or business ideas. As an agency based in Malta, Malta Enterprise grants businesses easier access to the EU market and easier methods to collaborate with other businesses on an international level. So, which scheme is the scheme for me, you ask?
Pre-business and Post-business Support Plan (BStart scheme)
Malta Enterprise also offers a pre-business as well as a post-business support plan. The Pre-Business Plan Support offers €10 000: €5,000 of which may be claimed as a reimbursement of 50% of the costs incurred for mentoring and advisory services.
The Post-Business Plan Support offers €20 000 per quarter linked to full-time employment to start-up companies with viable business plans. More so, up to €5,000 of the grant can be disbursed to finance the procurement of assets required for the business operation.
Let’s say you have your business start-up proposal ready at hand, Malta Enterprise will provide seed funding in order to cover up any start up fees like relocation costs of Key Personnel; Payroll Costs; Lease and Rental of Real Estate; Support and Advisory Services; Rights, Licences and Certifications; and Procurement and Relocation of Tangible Assets.
If you already have an established business and you’d just like to take it to the next level, the funding injecting your enterprise of private cash reserves and bank loans will be used to cover the costs of wages, tangible and intangible assets, and equity among others. In other words, any money that’s used for the day to day running of a business .
Soft loan scheme
The Soft Loan provides up to one million euros to introduce a new product, service or project that improves businesses to manufacture sustainably, conduct research, or even modernise by improving its online presence.
Startup Finance (Repayable advance up to €800,000)
Then – if you can demonstrate that your business idea is viable and show commitment towards growth, you may benefit from one of the most effective Malta Enterprise startup-scaleup incentives. Under the Startup Finance (repayable advance) scheme Malta Enterprise may provide support of up to €400,000, which may be increased to up to €800,000 if the Startup is a truly innovative enterprise.
What about the nitty gritty details?
You can submit for any of the above schemes within the first 60 months of your start-up date and you have until the 31st of December 2023 to apply for the scheme. For more information, check out their website on https://www.maltaenterprise.com/support or https://startinmalta.com/ or send them an email on firstname.lastname@example.org
Are you ready to watch your ideas take flight?