Young people aged between 18 and 30 who are entering the business world for the first time will benefit from financial assistance for fees related to setting up and maintaining a company, as well as a refund of legal costs associated with its incorporation.
The initiative, implemented by the Malta Business Registry (MBR) and Malta Enterprise, was announced by the Minister for the Economy, Technology and Strategic Projects Silvio Schembri. The minister explained that this initiative fulfills a government electoral promise. According to Minister Schembri, the government is strengthening entrepreneurship among young people and reducing barriers that may prevent them from realising their commercial ideas and projects.
The assistance mechanism will operate on a refund system jointly administered by the MBR and Malta Enterprise. A company will pay the fees due to the MBR and can then apply to Malta Enterprise for a refund within six months of presenting the incorporation or annual return. The MBR has made adjustments to classify such companies as "Start-Up Youths" to facilitate the refund process, which will cover incorporation fees and annual return fees for five years.
Additionally, financial assistance will cover legal costs associated with setting up and incorporating the company during its first year. Young entrepreneurs will also attend lessons to understand the responsibilities and operations of running a business.
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