MT
START-UP FINANCE (2024) REGULATIONS
Table of Provisions (9)
Statutory Text (9 Articles)
START-UP FINANCE (2024)
SUBSIDIARY LEGISLATION 463.55
START-UP FINANCE (2024) REGULATIONS
1 st January, 2024
LEGAL NOTICE 55 of 2024.
The title of these regulations is the Start-up Finance
(2024) Regulations.
In these regulations, unless the context otherwise
requires
"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
enterprise falls under the classification of a small-start-up undertaking
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
START-UP FINANCE (2024)
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.