Malta’s Minister for Energy, Enterprise and Sustainable Development, Miriam Dalli, recently announced the Malta Startup Residence Programme (MSRP), which is a programme that incorporates business start-ups and residency aimed at Non-Europeans. The concept emerges from the government’s drive to turn Malta into a hub for start-ups.

With this programme, those who set up a startup in Malta, benefit from a three-year residency permit for themselves and their immediate family. The founders can renew residency for another five years, while core employees, earning more than €30,000 yearly, can renew it for a further three years.

Malta Enterprise will evaluate applicants' business viability and monitor the economic progress of approved projects. Due Diligence on the source of wealth will be carried out by Identity Malta.

This initiative gives non-Europeans the opportunity to bring their innovative business ideas to a European market with access to the rest of the world.

BUSINESS REQUIREMENT

To be eligible for this programme an individual must satisfy the following requirements:

• Has a concrete intention to develop and/or expand their business in Malta
• Is the founder or the co-founder of an enterprise, which has been registered for not more than seven (7) years anywhere globally (including Malta), which fulfils the following: 
  • it has not taken over the activity of another enterprise,
  • it has not yet distributed profit,
  • it has not been formed through a merger
• A co-founder would be one of the first entrepreneurs to have set-up the start-up
• A founder, co-founder or core employee applying under this programme must be 18 years and older
• Third country nationals, excluding EU, EEA and Swiss, are eligible. Nationals from (or have close ties with) Afghanistan, North Korea, Iran, Democratic Republic of Congo, Somalia, South Sudan, Sudan, Syria, Yemen and Venezuela are ineligible. The list of ineligible countries may be revised from time to time
• The incorporated Startup in Malta is required to place a tangible investment and/or paid upshare capital of not less than €25,000.  In case where more than four (4) co-founders applyfor the Startup Residence Permit, an additional €10,000 needs to be placed per additionalco-founder. The maximum number of co-founders eligible for the Startup Residence Programme is six (6)
• The founder and/or co-founders benefitting from this programme need to have a physical and tangible presence in Malta not only from a business point of view but also in terms of living in Malta. Thus, those benefitting need to be living and paying their taxes in Malta
• Has recognised health insurance covering risks in Malta for himself/herself and dependants
• In possession of sufficient financial resources in own bank statement to support himself and any other dependents within existing regulations
• Has no criminal record or pending criminal charges and does not pose any potential threat to the national security, public policy, public health, or public interest; and
• Must not have previously had applications for a residence status or citizenship rejected in Malta or abroad.

DURATION

The residence permit will be issued for an initial period of three (3) years following the approval of Malta Enterprise and Residency Malta. This will be renewed for a further five (5) years once Malta Enterprise and Residency Malta confirms that the start-up is still ongoing and the founder or co-founder(s) still meets the eligibility criteria of the Programme.

Promethean is here to assist you through the initial process and provides you with a continued service to ensure you get the full benefits from this programme in Malta.

Kindly contact Dr Jonathan De Giovanni.