The Malta Micro Invest scheme is a tax incentive program offered by the Maltese government to support and incentivise small and micro-sized businesses such as startups, family-owned enterprises, and self-employed professionals across the country.
What is the Malta Micro Invest scheme?
Designed to promote innovation, expansion, and overall development, this initiative provides eligible businesses with financial assistance through tax credits to empower their success and growth.
Under the Micro Invest scheme, Malta Enterprise, the country’s economic development agency, can provide tax credits up to 45% of eligible expenditure for each business that qualifies for the incentive. If the company is based in Gozo, there’s an extra 20% bonus, making the total tax credit 65%.
In most cases, the maximum cap for tax credits is set at €50,000. It can be increased by €20,000 (to a total of €70,000) for businesses operating in Gozo, those registered as family businesses, or those with more than half of the ownership attributed to female persons.
Benefits of the Malta Micro Invest scheme
The Micro Invest scheme can revolutionise your current or future business’s journey, setting it up for success. Deemed a catalyst for growth, this scheme offers a range of benefits holding the potential to boost the prosperity of small businesses.
The following are just a few of the benefits that make it one of the leading schemes of its kind:
Financial injection for growth
With up to a substantial 45% tax credit, this scheme allows you to invest your finances into other resources required for your business growth and competitive edge.
Advantage for Gozo-based businesses
Gozo offers a fertile and unique business landscape, making it the ideal location for forward-looking business investment. This scheme rewards businesses fostering growth in Gozo with an extraordinary total tax credit of 65%.
Diverse eligible costs
Costs qualifiable for this scheme span across various facets of business operations, including:
Increase in wage costs: Bar any exceptions, businesses can apply for a tax credit on a rise in wage costs that surpass 3%.
Furbishing, refurbishing and upgrading business premises: Works must be rendered by unrelated parties, backed with fiscal invoices or receipts, and photographic evidence of the undertaken work. In the case of short-term property leases, the property must possess proper licensing during the application period.
Investment costs: Covering new or first-time use in Malta equipment, systems for producing or improving alternative energy, and digitisation tools.
Motor vehicle costs: Eligible businesses (from 2021) can claim new Commercial Vehicle costs. Taxi services can claim plug-in hybrids/electric cars (from 2022). Support is capped for fossil fuel cars in 2023.
More and better innovation
Malta is one of the countries at the forefront of innovation across various industries. The scheme nurtures an ecosystem where innovation flourishes by alleviating financial constraints associated with pioneering technologies and creative projects.
This means your business can be among those pushing the country to new heights of innovation while building your name and reputation within the industry in which you operate.
Increase in jobs and contribution to the economy
With further expansion opportunities come more and better employment opportunities, contributing to individual business growth and the future of the industry and the local and international economies.
Fostering business resilience
Especially in economic uncertainty, resilience is at the heart of strong local economies. By fuelling the growth of small and micro-sized businesses, the Malta Micro Invest scheme allows these businesses to thrive and helps shape a robust, adaptable, and sustainable business ecosystem.
Application process
Navigating governmental initiatives can be arduous, especially for a small business. The Micro Investment scheme, however, ensures accessibility to all eligible businesses. We at TACS Malta, make your application process easier by taking care of everything from the application process up to submission.
Deadline
Applications to Malta Enterprise should be submitted online through the client portal by no later than 10th April 2024 for self-employed businesses and 29th May 2024 for companies.
Need more help?
TACS is your partner of choice throughout your entrepreneurial journey. Specialising in individuals and small to medium-sized businesses, we help established firms with industry-leading solutions and those starting their new business in Malta.
We’ve collaborated with numerous enterprises in harnessing the Micro Invest scheme’s potential. Guiding them through the entire journey, we’ve seamlessly integrated our best practices to ensure they harness all the advantages this remarkable initiative offers.
If you want to check your eligibility for the above scheme, TACS is just a message away. Contact us via email on [email protected] to set up an appointment with one of our team members at our offices ‘TACS Malta, 1, Tal-Providenza Mansions, Main Street, Balzan or via call on +356 21 470 473.
