Family Business Support Services
Introduction to Family Business Support Services
This measure is intended to support the development of Family Businesses in building internal capacities and supporting them in the transfer of their business activity. The support provides advisory during business transition and access to specific training deemed beneficial in facilitating the growth of Family Businesses
Duration of the incentive
This scheme will remain ongoing until 31st December 2020.
This measure has an annual budget of EUR 250,000 and an overall budget of EUR 1,000,000.
This incentive is available to all undertakings registered as a Family Business and which are not excluded by State Aid Regulations, are up to date with their VAT, Income Tax, and Social Security Payments and have no pending recovery request of any aid granted from Malta Enterprise. A Family Business is an undertaking as defined in Article 3 of the Family Business Act that is duly registered as a Family Business and holds an updated certificate issued by the Regulator for Family Businesses.
Maximum support and de minimis aid
The maximum support per undertaking may not exceed Euro 4,500 in any single year. The total value of de minimis aid granted to a single undertaking may not exceed the amount of €200,000 over any period of three consecutive fiscal years.
Advisory for Business Transfer - A family business in the process of transferring the business from the current owner to either a person or persons related to the owner or to third parties, may request support to cover the cost of legal, notarial or accountancy advisory services required in carrying out the process. The first €500 shall be fully covered by Malta Enterprise. Any additional expenditure will be supported at the rate of 75% of the incurred cost. The value of aid that may be awarded shall in no instance exceed €2,500 in any single calendar year. Support may be provided over a consecutive period which shall not exceed five (5) years. The support may only cover costs incurred by the family business for providing legal, notarial or accountancy services required for assisting in the succession or business transfer. Advisors must be in possession of a Warrant in their respective profession.
Arbitration - Fees covering the services rendered for the first five (5) sittings of an arbitrator appointed by the Regulator to assist in the valuation of assets and/or shares being transferred and to set a fair value of the assets and shares may be supported by Malta Enterprise Corporation, if the involved parties confirm to the Regulator of Family Businesses their agreement to use the services of a joint single arbitrator from the list of recommended arbitrators on the Regulator’s list. The total support covering arbitration may not exceed €2,500 per Family Business.
Training - Attendance by owners of family businesses and their employees to seminars and information sessions endorsed by the Regulator as beneficial for the development, growth and better administration and management of the family business. The total annual support covering training shall not exceed €1,000 per Family Business.
How can we help?
For further information on Family Business Support Services, please contact either Stephen Balzan on firstname.lastname@example.org or Elaine Camilleri on email@example.com. ACT can help you understand the various schemes managed by Malta Enterprise and how you can benefit from such schemes.
Apart from its offices in St. Julian’s Malta, ACT operates from a second office in Gozo, which is situated in the capital city of Victoria. For an appointment in our Gozo office, please call on 00356 21378672 or send us an email on firstname.lastname@example.org.
This article contains general information only and is not intended to address the circumstances of any particular individual or entity. ACT, by means of this article is not rendering any accounting, business, financial, investment, legal, tax, or other professional advice or service. This article is not a substitute for such professional advice, nor should it be used as a basis for any decision or action that may affect your finances or your business. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Before making any decisions or before taking any action that may affect your finances or your business, you should consult a qualified professional adviser. ACT shall not be responsible for any loss whatsoever sustained by any person who relies on this article.
16th January 2017
Maltese companies are subject to tax at the rate of 35% on their world wide income and capital gains. Malta grants various fiscal incentives to both companies and their shareholders upon distribution of a dividend. Malta is a membe...Learn More
Setting up a Company
Setting up a company in Malta is a relatively straight forward procedure and can be set up within 2 working days, provided we are in receipt of all the information, funds and due diligence documentation we need. The Act that regulates Malte...Learn More
Taking up Residence
Warm climate, friendly people, excellent communication infrastructures, low criminality and many other features of the Maltese islands have made Malta an excellent destination for people to take up residence in. Moreover low rates of taxati...Learn More
In the last few years, a large number of remote gaming operators have established themselves in Malta and the Malta Gaming Authority has to date issued over 400 licenses. The Gaming Licenses There are four (4) different gaming licenses that a prospective applicant may apply for, being:&nb...Learn More
Malta has become a destination of choice for the setting up of Payment Institutions (also referred to as Payment Services Providers or PSPs). A number of advantages has contributed to this success, mainly but not limited to the fiscal incentives granted not only to the payment institutions ...Learn More
Electronic Money Institutions
Malta has recently seen an increase in the number of Electronic Money Institutions (EMIs) looking to set up their operations in Malta. This has been largely due to the growth in the e-commerce and the i-gaming industries. Such EMIs are regulated by the Financial Institutions Act and t...Learn More
Initial Coin Offering (ICO) Services
Malta has always been on the forefront of technology and innovation. In the past months, a number of initiatives have been launched, aimed at establishing an innovative and attractive regulatory framework for entities operating in blockchain (and distributed ledger technologies), virtual cu...Learn More
Prospects – Services of a Corporate Advisor
‘Prospects’ is a new platform set up by the Malta Stock Exchange in line with its commitment to open up new capital market opportunities, create economies of scale and to afford businesses more competitiveness and sustainability. Through ‘Prospects’, SME’s wil...Learn More
Assistance to Family Businesses
Malta has recently introduced legislation to encourage good governance in the management of family businesses, to assist family businesses to operate their business in an efficient way and to assist such family businesses to transfer their business from one generation to the other. Malta is...Learn More