A new residence program, the Malta Start-Up Residence Permit is to be introduced by the Malta Residency Agency and the state investment agency Malta Enterprise, as announced by Malta’s Finance Minister. The new program seeks to attract entrepreneurs to use Malta as their operational base and therefore will permit those who meet the requirements of the program to reside in Malta and contribute to the economy.
Entrepreneurs seeking to relocate under the Malta Start-Up Residence Permit program will be required to demonstrate a successful entrepreneurial track record together with a solid business plan and intended commercial purpose.
The Malta Start-Up Residence Permit sits alongside the recently launched Malta Nomad Residence Permit that is already attracting global digital nomads to take up residence in Malta whilst continuing their business or maintaining their foreign employment on a remote basis.
Benefits of the Malta Start-Up Residence Permit
Entrepreneurs choosing Malta as their primary base for business will find a welcoming environment, include a professional English-speaking workforce, world-class healthcare facilities and a warm climate all through the year. Malta is cosmopolitan and the business community in Malta benefits from the presence of multicultural investors. Entrepreneurs moving to Malta may thus be able to interact with veteran entrepreneurs from around the world.
Doing Business in Malta
Malta has long been established as an international hub for business and has developed niches in sectors as diverse as Financial Services, Advanced Tech, Maritime & Aviation, Logistics, Pharma & Life Sciences, Film Industry and iGaming. Malta offers entrepreneurs a sound legal framework for the protection of intellectual and commercial assets, as well as access to the EU single market and the Euro as sole currency. Commercial enterprises are typically established as Limited Liability Companies (Ltd) as a more professional alternative to self-employment as a sole trader.
Blue Med Hub Initiative in Malta
The finance minister also announced that plans are under way for a Blue Med Hub to commence in Malta, presenting several opportunities for start-ups and SMEs to start offering their services in or from Malta. The BLUEMED Initiative aims to promote a healthier, more productive, resilient, and appreciated Mediterranean Sea, advancing social well-being and wealth, boosting economic growth and employment for current and future generations.
The plan is for the hub to collaborate with entities located around the Mediterranean basin in the Middle East and Africa regions. The Blue Med Hub will be set up by a number of experts working in the SME and start-ups sector.
The official launch and further concrete details about the Malta Start Up Residence Permit will be rolled out in the weeks to come.