An increase in the number of family businesses registered during this year

Last Updated on Thursday, 19 November, 2020 at 7:32 pm by Andre Camilleri

“I urge these businesses to be bold and innovative in order to strengthen their competitiveness and enhance the skills of our workers” – Minister Schembri

The number of registered family businesses so far is 188. This was announced by Minister for the Economy, Investment and Small Businesses, Silvio Schembri during a family business office webinar as part of SME week during which it was explained that the number of registrations increased during March, that is during the pandemic period. Minister Schembri explained how the increase in the number of registrations demonstrates how businesses were looking into ways to survive and were seeking all forms of support that the government was offering.

‘We want family businesses to continue to grow and flourish in such a way that they continue to be passed down from generation to generation. That is why in recent years we have sought to offer strong incentives, including a hefty reduction in stamp duty, through which family businesses have saved €23 million in taxes during the last 3 years. This measure will be extended for another year with an investment of more than €7 million,’ said Minister Schembri.

He emphasised that during this year a number of family businesses have made use of the aid schemes, including Microinvest, from which so far they have benefited €2.9 million, €95,000 from the family business advisory scheme (Family Business Advisory), which deals with transfer restructuring and succession,  from the transfer scheme, as well as other training-related schemes.

‘These schemes are intended to preserve and protect family businesses in order to encourage them to continue to grow despite the difficulties and obstacles encountered by these same enterprises. I encourage these businesses to be bold, to take that step and be innovative, to embrace digital initiatives that help them improve their operations and services, in order to strengthen the competitiveness and skills of our workers. As a government we will stand shoulder to shoulder and provide them with the necessary tools to continue to grow and contribute to the strengthening of our country’s economy,’ said Minister Schembri.

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