Opening a Business in Malta by The Malta Independent

OPENING A BUSINESS IN MALTA 10 October 2019

The Enterprise Europe Network The Enterprise Europe Network is the largest network of contact points providing information and advice to EU companies on EU matters, in particular small and medium enterprises (SMEs). The network provides practical answers to specific questions in your language.

Further details may be found on the Enterprise Europe Network Malta website on www.enterprise-europemalta.com/

Intend – international tenders alerting service Using a specialist notification system, the Enterprise Europe Network office can now inform clients about all the tendering opportunities that appear in particular areas of business. Enterprise Europe Network offers businesses help and assistance with all aspects of public procurement in Europe and these services can help your business sell to the public sector throughout Europe. Partner search The service contains thousands of business opportunities being offered and requested from across Europe just waiting to be exploited. You may utilise this service to identify suitable business partners.

Technology transfer service Through this service, Maltese SMEs can use the Enterprise Europe Network to find partners in Europe by inserting technology offers, requests, search the offers and requests database, and subscribe to the technology watch service. Enquiry service The network’s enquiry service provides access to a wealth of European information. We have direct links to Brussels and to expertise located in the 600 other network partners throughout the European Union, Central and Eastern Europe and beyond. We are in a unique position to answer your questions about existing and forthcoming legislation, helping to find the right business partner as well as other issues with a potential impact on your business.

One in every eight business participants who took part in B2B events organised by the Malta Consortium within the Enterprise Europe Network (EEN) managed to grow their business internationally. This emerged from impact statistics published by the Malta Consortium within the Network. Over these years, 2,500 Malta based business representatives participated in 50 seminars organised by the EEN locally, contributing 970 policy recommendation as direct feedback to the EU Commission. The Consortium was also well positioned to provide 300 advisory services to Malta based entrepreneurs and replied to more than 500 general enquiries. The major part of the advisory services consisted of individual client support towards tapping EU funding, innovation business practices and access to international procurement. Reacting to the results, a spokesperson for the Malta Consortium said: “We are satisfied with the outcome of our work which generated a very positive reputation for the Network locally. We constantly push ourselves to turn activity results into outcomes which generate a positive impact on clients’ businesses because ultimately that is the purpose of our work”. Enterprise Europe Network is the world’s largest support network for SMEs with international ambitions. The Network is spread over 60 countries, bringing together 3,000 business experts from over 600 member organisations renowned for their excellence in business support. Last year, in global terms, Network clients reached 2,507 agreements with foreign companies thanks to partnering services, while advisory support services gave 1,534 clients a significant impetus to improve their competitiveness and innovation at European level. The Malta Consortium within the Network is composed of Malta Enterprise; The Malta Chamber of Commerce, Enterprise and Industry; Malta Business Bureau (MBB) and Malta Council for Science and Technology (MCST).

OPENING A BUSINESS IN MALTA

A success story Last year Business First was restructured as a servizz.gov hub for businesses and was re-constituted as a joint venture between GRTU and Malta Enterprise on behalf of Government. Business 1ST, also formed strong alliances with a number of other Government entities which are offering their front desk service from a one-stop-shop in Mrieħel. Marika Tonna writes.

Business 1ST offers a holistic service for start ups. It provides them with all the necessary information on the regulatory framework and any incentives they might be eligible to once they set up. Today self employed individuals have either the option to register their business totally on line or else go to Business 1ST whereby they will be guided on the process from how to reactivate the e-ID to registering with the Commissioner of Revenue (VAT and IRD), Jobs Plus and Social Security. Business 1ST employees are always ready to assist start-ups and established businesses continue to grow by facilitating the delivery of Government services and access to a considerable number of incentives offered by different Government entities. The Commissioner of Revenue (VAT and IRD) have relocated their front desk services for business totally to Business First and as anchor entitles that have not only attracted numerous clients to Business 1ST but they also serve as an example to other Government entities. An even more holistic service is offered to catering establishments as both the Malta Tourism Authority and the Environmental Health Directorate have an officer present at Business 1ST on a daily basis. Other entities, such as Identity Malta, the Customs Department, Measures & Support Division and Jobs Plus have a weekly presence at Business 1ST whilst we also have agreements with over 20 other government entities who offer their services from Business First upon demand. Our aim is to, together with servizz.gov and GRTU, change the traditional mode of service delivery. Another change we introduced is that, for once, start-ups are being given a holistic information service. Maybe in the past we underestimated the value of giving information to potential entrepreneurs. We always used to assume that certain businesses did not comply with the rules because they were dishonest. In reality empirical evidence, (and this is true not just for Malta) shows that, a considerable number of businesses that do not comply with government regulations, do not do so because they are not aware of these rules or else they find it too burdensome to apply. At Business 1ST we have a remarkable team of ‘generalists’

