Earlier this year Malta Enterprise launched the Invest (Support for Initial Investment Projects) Programme. This measure aims to sustain the regional industrial and economic development of Malta.
The measure facilitates initial investments by encouraging the setting up of new establishments, the expansion of existing facilities and the diversification of existing businesses, amongst other activities.
Which activities are eligible ?
Companies qualifying for such measure are those entities engaged in the following activities: manufacturing, repair and maintenance of water crafts, aircrafts, industrial engines and electromechanical equipment, industrial services, informational technology and computer programming, data processing, hosting facilities, call centre services, research and development, design and innovation, waste treatment, environmental solutions, life sciences, pharmaceuticals, audio-visual productions, audio recording, digital video games, education and tuition , logistics, human inpatient and/or daycare services, industrial packaging, hotels and guesthouse, knowledge intensive services, restoration, entertainment and recreational facilities.
In which form is the support granted?
Benefits that may be awarded under this measure will be granted as Tax Credits, Cash Grant, Subsidies on loan interest, Loan Guarantees or a combination of any of these forms of aid. The total aid (value of aid) awarded cannot exceed the maximum support limits.
What expenditure is considered eligible?
Eligible expenditure includes Tangible Assets (such as land, buildings, including fittings and furnishings, plant, machinery and equipment) as well as intangible assets (such as patents, licenses, know-how or other intellectual property) and the value of new jobs created.
Which projects are considered as eligible?
Support may only be awarded in respect of eligible investment projects commencing on or after 1st May 2022 and by 31st December 2026 or later if the Start of Works was delayed due to factors outside the control of the beneficiary as long as the beneficiary submits an application for assistance, and the aid in respect of such projects is approved during the validity period of the scheme which in no case shall be later than 31 December 2023. Eligible investment projects having a start of works after 1st May 2022 but prior to the approval may only be awarded aid in the form of tax credits. The investment and resultant Economic Activity shall be maintained in the recipient area for at least 5 years, or at least 3 years in the case of SMEs, after completion of the investment.
How can Mazars help?
We would be delighted to discuss with you the details of this programme, advise whether this programme suits you best or if there is any other measure which would work better for your business. Furthermore we can also assist with the application process and liaison with Malta Enterprise on this measure.
Contact us for more details.