Tuesday, April 16, 2024
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Business Start: the scheme to develop your ideas

We have all had great ideas at some point in our lives, but most of them never see the light of day. Then there are those of us who have a lightbulb moment, devise a plan and run with it. If you are one of the latter, you know that creating something out of nothing and making it profitable is no mean feat. Finding someone to back you up financially can be one of the biggest stumbling blocks and could very well sound the death knell for your budding business venture. We can help with the new Business Start scheme.

If your start-up is still in its early development phase but is not yet backed by a formal business plan, it might be eligible for a grant which you can use to develop your business proposal. 

Pre-Business Plan Support is provided to start-ups and self-employed in their early development phase through an initial grant of up to €10,000 to develop their business concept, out of which €5,000 may be claimed as a reimbursement of 50% of costs incurred for mentoring and advisory services.

On the other hand, if your start-up presents a Business Plan and is deemed to be economically viable by Malta Enterprise, it may be awarded a higher grant.

Post-Business Plan Support is provided to start-up companies with a viable business plan. These may receive up to €20,000 per quarter linked to full time employment. Up to €5,000 of the grant can be disbursed to finance the procurement of assets required for the business operation.

This incentive will be available until the 31st October 2023.

To apply, contact the Malta Business Agency team. You will get the support you need to fund your idea and make it a success. Fill out the following form to request more information or specific advice.

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.

Giovanni Guarise
Giovanni Guarise
Professional journalist since 2010, over the years as a freelance he has dedicated particular attention to the world of Small and Medium Enterprises, creating in-depth studies and focuses for various newspapers, and collaborating in communication activities for a trade association in Veneto.
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