Malta Startup Residence Programme
To continue promoting and attracting new talent and highly innovative startups from around the world Malta has launched the Startup Residence Programme.
The aim of the programme is to support third-country national entrepreneurs, and their family members and give them the opportunity to bring their ideas to a European market by conferring immigration rights.
What does the programme offer?
Beneficiaries of the start up residence permit are legally entitled to live and work in Malta – and have access to the Maltese market as a platform for European and International expansion. This, coupled with various support schemes and incentives that are specifically targeted to start-ups, and a business-friendly tax system, offer holders business and family stability.
The validity of the permit is of three years, which can be extended by a further five years in the case founders, co-founders, and family members, and a further three years by core employees (as defined) and their family members. After this is up, one can apply for a (possibly indefinite) extension.
Who does this apply to?
Individuals who:
Are third country nationals (from eligible countries) and who are 18 years or older: and
Have a physical and tangible presence In Malta – beneficiaries must be able to show that they spend more than 183 cumulative days in Malta during a period of 365 days
Nationals from (or have close ties with) Afghanistan, North Korea, Iran, Democratic Republic of Congo, Somalia, South Sudan, Syria, Yemen and Venezuela are ineligible to apply. The list of ineligible countries may be revised from time to time.
Who own an enterprise which:
Has not been registered anywhere globally during the last 7 years, and which as not taken over the activity of another enterprise, has not yet distributed profit, and has not been formed through merger.
Places a tangible investment and/or paid-up share capital of not less than €25,000. Additional funds need to be place in case where more than 4 co-founders apply for the permit.
Is engaged in one or more activities in Malta as outlined, including manufacturing, software development industrial services analogous to manufacturing, health, biotechnology, pharmaceuticals and life science, eco startups involved in the blue, green and sustainable industries and other innovative economic activities which are enabled through knowledge and technology; and
Is engaged in an eligible business project that meet at least two of the following criteria:
Proposes products and/or services that have the potential to generate income from various geographical markets;
Produces products and/or services which are new, innovative or substantially improved com pared to complementary products on the market;
Utilises processes which are or substantially improved compared to those adopted in current complementary activities.
Other conditions proving the individuals’/enterprises’ suitability to the programme apply, including the submission of mandatory business plans and other financial information both upon application and subsequently, as requested by the Authorities.
Timelines
No specific information has been issued in terms of timelines for the processing and approval of applications. This is yet to be determined - we expect for more information about this programme to be made shortly.
How can we help?
- Does this programme apply to you?
- What other grants/ incentives you and your business may be eligible to?
- Do you need help with a business plan or with applying?
- Have you given a thought about how you should structure your business? What about the relevant personal and corporate tax and legal considerations?
- Do you know what the long-run compliance obligations are? How will you manage these?
By providing you with tailored advice in line with your specific needs and requirements, our multi-disciplinary teams can help you answer these questions and get you and your business up and running in the right direction.
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