Tuesday, April 16, 2024
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HomeFocusFundsBusiness Development scheme: the call is open until the end of 2023

Business Development scheme: the call is open until the end of 2023

Obtaining enough capital to start your own business can be challenging enough, but what happens if you are over the initial phase and it is now time to take the next step? At this stage, your company’s progress will have become evident and further investment will be needed to take it on to the next step. You might want to expand or consolidate your activities, or perhaps even undertake new projects. If this is where you are on your entrepreneurial journey and your enterprise contributes to the regional development of Malta, you can obtain financial support from Malta Enterprise.

The Business Development scheme can be a game-changer. It guarantees support for various activities, such as the initial development phase of undertaking’s establishing of activities, and the re-engineering of business processes.

The amount of financial aid you are granted will depend on how much the project will contribute to the Maltese economy and on the number of new jobs that will be created or maintained, but this scheme can be a game-changer. Companies aiming to expand and transform their business operation or to consolidate their current activities can be awarded support in the form of tax credit or cash grants of up to €200,000.

Cash grants shall only be considered to support projects that lead to future development of the following activities: manufacturing; management of waste and environmental solutions; research and development activities; provision of industrial services and solutions to manufacturing operations; digitisation of processes; maintenance, repair and overhaul of aircraft and other electromechanical equipment; artisanal works; and services that are mainly intended for the international markets/consumers.

Projects that do not address specifically the above activities but which may lead to increase in business performance and innovation, may still be supported through tax credits.

Eligible costs shall be directly related to the operation of the undertaking in the following areas: Relocation costs of Key Personnel; Payroll Costs; Lease and Rental of Real Estate; Support and Advisory Services; Rights, Licences and Certifications; and Procurement and Relocation of Tangible Assets.

Support may be awarded in the form of tax credit or a cash grant. The incentive is available until 31st December, 2023.

You can rely on the support of the Malta Business Agency team to submit your application. Request more information or specific advice by filling out the form below.

DISCLAIMER

This article provides general information only and does not replace professional advice in any way. It is recommended to consult a qualified professional before making any important decisions regarding financial, legal or other matters. The author and the publication are not responsible for any errors or damages caused by the use of the information contained in this article.

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