Start-ups and expansions can be appealing, and many entrepreneurs would be elated to take a plunge. Being a gateway to North Africa, the Middle East, and the rest of Europe, Malta has become a hub for local and global entrepreneurs who are bold enough to take risks. Its strategic location is only one of the many factors that help businesses see through success; there’s many more.
The “think small first” principle
This is the guiding principle for Malta’s policy and law-making activities. Thinking small first encourages policymakers to sincerely consider the interests of small and medium enterprises. This translates to having simple and easy to apply legislation and procedures which are SME-friendly.
In 2014, the University of Malta launched two initiatives called TAKEOFF Business Incubator and TAKEOFF Seed Fund, which provides entrepreneurship support of €100,000 every year.
Maritime Seed Fund Award
In 2017, this award was launched to encourage start-ups relating to the maritime industry. Funding is provided to boost the popularity and effectiveness of the said industry.
Family Business Transfer Guarantee Scheme
The Malta Development Bank collaborated with the Bank of Valletta in 2018 to curate a scheme that can lend up to €750,000 to family businesses at a preferential rate.
Through this program, the government aids €25,000 to disadvantaged people to build a more sustainable living through businesses.
Investing in Crafts
In 2018, a program was launched to reward artisans who train apprentices into learning their craft. To encourage this type of mentorship, cash grants are given through the program.
Like other European Union countries, Malta seeks to provide second chances to trustworthy entrepreneurs who have gone bankrupt. Many businesses fail, and such failures can be discouraging to entrepreneurs. A little help from the government encourages them to try again. The program also helps avoid further bankruptcy through financing, restructuring, and better insolvency procedures.
This initiative, which started in 2012, ensures aspiring entrepreneurs have a one-stop shop for anything they would need to put up a business. Through the Business First program, individuals are given ample information, guidance, and assistance related to business start-ups and management.
This joint venture between the government and the Chamber of Commerce provides support to local companies who want to venture into foreign markets. Internationalization is key to growth and expansion, and Malta is championing this initiative along with other European Union members.
Individual Investor Programme
This program seeks to welcome valuable foreign individuals and families who willing to invest in Malta through government bonds or real estate in exchange for citizenship. Malta is among the 30 happiest countries in the world with great business opportunities. An opportunity of gaining citizenship of Malta by investment brings with it great privileges for you, your business, and your family.
This is an eight-week program for children aged 3 to 16 years old. Through this program, they are introduced to cultural, artistic, physical, and entrepreneurship activities. Through SkolaSajf, children can develop essential and life-determining skills while still young.
Malta, the smallest country in the European Union, has competitive opportunities that facilitate business growth, wellbeing and family life. If you’re looking for potential businesses in Europe, Malta definitely has a lot to offer.