New businesses can now benefit from financial assistance of up to €200,000 through a new business start scheme (BStart 2021) launched by Enterprise Minister Miriam Dalli and Malta Enterprpise CEO Kurt Farrugia.

Launching the scheme, Dalli said Malta offered a number of competitive advantages including the use of the English language, connectivity, and strong regulatory frameworks.

Another strong advantage is "open dialogue with stakeholders". This, she said, led to the launch the new BStart 2021, which offers financial assistance as well as mentorship and advisory services.

Dalli said that there have already been hundreds of success stories and the government wanted more start-ups included.

Through aid granted under the BStart scheme between 2015 and 2020, Malta Enterprise assisted 62 companies with a cash grant totalling €1.5 million. 

BStart 2021 will be divided into two parts: the Pre Business Plan, through which a company can benefit up to €10,000 on each project, and the Post Business Plan, through which start-ups that present an economically viable business plan can benefit up to €200,000 in a maximum of three years, with €20,000 distributed quarterly.

This scheme is complemented by another, Start-Up Finance, through which innovative enterprises can receive up to €800,000. 
 
The assistance given has to be repaid once the company starts making a profit.

Between 2017 and 2020, Malta Enterprise assisted 10 companies to the tune of €4 million through the Startup Finance scheme.
 
Another scheme aids a company that is transforming or consolidating its operation from tax credit or cash grants of up to €200,000.

A new website, StartinMalta.com, has also launched to provide information about Malta as the ideal place for local and foreign investment. 

The site offers information on what makes Malta attractive for investment, schemes available for startups, and testimonials from successful startups.