Malta is inviting non-EU entrepreneurs to start up or scale up their ventures in Malta via a brand new residency programme targeting founders, co-founders and core employees of highly innovative projects.
The Malta Startup Residence Programme offers a 3-year residence permit for founders, co-founders, core employees and their families, with the option to renew for a further 5 years by founders and co-founders, and for a further 3 by core employees.
The liberties awarded through this Programme allow persons to not only take advantage of Malta’s resources and lifestyle but also use the country as a launchpad to the markets in the EU and the MENA region. Coupled with attractive non-dilutive funding opportunities from Malta Enterprise, entrepreneurs with disruptive startups should already be jumping at this opportunity.
Seeking to promote this incredible opportunity, Residency Malta, the administrator of this Programme together with Malta Enterprise, Malta’s economic development agency, held a webinar hosted by Island Innovation on February 22nd, 2023. So all the details of the Programme and how you can apply are just a click away here ‘Move your startup to Malta! The Malta Startup Residence Programme’.
Moderated by our own Audrey Joachim, Director of Business Development at Island Innovation, the session features Kurt Farrugia, CEO of Malta Enterprise, Charles Mizzi, CEO of Residency Malta and Gareth Genner, CEO and Co-Founder of Trust Stamp. The panelists spoke extensively on Malta’s startup ecosystem, the features of the Programme, as well as a personal recounting of life in Malta as an individual who launched their business there.
Is my business eligible for the programme?
Malta’s Startup Residence Programme is ideal for highly innovative entrepreneurs. It requires a minimum investment of €25,000 in a tangible investment or paid-up share capital, and applicants must have a tangible presence in Malta and pay taxes locally. With its strategic location, the concentration of industry players and talent, and its supportive startup ecosystem, Malta is the ideal breeding ground for new businesses to flourish.
Projects can be in manufacturing, software development, health, biotech, or eco industries. Eco startups working in blue, green, and sustainable industries are also encouraged to apply. As long as your business demonstrates a strong commitment to innovation, falls within the eligible industries and has the potential for growth and success, you may qualify for this exciting opportunity. To be considered for the programme, your business project must meet at least two of the following criteria:
- propose products and/or services that have the potential to generate income from various geographical markets;
- produce products and/or services which are new, innovative, disruptive or substantially improved compared to complementary products on the market; and
- utilise processes which are new or substantially improved compared to those adopted in current complementary activities.
These eligibility criteria are designed to ensure that the businesses selected have the potential for growth and success in a highly competitive market. If your business meets these criteria and is looking for a strategic location with access to industry talent, then the Malta Startup Residence Programme is the perfect opportunity for you to launch your innovative venture.
How can I apply?
The first step is setting up a meeting with Malta Enterprise by sending an email to [email protected]. During the meeting, you can discuss your project, ideas, business structure, and any other questions you may have. This initial meeting will give you a better idea of whether your venture is viable and if you should proceed with your application.
You can then go to the StartinMalta website at https://startinmalta.com/startup-residence/, which will direct you to Malta Enterprise’s client portal for registration. You will then need to fill out the application forms and submit them online.
The expected timeframe for the application process is three months. If you are also applying for funding it may take up to six months. It’s essential to note that the application process is rigorous, and your application will be evaluated based on specific criteria, including the eligibility criteria and the potential benefits your business can bring to Malta’s economy, as well as due diligence on the applicants.
To learn more about Malta’s Startup Residence Programme go to https://startup.residencymalta.gov.mt/
