Malta Freeport is a free trade zone that offers companies operating within it reduced taxation and investment tax credits. Malta being at the centre of the Mediterranean, also enables companies from all around the globe to make use of Malta’s free trade zone, both financially and logistically. Various countries can adopt such a model, proper thought and a strong framework is required for it to be successful, but it would need to be tailored to the needs and restrictions of each country.
In 2014, Malta introduced a citizenship programme, which is targeted towards non-European Union nationals. The programme permits the acquisition of Maltese citizenship by a certificate of naturalisation to foreign individuals and families who contribute to the economic development of Malta. After an investor from overseas meets an investment threshold they would be eligible for obtaining citizenship in Malta. Various countries can adopt such a model, proper thought and a strong framework is required for it to be successful, but it would need to be tailored to the needs and restrictions of each country.
‘Accelerate 2024’ provides grants of up to €100,000, subject to an overall capping for de minimis assistance of €300,000 over a rolling period of three financial years for a single undertaking, to support ventures that are registered in the European Economic Area, have been operating for less than seven years, and are participating in a recognised accelerator programme in Malta. Malta Enterprise has been focusing on attracting valuable accelerator programmes in strategic areas, following the success of its first accelerator programmes with Plug and Play and SuperCharger Ventures.
The “Accelerate 2024” program by Malta Enterprise promotes inclusivity by creating opportunities for a diverse range of entrepreneurs and businesses. Here are some key aspects of its inclusivity:
1. Targeting Diverse Entrepreneurs: The program welcomes ventures registered in the European Economic Area that have been operating for less than seven years. This broad eligibility encourages participation from various backgrounds, including women, minorities, and migrant entrepreneurs, who may otherwise face barriers in accessing funding.
2. Support for Innovative Sectors: By focusing on strategic sectors, the program highlights the importance of diverse industries and encourages participation from startups that represent a wide array of ideas and cultural perspectives. This enriches the entrepreneurial landscape and promotes innovation.
3. Access to Funding: The grants of up to €100,000 can significantly help underrepresented groups who may lack access to traditional funding sources. Financial support is essential for leveling the playing field and enabling all entrepreneurs to develop their ideas.
To support businesses engaged in industrial activities that require industrial space for starting a new business, expanding or diversifying existing operations or optimising supply chains. The support subsidises rental of private industrial premises required for long term development strategies and short-term rentals to address specific requirements.
Various companies from overseas moved to Malta renting shared office spaces or smaller offices and shifted their work to online and hybrid. Maltese companies also made use of these subsidies.
