Start-up Finance (2024) Regulations, 2024

L.N. 55 of 2024

MALTA ENTERPRISE ACT

(CAP. 463)

Start-up Finance (2024) Regulations, 2024

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

Enterprise Act, the Minister responsible for Malta Enterprise has made

the following regulations:-

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

commencement.

(2024) Regulations, 2024.

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

on 1 st January 2024.

In these regulations, unless the context otherwise requires

Interpretation.

"Act" means the Malta Enterprise Act;

"Corporation" means Malta Enterprise as established by

article 7 of the Act;

"Guidelines" means the Guidelines as published by the

Corporation, from time to time, in accordance with the Act

establishing the parameters of implementing the aid granted by

virtue of these regulations;

"innovative enterprise" shall have the meaning assigned to

it in Article 2(80) of Commission Regulation (EU) No 651/2014

of 17 June 2014 declaring certain categories of aid compatible

with the internal market in application of Articles 107 and 108 of

the Treaty, as amended from time to time;

"start-up undertaking" shall have the meaning assigned to it

in Article 22 of Commission Regulation (EU) No 651/2014 of 17

June 2014 declaring certain categories of aid compatible with the

internal market in application of Articles 107 and 108 of the

Treaty, as amended from time to time.

In cases where the Corporation is satisfied that the Aid to small

enterprise falls under the classification of a small-start-up undertaking start-ups.

as prescribed within the Guidelines, the Corporation may provide aid

to such undertaking in accordance with the terms and conditions set

out in the Guidelines.

A start-up undertaking shall be considered as eligible for

aid in the form of repayable advances if it is, or shall be engaged in

one (1) or more of the activities defined in the Guidelines.

A project may be considered as eligible for aid if it satisfies

two (2) of the following criteria

(a) proposes products and, or services that have the

potential to generate income from various geographical markets;

(b) produces products and, or services which are new or

substantially improved compared to complementary products on

the market;

(c) utilises processes which are new or substantially

improved compared to those adopted in current complementary

activities.

(1) The Corporation may support eligible undertakings

by providing aid in the form of a repayable advance as prescribed in

the Guidelines.

(2) The aid provided shall not exceed five thousand euro

(€500,000) which may be increased to seven hundred fifty thousand

(€750,000) in the case of a start-up undertaking operating from

assisted areas as identified in Annex I of the Guidelines.

(3) The aid may be doubled to one million euro (€1,000,000)

and to one million five hundred thousand euro (€1,500,000)

respectively if the start-up is also an innovative enterprise.

(1) The Corporation shall establish a deadline for the

submission of applications in the Guidelines.

(2) Aid shall not be granted in accordance with these

regulations by the Corporation after the 31 st December 2026.

In the eventuality that a new scheme is issued, the

provisions in respect of which the aid was granted prior to the issuance

of the new scheme shall continue to apply thereto.

€0.18