Residence for non-Europeans who bring their startup to Malta
Non-Europeans who want to bring their startups to Malta can now benefit from a three-year residence permit for themselves and their immediate family, said Enterprise Minister Miriam Dalli on Thursday.
The founders of startups will then be able to renew the residence for another five years, while the main employees – who earn more than €30,000 per year – can renew it for another three years.
After five years of living legally in Malta, they can apply for long-term residence.
Since launching the Malta Startup Residence Program in a startup a festival organized by Malta Enterprise for secondary school students and young people to meet established entrepreneurs.
Dalli said that 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 solid business plans, would be considered.
The initiative, she added, provides hopeful entrepreneurs 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 percent of the jobs created by startups in Malta are filled with Maltese talent, while the average salary was €40,000. Three quarters of the employees were under 39 years old.
When he addressed the same event, ME CEO Kurt Farrugia said that the idea was to attract and maintain non-European startups and scaleups (expansions) in Malta.
ME should look at the business viability of the applicants, and monitor the economic progress of the approved projects.
Meanwhile, the Malta Residency Agency also ensures due diligence on the source of wealth.
Farrugia added that founders or co-founders who apply for the program need to ensure that their enterprise has not been registered for more than seven years anywhere in the world.
Meanwhile, the incorporated startup is required to place a tangible investment or paid share capital of no less than €25,000.
In cases where more than four co-founders apply for the residence permit, an additional €10,000 needs to be placed each.
In any case, the maximum number of co-founders eligible for the startup residency program is six.
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