Malta’s Startup Residence Programme: Eligibility Explained

June 14th, 2023 at 01:28 pm

Malta’s Startup Residence Programme: Eligibility Explained

Malta, a gorgeous Mediterranean island, is popular with entrepreneurs. Malta’s Startup Residence Scheme complements its Golden Visa scheme. This program grants founders, co-founders, and core personnel three-year residency permits.

The permit can be renewed for five years for founders and co-founders and three years for employees if the firm meets program requirements.

Malta Startup Residence Programme

Malta Enterprise, the economic development agency, runs the Startup Residence Scheme. It offers early-stage entrepreneurs awards, loans, and non-dilutive assistance. Mentors, connections, and local and foreign investors may benefit as program participants.

This article examines Malta’s Startup Residence Scheme. We’ll examine eligibility, perks, and costs. We’ll also examine Malta’s Permanent Residence, Ordinary Residency, Global Residence, and Nomad Residence Permit schemes.

Benefits of the Startup Residence Scheme

The Startup Residence Scheme gives entrepreneurs many perks, such as:

1. Long-term Residence Permit: Successful applicants will get a three-year residence permit that can be renewed for an additional five years for founders and co-founders and three years for their employees, as long as the business stays open and meets the program’s basic requirements.
2. Family Inclusion: Business owners can ask for their spouses, children, and other dependents to move to Malta with them. This makes sure that the whole family has a smooth transition.
3. Mentorship and funding opportunities: Startup Residence Scheme participants have access to mentorship, networking opportunities, and the possibility of funding from local and foreign investors.
4. Competitive Tax Regime: Malta has a competitive tax system, a good regulatory structure, and a skilled workforce, which makes it a good place for businesses to set up shops.
5. Fast Processing Time: The Startup Residence Scheme takes about 90 days to process, so entrepreneurs can set up their business in Malta quickly.

Criteria for eligibility

A person must meet the following requirements to be qualified for the Startup Residence Program:

1. A concrete plan to build a business in Malta: The application must have a clear plan to build or grow its business in Malta.
2. Co-founder or starter of a legal business: The candidate must have started or helped start a business that has been registered for no more than seven years anywhere in the world, including Malta.
3. No profit distribution and no merger: The startup can’t have taken over the work of another business and it can’t have been started through a merger.
4. Limit for co-founders: Six co-founders are the most that can be part of a startup that is qualified for the Startup Residence Programme.
5. Presence in Malta: The founder and/or co-founders who want to take part in this program need to have a real presence in Malta, both in terms of their business and where they live.
6. Health insurance and money: The applicant must have recognized health insurance that covers risks in Malta for themselves and their dependents. They should also have enough money to support themselves and any other dependents according to the rules.
7. No criminal record: The candidate can’t have a criminal record or be facing criminal charges, and they can’t be a threat to national security, public policy, public health, or public interest.
8. No past rejections: The applicant must not have had any earlier requests for residency status or citizenship turned down in Malta or elsewhere.

Investment Requirement

Startups that are registered in Malta must have a physical investment or paid-up share capital of at least €25,000, which is about Rs 23 lakh. When more than four co-founders apply for the Startup Residence Permit, each new co-founder must put down an extra €10,000.

Eligible Business Verticals

The Startup Residence Scheme is open to companies in the following industries:

1. Manufacturing
2. Industrial services analogous to manufacturing
3. Eco start-ups involved in the blue, green and sustainable industries
4. Software Development
5. Health, biotechnology, pharmaceuticals, and life sciences
6. Other innovative economic activities that are made possible by knowledge and technology offer services or goods that aren’t easy to find on the market.

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