In conjunction with Malta Enterprise, Residency Malta Agency has launched a new residence programme for beneficiaries under the Malta Start-Up Residence Programme. Similar to the Nomad Residence Permit , the Malta Start-Up Residence Programme seeks to attract business-driven individuals to set up their new business venture in Malta.
To be eligible to submit an application under this programme, applicants must fulfil the below Eligibility Criteria:
– Have attained 18 years of age
– Have a concrete intention to develop and/or expand their business in Malta
– Be the founder or co-founder of an enterprise which has been registered for no more than 7 years and which satisfies the following requirements:
- It has not been formed through a merger
- It has not distributed any profits to date
- It has not taken over the activity of another enterprise
– A co-founder would be one of the first entrepreneurs to have set-up the start-up.
– The founder and/or co-founders need to have a physical and tangible presence in Malta, both in terms of living (physical presence) and business.
- Therefore, beneficiaries must also pay their taxes in Malta.
– Be in possession of a health insurance policy covering all risks in Malta
– Have sufficient financial resources in his/her own bank account to support him/herself and any other dependants.
– Have a clean police conduct and no pending criminal proceedings against them, and not pose any threat to the national security, public policy, public health, or public interest of Malta.
– Not have previously had applications for a residence status or citizenship rejected in Malta or abroad.
– Not be a national of, or have close ties with, Afghanistan, North Korea, Iran, Democratic Republic of Congo, Somalia, South Sudan, Sudan, Syria, Yemen and Venezuela.
– Place a a tangible investment and/or paid up share capital of not less than €25,000
The below General Conditions must also be satisfied:
– The start-up undertaking must be engaged in one of the following industries:
- Software development
- Industrial services analogous to manufacturing
- Health, biotechnologies, pharmaceuticals, and life science
- Eco startups
- Other innovative economic activities which are enabled through knowledge and technology
– An eligible business project must meet a minimum of two of the following requirements:
- The proposal of services and/or products which are new, innovative, or substantially improved compared to similar products on the market
- The proposal of services and/or products that have the potential to generate income from various geographical markets
- Use processes which are new or substantially improved compared to those used in current complementary activities
– Collaboration with Malta Enterprise must be present throughout the validity of the residence permit
– All immediate family members must be listed on the application and be eligible for a residence permit with the same validity as the sponsor (further requirements apply)
– A business plan on the template provided by the Authority must be submitted
– The application is also open for core employees who are of importance to the start-up who have specialised skills and earn a minimum salary of €30,000 per year (further requirements apply)
– Payment of the relevant fees which are as follows:o
- €750 for each adult applicant and dependant
- €82.50 towards Identity Malta Agency for each residence permit being issued
Upon success, applicants are issued with a residence permit valid for a period of three years. This may be renewed for a further period of five years should the authority confirm that the start-up continues to operate and the beneficiaries still satisfy the requirements.
How can we help?
At Mamo TCV Advocates we can advise throughout the whole application process thanks to our fully-fledged immigration team.
Additionally, we can support you in launching and scaling your business through a range of legal, corporate and regulatory services.
We have recently launched a Start-up Toolkit with the aim to lower the barriers to entry for start-ups by providing key documentation required at company formation stage and providing guidance on how to fulfil their obligations in order to be in a position to launch their commercial proposition.
Get in touch with us through email@example.com to learn more