Innovation and expansion are crucial for sustainable growth in today’s competitive business landscape. However, securing the necessary funding can often be a significant hurdle for small businesses and start-ups. Recognising this challenge, the Micro Invest Scheme has been introduced to support undertakings, including start-ups, family businesses, and self-employed individuals, by offering a substantial financial incentive to fuel their growth and development.

What is the Micro Invest Scheme?

The Micro Invest Scheme is an initiative designed to encourage businesses to invest in their operations. This scheme provides a tax credit as a percentage of eligible expenditure, which includes not only capital investments but also increases in wage costs. By reducing the tax burden, the scheme aims to make it easier for businesses to innovate, expand, and scale their operations.

Key Benefits of the Micro Invest Scheme

• Tax Relief on Investments: Businesses can claim a tax credit on eligible expenses, making it more affordable to invest in new technologies, infrastructure, or workforce expansion.
• Support for Wage Increases: The scheme also covers increased wage costs, helping businesses to attract and retain talent, which is essential for growth.
• Inclusive of Various Business Types: Whether you’re a start-up, a family business, or self-employed, you can benefit from this scheme, provided you meet the eligibility criteria.

Duration and Eligibility

The Micro Invest Scheme is available for eligible costs incurred between 1st January 2023 and 31st December 2024, with the incentive guidelines remaining effective until 31st December 2026. This provides businesses with a clear window to plan and execute their investments, knowing they can apply for this tax credit.

To qualify for this scheme, your business must have fewer than 50 employees, a turnover or balance sheet total under €10 million, and employ at least one person. VAT registration is required unless exempted. Certain businesses, such as those applying for other investment aids, are not eligible.

Application Process

Businesses wishing to benefit from the Micro Invest Scheme can submit one application per calendar year. It’s important to note that the application must cover costs incurred during the previous year. For example, costs incurred in 2023 should be included in the 2024 application. The next submission date for eligible applicants is on the 27th of November 2024.

How Business Doctors Can Help

At Business Doctors, we understand that navigating the complexities of tax incentives and funding schemes can be daunting. Our team of experts is here to guide you through the entire application process, ensuring that you maximize your benefits under the Micro Invest Scheme.

Get in touch with us on funding@businessdoctors.com.mt or call on 79903685.