Malta Micro Invest Scheme - Introduction
Malta Enterprise has reinvigorated the local business landscape by reintroducing the Micro Invest Scheme, a strategic initiative aimed at fostering growth and investment among small and medium-sized enterprises (SMEs). This tax credit scheme, designed to support businesses in scaling their operations, opens up opportunities for a wide range of entities, including startups, family-owned businesses, and self-employed individuals, to invest more robustly in their future.Key Features of the Micro Invest Scheme
Tax Credit Benefits
Central to the Scheme is the provision of a tax credit covering 45% of eligible expenditures for businesses across Malta and an enhanced 60% for those operating within Gozo. This significant financial incentive is designed to lighten the fiscal load on businesses as they seek to expand and innovate.Eligible Expenditures
The Scheme covers a variety of investment avenues, including:- Incremental wage costs that exceed 3% compared to the highest wage expenses from the two preceding years.
- Expenses related to refurbishing business premises to bolster operational efficiency or customer experience.
- Investment in cutting-edge machinery, technology, and other pivotal assets that can drive business innovation and productivity.
- Costs associated with acquiring commercial vehicles essential for business operations.
- Expenses incurred in obtaining trade certifications that enhance business credibility and market competitiveness.
Eligibility Criteria
To tap into the Scheme's benefits, businesses must meet certain criteria, including:- Employment of no more than 50 full-time individuals during the financial year 2023.
- A turnover or annual balance sheet not exceeding €10 million in 2023, showcasing the Scheme's focus on supporting SMEs.
- Employment of at least one individual at the time of application, underlining the Scheme's aim to foster job creation.
- Being VAT registered or VAT exempt within Malta, ensuring the Scheme supports businesses contributing to the local economy.
Application Deadlines
- Eligible businesses looking to leverage the Micro Invest Scheme must be mindful of the application deadlines:
- Self-employed individuals have until 10 April 2024 to submit their applications.
- Companies are provided a deadline until 29 May 2024.
- Recognizing the challenges businesses may face, late submissions will be accepted up until 27 November 2024, offering flexibility and ensuring wider participation.