Start-Up Finance

Start-Up Finance

Start-up Finance

Application Form

Version 2.0

Notes to Applicants

This form is to be used by eligible undertakings that wish to benefit from the Start-up Finance Scheme

Start-ups may apply prior to registering with the MFSA. Nevertheless, prior to the signing of the Letter of Approval/Incentive Entitlement Certificate, the applicant must be registered as a limited liability company with the MFSA as per Section 3.1 of the Incentive Guidelines.

In view that VAT is an ineligible cost, any value entered should exclude VAT.

This Application Form and any attached documents will be treated as confidential throughout and after the project evaluation process.

All replies must be clearly explained and substantiated.

Only electronically filled in application forms will be accepted. Should the application be hand-written or should the format of the application form be altered, the application form will not be evaluated.

Further information, as well as information and guidance on the filling in of this application form may be obtained by contacting Malta Enterprise during office hour or by calling 144 or via email on

Undertakings seeking support through this measure should submit to Business First the following documentation by not later than 31st October 2020 (noon)

On an annual basis, if the interest payable to the Corporation exceeds 50% of the total profits of the beneficiary for the year in review, the Corporation may approve that the value in excess of 50% of the total profits (pre-tax) shall be added to the outstanding value of the repayable grant.

With regards to support for procurement of tangible assets, the equipment needs to be insured. Theinterest needs to be noted on the insurance policy. The tangible assets purchased by the beneficiary shall be considered as security against the repayment of the grant and hence cannot be used as collateral for any other financial instrument.

The assistance provided is in a form of a repayable assistance.

Malta Enterprise may request further information.

1. Applicant Details

1.1Name of Applicant:

This section should specify the legal name of the enterprise as defined in the Memorandum of Articles.

1.2 Address of Applicant:

This section should specify the address of the Applicant. The address inserted here will be used to address any mail correspondence to the Applicant.

1.3Applicant’s Telephone Number/s:

The Applicant’s general telephone number/s.

1.4Applicant’s e-mail:

The Applicant’s general e-mail address.

1.5Website (URL):

The Applicant’s website address.

1.6VAT Number[1]:

The Applicant’s VAT Number, as per VAT Certificate, relating to the activities funded under the proposed project.

1.7Registration Number[2]:

The registration number is the official registration number of the co-operative, company or partnership as defined in the Companies Act – Chapter 387 of the Laws of Malta.

1.8Start-up Date:

:

This is the date, the undertakingwas first established. In order to be eligible for assistance, the applicant is required to submit the application form within thirty (30) months from the start-up date: / Click here to enter a date. /

1.9NACE Code (if applicable)

As registered with the National Statistics Office.

1.10 Business Synopsis

Provide an overview of the business activity in terms of the undertaking’s products, services, and markets.

2.Request for Financial Assistance

2.1 Type of Assistance Requested (tick where appropriate)
Support as co-investment linked to private equity
Amount of Assistance Requested: / €
Amount of Private Equity / €
Provide details on the how the funds are expected to be raised
Provide a detailed account of the assistance needed
Support for the procurement of tangible assets
Amount of Assistance Requested: / €
Provide a detailed account of the tangible assets due to be purchased
If yes, kindly provide the following information:
a)A brief description of the products, services or processes that are new or substantially improved compared to the state of the art in its industry, and which carry a risk of technological or industrial failure;
OR
b)The percentage amount of R&D costs in comparison to the total operating costs:
Year / %
2016
2015
2014
OR
c)Provide information of the Key Promoter
Name & Surname
Designation
Telephone Number
Mobile Number
Email Address
Background, Experience, and
the role within the start-up
Support linked to Crowdfunding
Campaign 1
Amount requested through a crowdfunding
campaign: / €
Assistance requested through Start-Up Finance: / €
Crowdfunding Platform to be utilised
Provide a detailed account of the assistance needed
Campaign 2
Amount requested through a crowdfunding
campaign: / €
Assistance requested through Start-Up Finance: / €
Crowdfunding Platform to be utilised
Provide a detailed account of the assistance needed
Campaign 3
Amount requested through a crowdfunding
campaign: / €
Assistance requested through Start-Up Finance: / €
Crowdfunding Platform to be utilised
Provide a detailed account of the assistance needed
Campaign 4
Amount requested through a crowdfunding
campaign: / €
Assistance requested through Start-Up Finance: / €
Crowdfunding Platform to be utilised
Provide a detailed account of the assistance needed
2.2Other National/ European funding for this project?

Has an application been made for assistance from any other National/ European funding program for this project?

Choose an item.

Has any assistance requested been approved?

Choose an item.

