Malta, an island country in the Mediterranean, has turned into an appealing objective for business people looking for another home for their startup. Notwithstanding its well-known Brilliant Visa program, Malta presently offers a Startup Home Plan, which gives qualified pioneers, prime supporters, and center workers with a long term home license. This license can be reestablished for a very long time for organizers and prime supporters and 3 years for workers on the off chance that the startup is still in activity and meets the program's prerequisites.
Eligibility Requirements for the Startup Residence Scheme
To be eligible for the Startup Residence Program, an applicant must have:
- A substantial expectation to create or potentially extend their business in Malta.
- They should be the pioneer or prime supporter of an endeavor, which has been enlisted for not over 7 years anyplace around the world, including Malta.
- The startup should not have assumed control over the action of another venture.
- It should not as yet has dispersed benefit, and has not been framed through a consolidation.
- The most extreme number of prime supporters of a startup qualified for the Startup Home Program is six.
- Pioneers and fellow benefactors applying should live and work in Malta for the program's span.
- The candidate probably perceived medical coverage covering takes a chance in Malta for them as well as their wards.
- They ought to be in control of adequate monetary assets to help themselves and some other wards inside existing guidelines.
- The candidate should have no lawbreaker record or forthcoming crook allegations and represents no likely danger to public safety, public strategy, general wellbeing, or public interest.
- The candidate should not have recently had applications for home status or citizenship dismissed in Malta or abroad.
Investment Criteria for the Startup Residence Scheme
For startups to be eligible for the Startup Residence Scheme in Malta, they must make a tangible investment or have paid-up share capital of at least €25,000 (around Rs 23 lakh). If there are more than four co-founders applying for the program, an additional €10,000 must be invested per additional co-founder.
Benefits of the Startup Residence Scheme
The Startup Residence Scheme offers numerous benefits to entrepreneurs.
• It includes a long-term residence permit and the ability to apply for spouses, children, and other dependents to join them in Malta.
• Participants in the program gain access to mentorship, networking opportunities, and potential funding from local and international investors.
• Malta offers a competitive tax regime, efficient regulatory framework, and a skilled workforce, making it an attractive destination for businesses.
• The processing time for the Startup Residence Scheme is typically around 90 days.
Eligible Business Verticals for the Startup Residence Scheme
The Startup Residence Scheme accommodates a variety of business types. It includes manufacturing, software, health, and other innovative businesses. Moreover, the program caters to other innovative economic activities facilitated by knowledge and technology. Moreover, the program enables sustainable industries and products not readily available in the market.
Other Residency Programs in Malta
In addition to the Startup Residence Scheme, Malta offers other residency programs, including
• The Permanent Residence
• Ordinary Residency
• Global Residence
• Nomad Residence Permit
Each program has specific eligibility requirements and benefits. However, the Startup Residence Scheme provides unique benefits for entrepreneurs seeking to expand their businesses in Malta.
Conclusion
Malta’s Startup Residence Scheme enables non-EU nationals to develop and grow their businesses. It provides access to grants, and loans. However, eligible applicants must meet specific criteria such as tangible investments and paid-up share capital, and start-ups must also meet certain requirements.
