Malta Enterprise, in collaboration with the Ministry for Enterprise, Energy and Sustainable Development, has launched the latest version of its financial assistance scheme for startups (BStart 2021) and a new website to provide information resources to startups.
As part of the increased financial assistance in th BStart 2021 scheme, announced jointly by Malta’s Minister for Enterprise, Energy and Sustainable Development Miriam Dalli, and Malta Enterprise CEO Kurt Farrugia, new businesses can benefit from up to €200,000 in funding.
Mr Farrugia commented, “by stregthening BStart, we can be among the most attractive countries in the world for startups because fo the incentives that we have and the quality of life that Malta offers.”
The funding from this scheme will be split into two parts, the “Pre Business Plan” – where a company can benefit up to € 10,000 on each project – and the “Post Business Plan”.
For those Startups that present an economically viable business plan, a maximum grant of €200,000 can be awarded. This grant will be spread over a period of not more than 36 months, with €20,000 distributed quarterly.
Dr Dalli explained Malta “offers a competitive advantage, such as the use of the English language, connectivity, and strong regulatory frameworks. A recognized strong advantage is that we believe in open dialogue with stakeholders.”
“This has led us to launch the new BStart 2021 scheme, which offers both financial assistance and mentorship and advisory services,” she continued.
The new website, Start in Malta, is intended to serve as a “quick and easy guide to Malta’s startup ecosystem”.
Its objective is “to deliver a coherent and coordinated front, where key information about Malta’s start-up journey is available and accessible.”
“This platform will also elevate the local and international visibility of our start-up ecosystem with updates on events, success stories and other development happening in Malta.”
Prominent figures in the local startup scene have welcomed the new schemes, including Walid Sultan Midani, founder of Malta-based video game studio YouRun LTD, who said he was “happy and proud to witness the launch”.
Also revealed at the announcement was that, between 2015 and 2020, through the aid granted under previous iterations of the BStart scheme, Malta Enterprise assisted 62 companies with a cash grants worth €1.5 million.
This is 9.5% higher than the EU average for that year
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