October 13, 2022

Malta Startup Residence Programme has just been launched!

Malta Enterprise and The Residency Malta Agency has just launched the Malta Startup Residence Programme (MSRP), which will grant non-EU entrepreneurs starting innovative businesses in Malta a residence permit of 3 years, renewable once for a period of 5 years, to a maximum of 8 years.

The Programme offers beneficiaries a number of benefits including long-term business and family stability together with an enhanced attractiveness to attract and retain international talent. This programme is complemented with lucrative non-dilutive support measures that are administered by Malta Enterprise which acts as the main contact point for start-ups and scale-ups that are looking to set up innovative operations in Malta.

The residency programme offers an attractive entry price point, access to a small and nimble jurisdiction – Malta, where English is the language in which business is held, access to the EU market and to other continents, ability to access local and to attract international talent together with a dedicated one to one service to address your needs.

The Programme is open to founders, co-founders, core employees and family members, with an application processing fee of €750 for each individual applicant.

Full details may be viewed here, whilst in order to be eligible for the Malta Startup Residence Programme, an individual must satisfy the following eligibility requirements:

has a concrete intention to develop and/or expand their business in Malta;
is the founder or the co-founder of an enterprise, which has been registered for not more than seven (7) years anywhere globally (including Malta), which fulfils the following:
- it has not taken over the activity of another enterprise,
- it has not yet distributed profit,
- it has not been formed through a merger.
A co-founder would be one of the first entrepreneurs to have set-up the start-up. This would also be reflected in the market cap table. In case of a dispute as to whether the individual would be a co-founder, reference will be made to the market cap table until the second year to determine that the co-founders had significant stake in the registered entity. In addition, proof as to whether the co-founder would have served as a director and/or had legal representation of the company, together with other duties related to the company might be requested;
Third country nationals, excluding EU, EEA and Swiss are eligible. Nationals from (or have close ties with) Afghanistan, North Korea, Iran, Democratic Republic of Congo, Somalia, South Sudan, Sudan, Syria, Yemen and Venezuela are ineligible. The list of ineligible countries may be revised from time to time;
A founder, co-founder or core employee applying under this programme must be 18 years and older;
The incorporated Startup in Malta is required to place a tangible investment and/or paid up share capital of not less than €25,000. In case where more than four (4) co-founders apply for the Startup Residence Permit, an additional €10,000 needs to be placed per additional co-founder. In any case, the maximum number of co-founders eligible for the Startup Residence Programme is six (6);
The founder and/or co-founders benefitting from this programme need to have a physical and tangible presence in Malta not only from a business point of view but also in terms of living in Malta. Thus, those benefitting need to be living and paying their taxes in Malta;
Has recognised health insurance covering risks in Malta for himself/herself and dependants;
In possession of sufficient financial resources in own bank statement to support himself and any other dependents within existing regulations;
Has no criminal record or pending criminal charges and does not pose any potential threat to the national security, public policy, public health, or public interest; and
Must not have previously had applications for a residence status or citizenship rejected in Malta or abroad.

More details on the Malta Startup Residence Permit (MSRP) can be found here, or contact Dr Russell Attard Baldacchino on +35679284155 or russell@attardbaldacchino.com.

This blogpost is being published strictly for informational and educational purposes, and should be correct and accurate at the time of publication. The content of this publication should not be considered as formal legal, immigration, or tax advice.