Investors can be granted a grant of up to a maximum of €250,000 tax credit when they invest in local start-up projects.
This was announced by the Minister for the Economy, European Funds and Lands Silvio Schembri, as he launched the Seed Investment Scheme. Minister Schembri explained how many start-up ideas never come to life due to a lack of investment and therefore this scheme will be combining these two elements together.
“We will be focusing on innovative start-ups, with new technologies and digitalization, so that we also connect with the main principle in the Malta Digital strategies that we launched in November, which is to see more growth when it comes to the digital economy,” said Minister Schembri.
The minister explained that through this scheme they will also be helping investors to invest in different projects and that they may go beyond what they normally invest.
“Thus we continue to ensure that we have a diversified economy. This resilience in our economy was crucial for us to overcome economically difficult times such as Covid, where you had industries that were suffering, you had others that were doing better and this combination kept our economy alive,” said Minister Schembri.
The CEO of MIMCOL Dr. Jean Pierre Attard explained that for a company to be eligible as a start-up, it must be a small or medium-sized company incorporated in Malta, have been active for three years, not be listed on the Stock Exchange, be operated less than 10 people and have less than €250,000 in assets.
This scheme will be open for two years and will be operated by MIMCOL. More information can be obtained from seedinvestment.com.mt.
