VALLETTA, March 8 (Xinhua) -- Start-ups in Malta will be able to claim tax credits worth up to 250,000 euros (265,000 U.S. dollars) a year under a scheme launched by the country's economy ministry on Wednesday.
Details of the Seed Investment Scheme were revealed during a press conference by the Maltese Minister for the Economy, European Funds and Lands Silvio Schembri.
Schembri explained that many ideas for start-ups are never realized due to a lack of funds for investment.
"We will be focusing on innovative start-ups, with new technologies and digitalization, so that we also connect with the main principle in the Malta Digital strategies that we launched in November," Schembri said. This strategy aims to boost the growth of the digital economy, he added.
Investors will be eligible for grants when they invest in local start-up projects.
"This resilience in our economy was crucial for us to economically overcome difficult times such as Covid, where you had industries that were suffering, you had others that were doing better and this combination kept our economy alive," Schembri said.
For a company to qualify as a start-up, it must be a small or medium-sized company incorporated in Malta, has been active for three years, not be listed on the Stock Exchange, be operated by fewer than 10 people, and has less than 250,000 euros in assets. The scheme will be open for two years. (1 euro = 1.06 U.S. dollar) ■