The European Union is committed to becoming the first climate-neutral bloc in the world by 2050. This requires significant investment from both the EU and the national public sector, as well as the private sector. Malta Enterprise, as a pivotal economic development agency in Malta, will be supporting business in their investments to incentivise the adoption of these twin transition paths for growth.
The Smart and Sustainable Investment Grant provides business funding to support the undertaking of investments that lead to more sustainable and digitalised processes leading to the enhancement of competitiveness of the enterprises through the optimisation of the use of resources in their activities.
Businesses would be eligible for this grant if they are registered as a limited liability company with the Malta Business Register, partnership or self-employed and are engaged in an economic activity that operates from a licensed commercial property.
They must also satisfy the following criteria:
- Planning an investment project of at least €10,000 having the aim to achieve sustainability, improved environmental performance or digitisation leading to growth potential;
- Must not have any dues related to VAT, Income Tax, and Social Security which are older than twelve (12) months;
- Must not be engaged in activities specifically excluded under the de minimis Regulation; and
- Must have at least one full time employee registered with Jobsplus (a full time self-employed person is considered to meet this criterion).
The maximum grant that can be awarded to support an eligible investment shall cover 50% of the eligible expenditure up to a maximum grant of €50,000 per project.
Furthermore, a Tax Credit of up to €20,000 per project may be awarded as an additional 10% (to 60%) if the project meets one of the following criteria and 20% (to 70%) if the project meets any two of the following criteria:
- The project results in new investment (including expansion of existing investments) in Gozo;
- The project is carried out by an undertaking which has been established for less than three (3) years; and
- The project is supported by an independent carbon footprint audit and assessment demonstrating a significant reduction in the applicant’s carbon footprint.
The costs that would be eligible under this scheme mainly relate to waste minimisation, sustainable materials, energy efficiency, water efficiency and sustainable digitalisation. A business can apply for this scheme until 30 November 2023.