Startup Advance scheme intends to support small startup undertakings that are in the process of consolidating a business operation that has demonstrated market potential and is deemed as economically feasible and innovative by the Corporation.
The beneficiary must be an economic undertaking established within the European Economic Community and with an operating base in Malta. An applicant is deemed to have an operating base in Malta if:
- It owns, leases, or has been given the right of use by a third party an adequate premises from where to conduct an eligible economic activity in the region of Malta and
- Employs at least two persons under a full time employment contract that is based in Malta and is liable to pay income tax in Malta.
Eligible business activities:
- Mining and quarrying
- Electricity, gas, steam and air condition supply
- Water supply, sewerage, waste management and remediation activities
- Wholesale and retail trade
- Transportation and storage
- Accommodation and food service activities
- Information and communication
- Financial and insurance activities
- Real estate activities
- Professional, scientific and technical activities
- Administrative and support service activities
- Arts entertainment and recreation
- Other service activities.
The Corporation may award a maximum grant of €100,000. The award is limited to €25,000 for any six months and shall only be granted if the beneficiary remains classified as a startup undertaking at the start of the relevant 6 month period.
The grant shall be disbursed at 3 months intervals. Each disbursement shall be calculated by multiplying €1500 to the total number of Full Time Employees who have been engaged with the beneficiary at least one full month.