Minister for the Environment, Energy and Enterprise Miriam Dalli announced on 25 August that the government of Malta had extended its Skills Development Scheme, a programme designed to boost skills and drive growth in Malta’s business sector.
The revised scheme now covers up to 70% of training expenses, including trainee wages during the training period. It is open to Small and Medium Enterprises (SMEs) as well as Large Undertakings. Financial support is primarily in the form of a tax credit, but the corporation can also consider cash grants.
The training initiative seeks to support comprehensive training that enriches employees’ expertise, ensuring that new employees possess skills and knowledge for optimal performance. It endeavours to nurture a knowledge-based workforce, fostering a culture driven by expertise and knowledge-driven practices.
Malta Enterprise Chairman William Wait said: “We have expanded this scheme to a wider list of companies and are striving to make it easier to access and to manage. In this renewed version we are also focusing on enhancing communications skills, digital skills and assisting our companies in fostering sustainability conciseness among their employees. We appeal to all SMEs and large enterprises to reach out to Malta Enterprise to better understand how this scheme works.”
To be eligible, companies must be actively engaged in an eligible economic activity in Malta and registered with the Malta Business Registry. Applicants should engage in activities aligned with the scheme’s goals. Compliance with VAT, Income Tax and Social Security regulations is also mandatory.
“Malta is a perfect location to establish a start-up or small to medium-sized business,” said Stephen Griffiths, Managing Director of Sovereign Trust (Malta) Ltd. “It’s a full EU member state with more than 60 double tax treaties, excellent travel connections and the wide use of English in the business community.
“Sovereign’s Malta team can assist with company registration and management, residency through Malta’s various programmes, as well as payroll services. With the launch of this initiative, businesses established in Malta have an opportunity to attract and train the right personnel while benefitting from all the fiscal incentives available,” he added.
