Start-up Finance (Amendment) Regulations, 2020

L.N. 296 of 2020

MALTA ENTERPRISE ACT

(CAP. 463)

Start-up Finance (Amendment) Regulations, 2020

IN EXERCISE of the powers conferred by article 5 of the Malta

Enterprise Act, the Minister for the Economy, Investment and Small

Businesses, after consultation with the Malta Enterprise Corporation

and with the concurrence of the Minister for Finance and Financial

Services, has made the following regulations:-

(1) The title of these regulations is the Start-up Finance

(Amendment) Regulations, 2020 and these regulations shall be read

and construed as one with the Start-up Finance Regulations,

hereinafter referred to as the "principal regulations".

(2) These regulations shall be deemed to have come into force

on 1st May, 2020.

Regulation 6 of the principal regulations shall be amended

as follows

(a) paragraphs (d) and (e) thereof shall be renumbered as

paragraphs (e) and (f) respectively;

(b) paragraph (b) thereof shall be substituted by the

following new paragraph

"(b) a repayable advance to finance up to seventy-

five per cent (75%) of the wage costs of persons employed

on a full-time contract with the Start-up Undertaking;"

(c) immediately after paragraph (c) thereof there shall be

added the following new paragraph

"(d) a repayable advance to support working capital

of up to two hundred thousand euro (€200,000) to the Small

Start-up Undertakings that propose a viable business which

may be increased to up to four hundred thousand euro

(€400,000) if the Start-up is an Innovative Enterprise;".

€0.09