BUSINESS START (B.START)
Malta Enterprise, via Business START is offering a seed funding for start-ups. The measure is intended to support Small Start-up Undertakings that have a viable business concept and are in the early stage of its development.
Initiatives that are deemed to be economically viable shall be supported through a grant of up to € 25,000.
Salient points :
1. The incentive is a pilot measure and shall be available until June 2016.
2. Small Start-up Undertaking:
Shall be defined as an unlisted Small Undertaking that has been established for less than five ( 5) years and which has not yet distributed profits and not formed through a merger.
Undertakings controlled by owners of existing businesses cannot be considered as start-up undertakings if the new undertaking is operative in the same or related sector
Number of employees must be less than fifty ( 50) Full time Equivalent FTE employees
A turnover or balance sheet total which does not exceed € 10million.
3. The maximum value of aid that may be provided at this stage is a cash grant of up to € 25,000 and support is limited to 12 months. An initial instalment of € 10,000 shall be paid once the project is approved. Subsequent instalments shall be paid quarterly after the Corporation reviews and endorses that the progress achieved is in line with the business plan as approved or as adjusted.
4. The maximum grant awarded through subsequent payments shall be capped at € 600 per Full Time Employee engaged in the undertaking multiplied by the number of full months elapsed from previous payment.
5. Small undertakings in order to be eligible must be engaged in one or more of the following:
Information Technology, Digital Media and Communications
Biotechnology, Pharmaceuticals and Life Sciences
Other start-up undertakings proposing products and/or services that can be marketed and distributed internationally and which are typically more advanced than those prevailing in their respective industry, in terms of technology, know-how and skills.
6. The incentives do not apply to :
The sectors excluded by the Commission Regulation (EU)No. 1407/2013
Undertakings that are engaged in any of the following activities:
Gambling (requiring an MGA Licence)
Financial services and/or insurance
Wholesale or retail trade of goods or services to which the eligible undertaking has not added value
7. Undertakings seeking support through this measure should submit to Business First the following documentation by not later than 30th June 2016 ( noon) :
The application form, which can be downloaded from http://incentives.maltaenterprise.com
A business plan
Enterprise size declaration
The complete application must be electronically filled in and submitted to the Corporation by hand in a sealed envelope or by registered mail.