Malta Enterprise has recently published a business development support measure aimed at boosting value-added projects such as new business initiatives, start-ups, together with business expansions and transformations which are able to play a role in Malta’s regional development. The benefits coming from this scheme are targeted to generate new business opportunities, support and generate highly skilled employees and increase competition. This scheme’s rewards consist of tax credits and/or cash grants. The maximum support for each project is €300,000 which covers a 3-year period and will cover a maximum of 75% of the costs permitted. This scheme has an annual budget of €9 million and an overall budget of €63 million.

The businesses applicable for this scheme must be involved in the following activities:

• The setting-up, expansion and modernisation of establishments concerning manufacturing; maintenance repair and overhaul of electromechanical equipment, aircraft and sea going vessels; software development (including video game development); waste recycling; product development and design and more;
• Projects protecting the environment and look at achieving a beneficial environmental income;
• New businesses which showcase new products/services which are not offered locally;
• Businesses which facilitate employment of workers with disabilities;
• Collaborations between business associations;
• Projects which aim to upgrade industrial facilities and hotels;
• Projects which are aimed at establishing and enhancing facilities integrating artisanal and design workshops;
• Businesses aimed at enhancing digital technology through re-engineering and digital transformation;
• Projects resulting in accredited certifications exceeding the legal mandates of the applicant enterprise, aimed at achieving additional economic development, business expansion, or better environmental protection.

Moreover, this scheme excludes businesses which generate revenue through gambling activities, regardless of it being direct/indirect, those who are involved in the sale of real estate as a business activity and many more.

The costs eligible for funding include wage costs, lease and rental of both industrial and non-residential properties, costs for those sharing an office space, external advisory services costs, procurement of tangible and intangible assets, software, licencing and technological services costs, construction and employee relocation costs.

The scheme will be administered via a rolling open-call, as notified via the Malta Enterprise website. The scheme is subject to the availability of funds for each respective year.

Our team of Advisors can help with providing you with the right expertise to avail yourselves for this scheme. Should you require further information in relation to the above, please get in touch with Andrew Sciberras on andrew.sciberras@pkfmalta.com.