Ecovis Global > Malta Startup Residence Programme – An opportunity for budding entrepreneurs
Malta Startup Residence Programme – An opportunity for budding entrepreneurs
1. December 2022
The Maltese government has launched the “Malta Startup Residence Programme”. Under the programme, non-EU citizens will receive improved start-up conditions, such as a residence permit for up to eight years, if they do business and pay taxes in Malta. The Ecovis consultants know what is required of entrepreneurs.
In October 2022, the Minister responsible for Environment, Energy and Enterprise launched a residency programme for expat entrepreneurs who decide to establish their start-up companies in Malta. The “Malta Startup Residence Programme”, which is part of the government’s efforts to promote Malta as a hub for startup entrepreneurial creativity, grants applicants and their immediate family a three-year residence permit, which can be extended for an additional five years, during which they may reside in Malta. During this time, beneficiaries must live and pay taxes in Malta.
Which requirements must companies meet when creating a startup?
The programme is intended for non-EU nationals who would like to embark on an entrepreneurial venture while keeping immediate families close. Undoubtedly, the Maltese jurisdiction offers other benefits to budding entrepreneurs, including the use of the English language in business operations, and the country’s access to the larger market in continental Europe.
To be eligible for the programme, an individual must:
Be 18 years and older
Have a concrete intention to develop and/or expand their business in Malta
Be the founder or the co-founder of an enterprise which has been registered for not more than seven (7) years anywhere globally (including Malta), and which meets the following conditions:
It has not taken over the activity of another enterprise
It has not yet distributed profit
It has not been formed through a merger
Have recognised health insurance covering risks in Malta for him/herself and dependants
Are you interested in the Malta Startup Residence programme? Contact us. Dr Roberta Avellino Pulé, Senior Legal Consultant, ECOVIS Malta, Mosta, Malta
Which companies can look forward to funding
The requirements for eligibility further stipulate that the startup incorporated in Malta is required to make a tangible investment and/or provide paid-up share capital of not less than EUR 25,000. Where more than four co-founders apply for the startup residence permit, an additional EUR 10,000 needs to be provided per additional co-founder. The maximum number of co-founders eligible for the Startup Residence Programme is six.
In terms of industry focus, startups are considered eligible if they engage in one or more of the following activities:
Manufacturing and analogous industrial services
Health, biotechnology, pharmaceuticals, and life sciences
Eco startups engaging in blue, green and sustainable industries
Economic activities enabled through knowledge and technology, providing services or products which are not yet readily available in the market.
Core employees who are instrumental to the operations of the startup in Malta are also eligible to apply for residency under the programme, provided they have specialist skills and earn not less than EUR 30,000.
For further information please contact:
Dr Roberta Avellino Pulé, Senior Legal Consultant, ECOVIS Malta, Mosta, Malta Email: firstname.lastname@example.org