2.2.1 If an application has been made for assistance kindly list down the name of the programme or scheme.

2.3 Start-up Financing

Explain how the start-up is being financed. This may include funding from own financial resources, new bank loans, and/ or State funding. The total of the table below should be equal to the investment costs quoted in Annex 3 - Investment Cost Breakdown.
Source / Value
Own financial resources / € 0
New bank loans / € 0
Other sources* / € 0
Total Investment / € 0

The applicant should highlight any other National and/ or European funding applied for in relation to any part of this project. The information provided should give details of the approving Body, any application reference number/s, application date/s, financial instrument concerned, and funding requested and approved.

3.Checklist of Documents

Kindly use the following checklist of required documents to ensure that you enclose all the necessary documents. Kindly tick all the documents that you will be submitting together with this Application Form.

The applicant will be required to deliver a presentation to the Corporation explaining the proposed operation and justifying the viability of the venture.
Application Form completely filled in and duly signed
Annex 1:Business Plan in line with the parameters set in Section 5.1 of the Incentive Guidelines
Annex 2:Enterprise Size Declaration
Annex 3:Investment Cost Breakdown
Annex 4: Profit & Loss
Annex 5: Balance Sheet
Annex 6: VAT compliance certificate – Enterprises established in Malta for more than twelve (12) months, should attach a VAT compliance certificates issuedby the VAT department not more than six (6) months before of the submission of this application form.
Annex 7: Income Tax compliance certificate – Enterprises established in Malta for more than twelve (12) months should attach a certificate issued by the Inland Revenue Department confirming that the applicant has no liabilities in respect of Income tax or is otherwise honouring an agreement for setting any outstanding amounts. The certification should have been issued in the six months preceding the submission of this application form.
Annex 8: Final Settlement and of Social Security Contributions compliance certificate – Enterprises established in Malta for more than twelve (12) months should attach a certificate issued by the Inland Revenue Department confirming that the applicant has no liabilities in respect of the Final Settlement System (FSS) and of Social Security Contributions (SSC) or is honouring an agreement for setting any outstanding amounts. The certification should have been issued in the six months preceding the submission of this application form.
Annex 9: Memorandum and Articles of association. (Enterprises established in Malta for less than twelve (12) months maysubmit a draft version of the Memorandum and Articles)
Annex 10: In case of Support for the procurement of tangible assets, for any procurement above €25,000, three (3) quotations from three (3) independent suppliers are required to be submitted.
Annex 11: In case of innovative undertakings:

an evaluation carried out by an external expert that it will in the foreseeable future develop products, services or processes which are new or substantially improved compared to the state of the art in its industry, and which carry a risk of technological or industrial failure.

The external expert must be independent, holds a degree relevant to the start-up’s remit and who has at least five (5) years work experience in a similar sector similar.
OR

A declaration by an external auditor stating that the research and development costs in at least one (1) of the three (3) years preceding the granting of the aid represent at least 10 % of its total operating costs, or in the case of a start-up undertaking without any financial history, in the audit of its current fiscal period, as certified by an external auditor.

Annex 12: Cumulation of Aid Declaration

4. Declaration

4.1 Personal Data Protection

Contact email address of the Data Protection Officer:
The legal basis and purpose of processing:
The personal data collected by Malta Enterprise (hereinafter ‘the Corporation) via this written application for the aid and its subsequent processing by the Corporation to evaluate data subject’s request for aid under the Scheme is in line with:

The Scheme Incentive Guidelines;
Article 28 of the Malta Enterprise Act;
Commission Regulation (EU) No 651/2014 of 17th June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty as amended by Commission Regulation (EU) No 2017/1084 of 14 June 2017 amending Regulation (EU) No 651/2014 as regards aid for port and airport infrastructure, notification thresholds for aid for culture and heritage conservation and for aid for sport and multifunctional recreational infrastructures, and regional operating aid schemes for outermost regions and amending Regulation (EU) No 702/2014 as regards the calculation of eligible costs(hereinafter referred to as the ‘General Block Exemption Regulations’ (for Schemes notified under the General Block Exemption Regulations); or COMMISSION REGULATION (EU) No 1407/2013 of 18 December 2013 on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to de minimis aid (de minimis Regulation);
Data Protection Act, Chapter 440 of the Laws of Malta and Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation).

The legitimate basis to process personal data submitted by the data subject by virtue of his/her written application for aid is Regulation 6 (1)(b) of the General Data Protection Regulation (“GDPR”), as ‘processing is necessary in order to take steps at the request of the data subject prior to entering into a contract’.
Data retention period:
The data collected by the Corporation as submitted by the data subject via this written application for aid will be retained for a period of 10 years from the last aid granted to the Undertaking represented by the data subject in relation to this written application for aid, in line with the Scheme Incentive Guidelines and Article 12 of the General Block Exemption Regulations or Article 6 of the de minimis Regulation.

