New businesses can benefit from the financial assistance of up to €200,000, thanks to the new Business Start scheme (BStart 2021) launched Wednesday by the Minister for Energy, Enterprise and Sustainable Development Miriam Dalli and the Chief Executive of Malta Enterprise Kurt Farrugia.
During the same press conference, a new website, StartinMalta.com, was also launched to provide information about Malta as the ideal place for local and foreign investment.
“Malta is open for startups,” said Minister Miriam Dalli, while explaining that the Maltese Government, through Malta Enterprise, offers the necessary support for new businesses to find the required help.
“Our country offers a competitive advantage, such as the use of the English language, connectivity, and strong regulatory frameworks. A recognized 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.”
Minister 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 startups 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 10 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.
With regards to the startinmalta.com site, it was explained how this site offers information on what makes Malta attractive for investment, information on the schemes available for startups, and testimonials from successful startups from Malta.
The Chief Executive Officer of Malta Enterprise, Kurt Farrugia, said that through StartinMalta.com we would reach the most innovative startups 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,” said Kurt Farrugia.