As an entrepreneur, it can be very frustrating to have a brilliant business idea but fail to implement it because of limited funding. To cater for great entrepreneurs with revolutionary ideas, the Maltese government created an agency called Malta Enterprise. The fundamental objective of Malta enterprise is to provide assistance and funding to Maltese high potential start-up companies.
High potential start-up companies in Malta are those that have the capacity to manufacture ground-breaking products or provide services on an international scale. These companies can get support for advancing their businesses in Malta if they meet the expected required conditions.
The fundamental requirements needed to be listed as an HPSU in Malta
HPSU companies have to meet certain conditions to be eligible for assistance, and the first obvious step is to become a client of Malta Enterprise. The business has to be registered with the agency in order to access funding from the agency’s various schemes.
The most popular scheme in Malta is the B.Start scheme, which operates under the Startup Advance scheme. In order to be nominated as a high start-up company in Malta, the upcoming business should have at least 2 full-time employees. As a general rule, the key promoters of the startup should be evidently knowledgeable of the relevant sector, preferably they should have an academic background or hands-on experience in that industry.
Eligible companies will be awarded a maximum grant of 100 000Euro. The startup will receive the grant funds within 3-month intervals. It is mandatory that the beneficiaries regularly submit periodic reports to Malta Enterprise, highlighting any changes they might have made to the original plan.
The acceptable period for having accomplished the above conditions is 3-4 years from the commencement of the company’s business activities, and its headquarters should be located in Malta. The age of the company from registration should be less than 5 years generally.
Funding for HPSU companies
After attaining the basic expected requirements, investors have to write a business plan that describes their business and its prospects. A clear financial forecast would be necessary to give light to what the investors deem as the minimum required funding for their business. This business plan will be evaluated by the agency and if it passes it may thus become qualified for HPSU funding which can be up to EUR 100 000.
In the event of failure to qualify for this HPSU support service, there are other available schemes that can also be accessed through the support of Malta Enterprise.
For further information on how to secure funding, you may contact SIGTAX. Our invaluable team, which consists of expert lawyers, accountants and consultants will give you detailed information and counsel on how you might access the grants being offered by Malta Enterprise. Simply contact us and we will guide you on every step and increase your chances of success.