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 firstname.lastname@example.org to learn more
Disclaimer: This document does not purport to give legal, financial or tax advice. Should you require further information or legal assistance, please do not hesitate to contact Dr. Michael Psaila or Dr. Julian Fenech Adami