The 2020 Rent Subsidy Scheme
21 May 2020
The 2020 Rent Subsidy Scheme aims to aid businesses which require industrial space as you would be commencing new activity, implementing growth plans, handling an increase in orders, or carrying out process innovations to increase efficiency. Malta Enterprise has allocated an overall budget of €2,500,000 for this incentive to be utilised between 1st February 2020 and 31st December 2022.
Can you apply for this scheme?
The applicant must either be incorporated under the Companies Act, registered as a Cooperative as per the Co-operative Societies Act, or registered as a self-employed person with Jobsplus. The applicant must also be a single undertaking which over the past two fiscal years has not employed more than one hundred full time employees, nor turned over more than €10 million. Further, the undertaking’s balance sheet should not have exceeded €10 million either. The Incentive Guidelines further set out the activities which the applicant must be engaged in:
- Maintenance and Repair of Motor Vehicles
- Repair of Machinery & Equipment
- Other industrial activities
How can this scheme benefit you?
The scheme is to be used for the rental of industrial premises from a private third party not related to the applicant. The rent agreement should not have started any longer than one year before the application is submitted. The maximum aid which may be granted is €25,000 for a twelve-month period, for three consecutive periods. This means that the maximum which can be granted to a single undertaking is €75,000 over a period of three years. The aid intensity is established for no more than 50% of the costs incurred after excluding taxes.
How AE Can Help
At AE, our team of specialists can help you through the whole application process and take care of all matters that are necessary. Our team is ready to individually assess your business and guide and advise you accordingly.
Interested? Get in touch today!