Malta amongst the first European countries to launch the Malta Start-up Visa with the intention to service entrepreneurs wishing to live in Malta and legally establish an EU wide Start-up.
Minister of Enterprises, Miriam Dally announced Thursday last week at the Start-In-Malta two-day festival the Malta Start-up Residence Programme, a new three-year renewable residency permit which will permit Non-European natural persons and their immediate families to reside in Malta with the condition that they bring their star-ups to the country in order to turn the country into a hub for start-ups thus boost the economy.
On completion of the three-year residency, founders of the star-up will be able to renew residency for a further five years , whilst the core employees of the start-ups earning a minimum salary of 30,000EUR will be eligible to further extend their stay for three more years - four additional residency permits are granted to the start-up for key employees granted they satisfy the requirements of the Key Employee Initiative (KEI). Furthermore, in the completion of having legally lived in the country for five continuous years, individuals can apply for long-term residency.
This initiative, she added, would provide entrepreneur hopefuls the opportunity to bring their ideas and technology to a European market with access to the rest of the world. Nevertheless, this would ensure proper due diligence on source of wealth, and only the best and most innovative businesses, with sound business plans, would be considered. Moreover, the applicant's business viability and the economic progress of the the approved project would be monitored. The start-up would also need to ensure that it has not been registered anywhere else globally for a maximum period of seven years.
The incorporated start-up will require an initial investment of 25,000EUR minimum and in the case that more than four co-founders apply for a residence permit, an additional 10,000EUR for each of the co-founders will have to be placed. Note that the maximum number of eligible co-founders for the start-up residence programme is six maximum.
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