Pursuant to the Regulation, you have the right to access the personal data, rectify inaccurate personal data, request to erase personal data and request the Corporation to restrict the processing of personal data.

To exercise such rights, you are to submit a written request to the Data Protection Officer via the contact e-mail address.
Any erasing and/or rectification of personal data and/or restriction of processing as referred to above may:

Render one or more cost items or the Undertaking ineligible for assistance under the Scheme or render void an Incentive Entitlement Certificate issued in favour of the Undertaking for assistance under the Scheme in relation to this written application for aid;
Lead the Corporation to enforce a recovery of aid granted to the Undertaking as part of this written application for aid, in line with Article 32 of the Malta Enterprise Act.

Sharing of data where strictly necessary and required by law:
For the purpose of processing this written application for aid in line with the Scheme Incentive Guidelines, the General Block Exemption Regulations or the Commission Regulation (EU) No 1407/2013 of 18 December 2013 on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to de minimis aid (hereinafter referred to as the ‘de minimis Regulations’), the Corporation shall share the data provided via this application with other Government Entities, subject that such processing satisfies at least one of the grounds listed under Regulation of the GDPR.
For the purpose of monitoring of aid in line with Article 6 of the de minimis Regulations and Articles 11 and 12 of the General Block Exemption Regulations or where legally required, any data provided as part of this written application for aid may be shared with the European Commission.
For any individual aid awarded in excess of €500,000 as part of this written application for aid, the details of the Beneficiary, the awarded aid and the project details shall be published as provided for in Article 9 of the General Block Exemption Regulations.
If you feel that your data protection rights have been infringed, you have the right to lodge a complaint with the Information and Data Protection Commissioner.
Authorisation to engage with the Corporation on matters related to this application.
I the undersigned, as legal representative of the Applicant Undertaking, authorise the following Legal Bodies and/or Natural Persons to act on my behalf with Malta Enterprise Corporation with respect to matters related to this written application for aid and any subsequent documentation exchanged between the two parties in relation to the same written application for aid.
Name of Legal Entity / Name and Surname of Natural Person granted authorisation(1) / E-mail address of party granted authorisation(2)
Note 1: Leave empty if authorisation is intended to any natural person engaged with the Legal Entity. Otherwise specify the name and surname of the person(s) working for the Legal Entity to whom the authorisation is intended.
Note 2: Written communication with the Legal Entity and/or Natural Person granted authorisation via email will only be accepted via the email address specified in the table above. The Undersigned should be copied (via the email address specified in this application) in any communication between the Corporation and the Person granted authorisation as per above table.
Name and Surname of person giving authorisation:
E-mail address of person giving authorisation:
Signature of person giving authorisation:
Designation:
Date: / Click here to enter a date. /
The person giving authorisation should correspond to the data subject of personal data contained in this application as well as represent the Applicant Undertaking as its legal representative.
4.2 Cumulation of Aid
The undersigned declares that aid approved under this incentive is in line with the terms and conditions set out in the Incentive Guidelines and in line with Article 5 of the COMMISSION REGULATION (EU) No 1407/2013 of 18 December 2013 on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to de minimis aid.
4.3 Double Funding
The undersigned confirms that there has not been any approval or has not been granted any funding, financing or fiscal benefit in respect to the cost items on which aid is being requested and will not seek funding or fiscal benefits for these cost items through other National and/or European Union measures. Such schemes may be administered by Malta Enterprise.
4.4 Outstanding Recovery Order
The undersigned confirms that the applicant is not subject to an outstanding recovery order following a previous Commission decision declaring an aid illegal and incompatible with the internal market.

5. Signatures

Name of Applicant (full legal name)
Name and Surname of signatory authorised to represent the Applicant (CAPITAL LETTERS)
Position in Establishment
Signature & Company Stamp
Date / Click here to enter a date. /

6. Declaration by a Certified Public Accountant (CPA)

I declare that the financial projections attached to this application (Annexes 3, 4 and 5) have been prepared on the basis of the assumptions stated and in accordance with the requirements of the International Financial Reporting Standards. In preparing these financial projections, the directors or otherwise:

presume that the company will continue in business for the foreseeable future;
have made judgments and estimates that are reasonable and prudent; and
have considered the economic and market uncertainties as well as the associated risks and opportunities in making the financial projections.

The overall capital requirements to carry out the proposed project have been effectively assessed and the applicant is in a position to meet these requirements.

Name and Surname
Address
Date / Click here to enter a date. /
Signature

______

Initials

Application Form

Version 2.0

[1]If a VAT Number is not yet available it will need to be presented prior to the signing of the Letter of Approval or Incentive Entitlement Certificate

[2]If this information is not yet available it will need to be presented prior to the signing of the Letter of Approval or Incentive Entitlement Certificate