Non-Europeans who want to bring their startups to Malta can now benefit from a three-year residency permit for themselves and their immediate family, Enterprise Minister Miriam Dalli said on Thursday.
Founders of startups will then be able to renew residency for another five years, while core employees - earning more than €30,000 a year - can renew it for a further three years.
After five years of legally living in Malta, they can apply for long-term residency.
Dalli launched the Malta Startup Residence Programme at a startup festival organised by Malta Enterprise for secondary school students and youths to meet established entrepreneurs.
Dalli said the government wanted to turn the country into a hub for startups, however, it would also ensure proper due diligence, and only the best and most innovative businesses, with sound business plans, would be considered.
The initiative, she added, would provide entrepreneur-hopefuls with the opportunity to bring their ideas and technology to a European market with access to the rest of the world.
Dalli noted that 56 per cent of jobs created by startups in Malta are filled by Maltese talent, while the average wage stood at €40,000. Three-fourths of employees were aged under 39.
Addressing the same event, ME CEO Kurt Farrugia said the idea was to attract and retain non-European startups and scaleups (expansions) in Malta.
ME would look into the applicants' business viability, and monitor the economic progress of approved projects.
Meanwhile, Residency Malta Agency would also ensure due diligence on the source of wealth.
Farrugia added that founders or co-founders who apply for the programme need to ensure their enterprise has not been registered for more than seven years anywhere globally.
Meanwhile, the incorporated startup is required to place a tangible investment or paid-up share capital of not less than €25,000.
In cases where more than four co-founders apply for the residence permit, an additional €10,000 each needs to be placed.
In any case, the maximum number of co-founders eligible for the startup residence programme is six.