Startup visa for Malta: for non EU startups
Malta has recently announced the launch of the Malta Startup Visa for non-European entrepreneurs who wish to set up a startup in a European country. Malta is committed to attracting high-impact, high-growth, and innovative companies.
We have spoken to Brian Camilleri from Malta Enterprise to obtain first-hand information.
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Brian, can you tell us about the visa, the procedure, and how to apply?
Brian Camilleri: This program aims to attract non-EU startups. We are targeting innovative startups that are coming from outside of the European Union. The program is very attractive as we treat the founders, co-founders, and core employees at nearly the same level. The founders and co-founders who decide to relocate to Malta will obtain a 3-year residence permit extendable to a further five year one upon successful completion. The core employees earning a minimum wage of 30,000 Eur will also be getting a 3-year residence permit that is renewable for further three years.
The condition for the startup is that this company has to be highly innovative and has not been established for more than seven years anywhere globally.
What about equity? Is there any requirement?
B.C.: The incorporated Startup in Malta is required to place a tangible investment and/or paid-up share capital of not less than €25,000.
There is also a part related to the fees. The application fee is €750 for each adult applicant for a 3-year Startup Residence Programme.
Why would startups want to come to Malta?
Brian Camilleri, Malta Enterprise
B.C.: We offer one-to-one interaction here to startups, as we are looking for startups that can be a part of the community and with whom we engage regularly.
The climate in Malta is warm and comfortable to live in all year long.
Also, we help startups to start their business in Malta and introduce them to other startups so they can quickly become a part of the community.
An important point for those coming from outside the European Union is that the English language is the country's official language along with the Maltese. Besides, 25% of those working in Malta are also expats, so I'm pretty sure you can find many people you can interact with once you are here.
What do you mean when you say "highly innovative startups"? Is there a preferred technology?
B.C.: In terms of "highly innovative" we mean that this is a new concept that can disrupt the market or a product that can be done in a completely different manner than is already provided on the market.
Is there someone in Malta Enterprise that interested startups should talk to first?
B.C.: They can reach out to me, and I will guide them accordingly to the correct people from the investment promotion department. For those interested in the Startup Visa, there will be a team that will guide you through the documentation and other required things.
If you are interested, you can visit our website www.startinmalta.com. Here is a particular section dedicated to the residency program where you can get more information about eligibility and how you can contact us.
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