Business Re-Engineering Scheme

The business re-engineering scheme aims to assist businesses, specifically small and medium–sized enterprises, in making key changes in the way they operate in order to address the challenges which have been brought along by the pandemic. It applies to businesses who embark on a reengineering exercise to align their process with the aim of adapting […]

Written By Elaine Camilleri

On January 15, 2021
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The business re-engineering scheme aims to assist businesses, specifically small and medium–sized enterprises, in making key changes in the way they operate in order to address the challenges which have been brought along by the pandemic. It applies to businesses who embark on a reengineering exercise to align their process with the aim of adapting to changes in the environment.

The beneficiaries who seek advice from approved advisors to assist them in carrying out significant changes which will enable them to accelerate development and improve market access, can benefit from a grant amounting to 50% of the costs involved, capped at Eur 5,000 per advisory service per applicant.

Projects undertaken by the enterprise must be of strategic significance and should address one or more of the following objectives:

  1.  Digitisation of business processes including the deployment of digital technologies, such as IoT, artificial intelligence, machine learning and predictive analytics;
  2.  Improve operational performance, reduce errors and improve accountability following a review processes to identify inefficient use of resources;
  3. Improvements to the flow of goods, materials and/or information following a review of the interaction between functions;
  4. Improve environmental performance by identifying waste streams and resource usage;
  5. Support the implementation of quality systems and the attainment of product process certifications;
  6. Review customer handling procedures and propose solutions to enable excellent customer service;
  7.  Assess market dynamics, fluctuation in demand and changes in consumer behaviour to reposition product and service offering as may be required.

How can we help?  

For further information, please contact one of the firm’s tax partners, Stephen Balzan on [email protected] or Elaine Camilleri [email protected]. ACT can help you understand the changes to the tax rules and how these can impact your business.  

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 +356 21378672 or send us an email on [email protected]. 

Disclaimer: 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.