Startups are affluential to generate new economy and contribute to the growth of a country, and Malta has recognised this opportunity as in the most recent years it has unrolled to various innovative startups and attracted FDI with the aim to create new opportunities for everyone and generate to the country’s GDP. Foreigners view Malta as a good jurisdiction to kick start a new business, thanks to great business ethics, stability, English speaking and access to the European Union market.
The newly launched Malta Startup Residency Programme is another step by the Government that shows its openness to foreign startups that want to build their presence in Malta. The Malta Startup Residence Programme grants a 3-year residence permit, extendable for an additional 5 years (once Malta Enterprise and Residency Malta confirm that the startup is still ongoing and still meets the eligibility criteria), to the founders and/or co-founders, core employees and immediate family members, and is intended for non-EU nationals. It’s important to note that beneficiaries of this programme need to have a tangible presence in Malta by living and paying taxes locally.
The eligibility criteria, amongst others include concrete intention to develop and/or expand business in Malta, a solid business plan, to live and pay taxes in Malta, to have sufficient financial resourced to support themselves and other dependants, to have no criminal records or pending criminal charges, and to have health insurance covering risks in Malta. The incorporated startup in Malta is required to place a tangible investment and/or pay up a share capital of not less than €25,000.
The startup activities to be eligible for the Malta Startup Residency Programme are:
- software development
- Industrial services analogous to manufacturing
- Health, biotechnology, pharmaceuticals and life sciences
- Eco startups involved in the blue, green and sustainable industries
- Other innovative economic activities which are enabled through knowledge and
- Technology providing services or products which are currently not readily available in the relevant market or which shall be provided through a process which is novel.
Also, eligible business projects must meet at least two of the following criteria:
- Propose products and/or services that have the potential to generate income from various geographical markets
- Produce products and/or services which are new, innovative or substantially improved compared to complementary products on the market
- Utilise process which are new or substantially improved compared to those adopted in current complementary activities.
If you would like more info on the eligibility criteria and quote to apply for such a programme, please email us on [email protected]. Our business administration team and lawyers will be able to assist you in guide in every step from the business plan to application stages and in obtaining the necessary residency permits once approval is given.
This article is for information purposes only and should not be construed as legal advice.
Article written by Ms Charlene Sciberras, B.A. (Hons), guest writer, is a marketing and business administration specialist with a special focus on corporate, accounting, and legal matters.
Sciberras Advocates founded by Dr Adrian Sciberras, is a law firm based in Malta. The firm prides itself to be multi-disciplinary, innovative and flexible in order to meet the changing times and any challenges in the local and international legal scenario. No matter what private or corporate complex demands are called for, Sciberras Advocates offers practical and cost-effective legal solutions to achieve your desired results. You may reach Sciberras Advocates by phone on +35627795222 or via email on [email protected].