Rent Subsidy Scheme
On the 14th March 2020, a Rent Subsidy Scheme (“Scheme”) was launched by Malta Enterprise to alleviate the costs incurred by businesses for the rental of industrial premises.
The Rent Subsidy Aid Scheme is applicable between 1st February 2020 till 31st December 2022.
Malta Enterprise shall, upon application, support up to 50% of the cost incurred for the rental of industrial premises required to carry out or facilitate the carrying out of the activities mentioned below, meaning that the scheme is industry specific:
Maintenance and Repairs of Motor Vehicles;
Repair of Machinery & Equipment;
Other industrial activities.
The applicant must:
Be a single undertaking that in the two (2) fiscal years preceding the year in which the application is submitted, employed one hundred (100) or less persons on Full Time (FT) contract;
Be a single undertaking whose turnover did not exceed €10 Million in the two (2) fiscal years preceding the year in which the application is submitted;
Be an undertaking whose balance sheet total should not have exceeded €10 Million in the two (2) fiscal years preceding the year in which the application is submitted.
For the rental agreement to be considered for assistance, the identified property must be rented from a third party in the private sector which is not related to the single undertaking. The rent agreement must have commenced not earlier than one (1) year prior to the date when the application was submitted to the Corporation.
The total aid which may be granted to a single undertaking over a twelve-month period will be capped at €25,000. The support may be approved for a period of three (3) consecutive years. Thus the maximum aid per single undertaking may not exceed seventy-five thousand euro (€75,000).
Renting or leasing of the following properties is excluded even if such properties are rented to address the objectives of this incentive:
Any property owned by a legal person or group of legal persons related to the single undertaking receiving the assistance;
Showrooms, display areas and similar properties.
Get in touch with us today to obtain assistance in applying for this scheme.