The support will cover fees linked to the company’s incorporation as well as annual return fees for five years.
Young entrepreneurs will also be eligible for financial assistance covering legal costs associated with setting up and incorporating their company during its first year.
Schembri said the initiative forms part of the government’s efforts to encourage more young people to enter entrepreneurship while removing barriers that could prevent business ideas from getting off the ground.
“There is strong enthusiasm among young people, and as a Government we are committed to providing the necessary tools to build a strong ecosystem,” he said.
The initiative will not focus solely on financial assistance, with participating young entrepreneurs also expected to attend lessons aimed at helping them understand the responsibilities involved in operating a business.
“Our vision is clear — we want Malta to continue being the ideal destination for start-ups and entrepreneurs,” Schembri said.
Malta Business Registry CEO Geraldine Spiteri Lucas and Malta Enterprise CEO George Gregory also expressed their organisations’ support for young people looking to venture into business.
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Video credits to Silvio Schembri