Business Development 2021 Regulations, 2021

L.N. 53 of 2021

MALTA ENTERPRISE ACT

(CAP. 463)

Business Development 2021 Regulations, 2021

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

Enterprise Act, the Minister for Energy, Enterprise and Sustainable

Development, in consultation with the Malta Enterprise Corporation

and with the concurrence of the Minister for Finance and Employment,

has made the following regulations:-

(1) The title of these

regulations

is

Business Citation and

commencement.

Development 2021 Regulations, 2021.

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

as from 1 st January, 2021.

In these regulations, unless the context otherwise requires

Interpretation.

"Act" means the Malta Enterprise Act;

"Corporation" means Malta Enterprise established under

the Act;

"eligible undertaking" means the same as the meaning

assigned to it by the Guidelines;

"Guidelines" means such guidelines as may be published

by the Corporation from time to time in terms of the Act.

Where the Corporation is satisfied that an undertaking Form of Aid.

carrying on or intending to carry out an activity which will contribute

to the regional development of Malta, requires assistance to set up

business development projects, the Corporation may award such an

undertaking, aid in the form of tax credit or cash grant that may not

exceed two-hundred thousand euro (€200,000) over a period of three

(3) fiscal years in accordance with the terms and conditions set out in

the Guidelines.

(1) An undertaking shall only qualify for a cash grant or Eligible

tax credits if such projects relate to future development and contribute activities.

to the regional development of Malta in the following activities

(a)

manufacturing;

(b)

management of waste and environmental solutions;

(c)

research and development activities;

(d) provision of industrial services and solutions to

manufacturing operations;

(e)

digitisation of processes;

(f) development of digital service and systems (including

video games and entertainment systems) intended for

international markets;

(g) maintenance, repair and overhaul of aircraft and other

electro-mechanically equipment;

(h)

artisanal works;

(i) services that by their nature are not limited to

geographic scope and are scalable internationally.

(2) Projects that do not address the above activities but which

may lead to increase in business performance and innovation, may be

supported through tax credits.

The approved financing shall be directly related to the

operation of the undertaking in accordance with the terms and

conditions set out in the Guidelines.

(1) Applications for assistance shall be submitted to the

Corporation by not later than 31 st October, 2023.

(2) No aid shall be granted under these regulations by the

Corporation after 31 st December 2023.

€0.18