The recent launch of the Malta Start-Up Residence Programme is part of Malta’s efforts to attract high quality entrepreneurs from all over the globe to use the island as a start-up hub for business ventures. With the aim of facilitating the setting up of innovative start-ups while concurrently supporting the immigration process of those involved, this programme is an opportunity for third-country nationals to bring their ideas to a European market.
Beneficiaries of the Start-Up Residence Programme will be granted a 3-year residence permit, with the possibility of extending for an additional 5 years, thus permitting applicants who are granted residency the opportunity to live and work in Malta and consequently launch their start-up from the island. After legally residing in Malta for 5 years, applicants will have the possibility to apply for long-term residency.
Eligibility for the Malta Start-Up Residence Programme
Applicants for this programme must satisfy the below eligibility criteria:
- Be 18 years and over;
- Have a concrete intention to develop and/or expand their business in Malta;
- Be the founder, co-founder or core employee of an enterprise which has been registered for not more than 7 years in any country, including Malta, which: has not taken over the activity of another enterprise, has not distributed profit and has not been formed through a merger. Applicants’ immediate family members may also benefit from such residency status;
- A co-founder would be one of the first entrepreneurs to have set up the start-up;
- Must be a third-country national (nationals from the EU, EEA and Switzerland are ineligible). Nationals from the following countries are also ineligible: Afghanistan, North Korea, Iran, Democratic Republic of Congo, Somalia, South Sudan, Sudan, Syria, Yemen and Venezuela (this list may be revised from time to time);
- The incorporated start-up must have a tangible investment and/or paid-up share capital of not less than €25,000. Shouldmore than 4 co-founders apply, an additional €10,000 is required per co-founder. The maximum number of co-founders eligible to apply is 6;
- The founder and/or co-founder must have a physical and tangible presence in Malta (meaning that the beneficiary must be living in and paying taxes in Malta);
- Have health insurance covering risks in Malta for himself/herself and dependants;
- Have sufficient financial resources to support himself/herself and dependants (this will be proven through bank statements);
- Have no criminal record or pending criminal charges and does not pose a risk to national security, public policy, public health or public interest; and
- Must not have had previous applications for residence status/citizenship rejected in Malta or any other country.
Qualifying Industries for the Malta Start-Up Residence Programme
Eligible start-ups must be engaged in one or more of the following activities: manufacturing, software development, industrial services analogous to manufacturing, health/biotechnology/pharmaceuticals/life sciences, eco start-ups involved in the blue/green/sustainable industries or other innovative economic activities which are enabled through knowledge and technology providing services or products which are currently not readily available in the relevant market or which shall be provided through a process which is novel.
Eligible business projects must meet a minimum of two of the following criteria: propose products and/or services that have the potential to generate income from various geographical markets; produce products and/or services which are new, innovative or substantially improved compared to complementary products on the market; utilise processes which are new or substantially improved compared to those adopted in current complementary activities.
Procedure
Applicants must first submit their business plan to Malta Enterprise for evaluation. Once this is approved, applicants may then proceed with the application for residency under the programme with the Residency Malta Agency.
Should you require further information regarding the Malta Start-Up Residence Programme or confirmation of your eligibility, feel free to get in touch with us on david@davidzahra.com.
