Business Policy

Malta is one of the most challenging places to start a business. Furthermore the digital infrastructure could be far better. It's time to remove the unnecessary red tape preventing people from establishing a business as fast as possible. There is also a lot of untapped potential when it comes to venture capital and investors. Let's make as many options available for local businesses to grow as fast as they can.

Addressing Bureaucracy

• Expand the '‘One-Stop-Shop for Business - Business 1st'’ to facilitate any type of business & for further interactions between businesses & Government to be done digitally.
  • Functionality. The digital system should make it possible to;
    • Automate and simplify financial & data reporting;
    • Update and amend Shareholder records;
    • Handle fees & tax-related affairs, such as Corporate Tax, Value Added Tax and More
  • Accessibility. The registry should be accessible to all business types based and headquartered in Malta, including but not limited to;
    • Limited Liability Companies;
    • Partnerships;
    • Cooperatives;
    • More.
  • Scope. Ensure it can facilitate various business directions.
    • Cross-border business operations & strategies across the European Single Market & World,
    • Entrepreneurs with multiple start-ups & businesses.
  • Scale. Ensure it is equipped to support SMEs and start-ups among other business models.
    • Navigating legal requirements,
    • Venture capitalist and network access,
    • Incubators.
      
• Registration Process
  • Reduce all costs to start a business of any type to €1.
    • Ensure any additional costs (licences etc) to operate the business across Europe do not exceed  €1,000.
  • Unleash Self-Employment/ Freelancers.
    • Ensure that a Self-Employed individual can locate and submit all documents required within a day, and can start working the following day.
      • Exceptions exist where specific licences are required (e.g food handling), which should be obtainable within as short a period as possible without loss of quality.
    • Ensure that the online platform to register is user friendly.
    • Ensure that the same online platform can be used by Maltese citizens, non-Maltese EU citizens and third-country nationals with residence or work permits.
  • Unleash Micro-Enterprises
    • Micro-Enterprises should be able to register and commence completely paperless & within 3 days.
      • Exceptions exist where specific licences are required (e.g food handling), which should be obtainable within as short a period as possible without loss of quality.

Encouraging Growth

• Create a Business Incubator Network. Interlink Malta’s public & private incubators, to support start-ups with a wide array of information, options and tools. 
  • Foster diverse private incubators.
    • Tax-reduction incentives for advisory roles to start-ups.
      • Performance-based incentive.
    • Tax-reduction incentives for businesses making use of private incubators.
      • Participation-based incentive.
  • Create a private-public incubator to facilitate European expansion. This would exist for established companies in Malta which primarily operate in Malta (75% + of revenues), to accelerate their European Expansion.
    
• Create an accredited Angel Investors & Venture Capital Firms Network. To ensure funding from highly experienced sources who have a strong familiarity with Malta’s and/or European Single Market business landscape.
  
• Facilitate the creation of Venture Capital Firms.
  • Reduced Capital Gains tax on investments in Malta-based companies
    
• Create Tax-Incentives for new SMEs for up to 3 years if they continuously create jobs or re-invest surplus.
  
• Create incentives for Employee Stock Options.