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 [email protected] or Elaine Camilleri on [email protected]. 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 [email protected]
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
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