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Business relaunch advice: the incentive

Malta Business Agency offers support to companies seeking post-emergency coronavirus relaunch through the exploitation of an incentive presented by the Maltese Government in late 2020.

Measure: Business Re-engineering and Transformation Scheme

Institution: Malta Enterprise

Reference: S.L.463.36 Business Advisory Support Regulations

Purpose: The objective of the measure is to support small and medium-sized enterprises based in Malta to realign their business activities, restructure their workforce and product or service offerings, optimise the use of technology and experiment with new innovative tools and practices related to the green economy.

Application deadline: The incentive is available until the deadline of 31 December 2023. Beneficiaries can be supported through this measure only once in a period of 18 months.

Submission procedure: The application must be submitted by filling in a detailed online form, after registering in the Malta Enterprise portal.

Beneficiaries: The incentive made available to SMEs with a vision of development in the medium to long term starts from the need to use an external consultancy such as that guaranteed by the staff of Malta Business Agency to be supported in the implementation of significant renovations aimed at accelerating the development and facilitating access to markets of reference.

Type and extent of the contribution: The incentive is granted in the form of cash grants covering 50% of the costs incurred up to a maximum of €5,000 for consultancy services.

Eligibility: The Business Re-Engineering and Transformation Scheme is open to duly registered small and medium-sized enterprises carrying out an economic activity in Malta and employing between 10 and 250 persons at the time of application.

Eligible costs: costs are eligible for funding if they serve one or more of the following objectives:
(a) Digitisation of business processes, including the deployment of digital technologies digital technologies, such as IoT, artificial intelligence, machine learning and predictive analytics.
(b) Improving operational performance, reducing errors and improving accountability
following a review of processes to identify inefficient use of resources.
(c) Improvements to the flow of goods, materials and/or information as a result of a review of the interaction between functions.
d) Improve environmental performance by identifying waste streams and resource use.
e) Supporting the implementation of quality systems and obtaining product process certifications.
f) Review customer management procedures and propose solutions to enable excellent customer service.
g) Assess market dynamics, demand fluctuation and changes in consumer behaviour to reposition the product and service offering.

The Malta Chamber, the Chamber of Commerce of Malta with Malta Business as one of its members, will support applicants by compiling a list of suppliers qualified to provide business relaunch and transformation services.

To obtain support in applying for the incentive and in the business relaunch project contact the Malta Business Agency offices by filling in the following form:

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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