Malta, a Mediterranean island nation, has grown to be a popular choice for business owners looking for a new location for their company. Malta currently offers a Startup Residence Scheme, which grants qualified founders, co-founders, and core workers with a 3 year residence visa, in addition to its well-known Golden Visa programme. If the firm is still operating and satisfies the program’s standards, this permit may be extended for a further 5 years for the founders and co-founders and 3 years for workers.
Requirements for the Startup Residence Plan
A candidate must meet the criteria that follows to be eligible for the Startup Residence Programme:
A specific plan to grow and/or extend their company in Malta.
They must be the sole proprietor or co-proprietor of a business that has been legally established for no longer than seven years, anywhere in the world, including Malta.
The startup can’t have taken over another company’s operations.
It must not have made any profit yet and cannot have been created through a merger.
A firm can have a maximum of six co-founders to qualify for the firm Residence Programme.
Applicants who are founders or co-founders must reside and maintain a business in Malta during the programme.
A certified health insurance policy that covers risks in Malta for the applicant and any dependents is required.
In accordance with current laws, they should have access to enough money to maintain themselves and any other dependents.
The candidate must not have a criminal history, be under investigation for a crime, and not represent a risk to public safety, morality, welfare, or interest.
The candidate cannot have had any prior citizenship or residency petitions in Malta or abroad denied.
Investment Requirements for Startup Residence Plan
Startups must make a concrete investment or have paid-up share capital of at least €25,000 (about Rs 23 lakh) to qualify for Malta’s Startup Residence Scheme. The programme requires an extra €10,000 investment for each new co-founder if there are more than four co-founders applying.
The Startup Residence Scheme’s Advantages
There are several advantages for entrepreneurs using the Startup Residence Scheme.
It includes the possibility to apply for their spouses, kids, and other dependents to join them in Malta as well as a long-term residency visa.
The programme gives participants access to networking opportunities, coaching, and prospective finance from domestic and foreign investors.
Malta is a desirable location for enterprises due to its competitive tax structure, effective regulatory environment, and competent workforce.
The Startup Residence Scheme normally takes 90 days to process an application.
Business Sectors that are Eligible for the Startup Residence Scheme
A number of company kinds are supported through the Startup Residence Scheme. Manufacturing, software, healthcare, and other cutting-edge enterprises are all included. The programme also supports other cutting-edge economic initiatives made possible by information and technology. The programme also makes sustainable businesses and goods possible that aren’t easily accessible on the market.
Other Malta Residency Schemes
Malta provides several residence schemes in addition to the Startup Residence Scheme, including:
Normal Residency
Long-Term Residence
Nomadic Residence Permit
Each one has unique requirements and advantages. The Startup Residence Scheme, however, offers special advantages to company owners looking to grow their enterprises in Malta.
Conclusion
Non-EU citizens can expand and develop their enterprises thanks to Malta’s Startup Residence Scheme. It makes grants and loans available. To be considered eligible, applicants must, however, fulfil a number of conditions, including paid-up share capital and actual assets.
