Business START

Malta Enterprise Corporation (ME) has recently launched a new scheme: Business START.  This scheme is  aimed at assisting micro start-up undertakings that carry on an eligible activity in terms of the Incentive Guidelines on Business START. Beneficiaries may include enterprises which are engaged in manufacturing, IT, research and development, biotechnology, pharmaceuticals and other enterprises producing goods or services which can be distributed and marketed internationally (subject to certain conditions).  Certain exclusions may apply.

In terms of the said guidelines, a small start-up undertaking is defined as an undertaking (which may consist of a company, partnership, cooperative and also self-employed individuals) employing less than 50 full-time equivalent (‘FTE’) employees and having a turnover or a balance sheet total which does not exceed €10 million.  The undertaking must have been established for less than 5 years, has not yet distributed profits and was not formed through a merger (other criteria and restrictions may apply).

The purpose of this new scheme is to provide seed funding for small start-up undertakings that are proposing a business concept which is profitable and still in its early stages of development. If approval is granted, the undertaking would be entitled to receive an initial cash instalment of €10,000 and subsequent quarterly instalments calculated in terms of a prescribed formula that

is primarily based on the number of full time employees. The maximum value of cash grant that may be granted to an undertaking through this scheme is €25,000 over one year.

Deadline for the submission of the necessary application form is noon of 30 June 2016.

For more information, please contact one of the firm’s tax partners, either Stephen Balzan ([email protected]) or Elaine Camilleri ([email protected]).

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