Malta Enterprise offers innovative startups up to €1.2 million in incentives

Enterprise Minister Miriam Dalli says 'Malta is open for startups'

Enterprise Minister Miriam Dalli
Enterprise Minister Miriam Dalli

New business can now benefit from financial assistance of up to €200,000 as part of a new Business Start Scheme, Enterprise Minister Miriam Dalli announced.

“Malta is open for startups,” Dalli said, speaking at the launch of a Malta Enterprise to offer necessary support for new businesses.

“Our country offers a competitive advantage, such as the use of the English language, connectivity, and strong regulatory frameworks. A recognised strong advantage is that we believe in open dialogue with stakeholders. This has led us to launch the new BStart 2021 scheme, which offers both financial assistance and mentorship and advisory services,” Dalli said.

Dalli said that in Malta and Gozo, we have seen hundreds of success stories. “This is a success story that we want to see more start-ups included.”

Between 2015 and 2020, through the aid granted under the BStart scheme, Malta Enterprise assisted 62 companies with a cash grant of € 1.5 million; in which, during the same period, the incentive could go up to a maximum of €25,000.

BStart 2021 will be divided into two parts, the “Pre Business Plan”, where a company can benefit up to €10,000 on each project; and the “Post Business Plan”. For those startups that present an economically viable business plan, a maximum grant of €200,000 can be awarded. This grant will be spread over a period of not more than 36 months, with €20,000 distributed quarterly.

Complementing with the BStart 2021, there is Start-Up Finance. An enterprise can receive the assistance of up to €800,000 for innovative enterprises.

The assistance under Startup Finance will be repaid once the company starts making a profit.

Between 2017 and 2020, through the Startup Finance scheme, Malta Enterprise assisted ten companies for a total of €4 million.

The third scheme is that of business development. A company that is transforming or consolidating its operation can benefit from tax credit aid or cash grants of up to €200,000.

A new website was also launched, It will offer information on the schemes available and testimonials from successful start-ups from Malta.

The Chief Executive Officer of Malta Enterprise, Kurt Farrugia, said that through, we would reach the most innovative start-ups both Maltese and foreign who are looking for a new home to operate from.

“By strengthening BStart, we can be among the most attractive countries in the world for startups because of the incentives that we have available and the quality of life that Malta offers. I am therefore convinced that, in the future, Malta will continue to serve as a jurisdiction of excellence for startups,” Farrugia said