Are you a small start-up business looking for government support to help establish and grow your enterprise? The Malta Enterprise Corporation has announced a new incentive to assist eligible small start-ups to develop their business plans, hire employees, and purchase necessary equipment. This program offers up to €10 million in funding, which is an excellent opportunity to get your business off the ground or take it to the next level. Here is what you need to know about this grant program:
Eligibility Criteria
The Malta Enterprise Corporation's guidelines specify several eligibility criteria that must be met to receive this grant. For instance, your business must be a recognized legal entity, such as a self-employed, co-operative, or limited liability company. Furthermore, the proposed business must engage in eligible activities such as manufacturing, software development, health, biotechnology, pharmaceuticals, and life sciences. Additionally, to be eligible for Pre-Business Plan Support, you must meet at least one of the three specific criteria, while for Post-Business Plan Support, you must meet at least two criteria. There are disqualifying criteria as well that need to be checked before applying.
Incentive Description
This Malta Enterprise grant is intended to support small start-up undertakings that are in the process of establishing and/or consolidating a business operation that has been deemed as economically feasible and innovative. You can receive up to €200k in aid, and it is capped at €25k per quarter for a period not exceeding 24 months. Pre-Business Plan Support offers initial seed funding of up to €10k, and Post-Business Plan Support offers up to €200k, which is disbursed over three-month intervals. As per the rules, you will need to provide periodic reports to the Corporation to keep them updated on your progress.
Application Process
The application process is straightforward, and you can find it online by following the link given in the article. The applications must be submitted to the Malta Enterprise Corporation by 31st October 2023. The Malta Enterprise Corporation will evaluate the applications and determine which businesses are eligible for the grant. If your business meets the eligibility criteria, you will receive the aid you need to grow your enterprise.
Conclusion
If you are a small start-up business in Malta looking for government support to grow your business, you should apply for the Malta Enterprise grant program. The incentives offer financial support that can help you to establish and consolidate your business operation. Additionally, if you require assistance with your application, Borg Galea & Associates can offer guidance and support to ensure your application is successful. Don't miss out on this incredible opportunity to develop your business and take it to new heights!
Call us today to find out more about various opportunities or to learn more about our services. We offer VAT services in Malta and holding company taxation services. Contact us at 356 2703 7012.