Today self employed individuals have either the option to register their business totally on line or else go to Business 1ST whereby they will be guided on the process from how to reactivate the e-ID to registering with the Commissioner of Revenue (VAT and IRD), Jobs Plus and Social Security. whose role it is to guide potential entrepreneurs and inform them of the rules that they have to comply with. Although Government’s policy is to push eservices as much as possible, and our big dream is that in the future entrepreneurs will be able to interact with Government completely online, we appreciate that face to face interaction is very important. We also

appreciate that during the delicate period of starting up, the last thing one feels like is filling in a number of forms to register a business. And it is for this reason that our pilot project was the implementation of a single form to register as a self employed individual. However, we feel that no matter how many eservices we introduce, the need for our front desk officers would always be there – not only for the locals who are starting a business for the first time in their life, but also for the numerous foreigners that are setting up shop in Malta. The results have been remarkable. In a year we had 32,000 client contacts – excluding holidays that amounts to 123 clients per day. This is an organisation, which until last year did not have that amount of clients in a whole month. Our success shouldn’t stop here. We intend to keep on improving and increasing the number of services offered from our offices and we intend to keep on listening to the representatives of business to see how we can facilitate doing business in Malta. Further information can be found on www.businessfirst.com.mt or by calling 144. Marika Tonna is CEO at Business 1ST

Growing your business in Malta The challenge in growing your business is to keep a step ahead of changing market conditions and other important variables such as innovative technologies and the evolution of customer needs. How individual companies react to future conditions often depends on which stage in the business life cycle they are in. Business owners might be interested in expanding their business but would not know what the next step is. It does not make sense to try to venture into exports right away for example; you would first need to consolidate your operations and bring them up to scratch to meet foreign market standards. Here are a few tips on the first steps on how to grow a small business: Use Internet and email – today these are the most economic, far reaching and fastest media communications method available. Remember to be professional in your communications. Market you business at every opportunity by giving potential customers something to remember your business by. Even a business card will do the trick. Keep up to date with industry trends so you can be among the first to know of new technologies that can be used to improve your products.

You might want to invest in a website. It gives potential customers the freedom to check out your product or service before visiting your outlet. A website should be informative first and fancy after. Use social media such as Facebook or Twitter for marketing. Besides being the latest trend and an interactive way to reach out to customers, it is also very cost-effective. Invest in good market research before planning a new product or service to avoid wasting money on a non-starter. Improve your public relations by sponsoring events and activities that will help build your profile and integrity. FUNDING, INCENTIVES AND PROGRAMMES Malta Enterprise is the national economic development agency responsible for enterprise support and development both locally and internationally. In order to facilitate the growth and development of businesses located in Malta, we provide a range of support and funding to facilitate enterprise throughout all stages of growth. Whether you are an entrepreneur with an innovative start-up idea or an established business ready to expand your activities, enter into a collaborative project or venture

into exports, we can help you. Below are the areas of support that Malta Enterprise focuses. INVEST, GROW AND INNOVATE In today’s competitive environment a business cannot survive without keeping abreast of the latest trends and ahead of its competitors. A variety of incentives and advisory services to support enterprises in their continuous development are available to cover initiatives in employment, sustainability, innovation, e-business and capital investment. EXPAND INTO NEW MARKETS For the ambitious business owners, Malta Enterprise has designed programmes of assistance to help local businesses expand into markets beyond our shores. These include training for those still new to this venture, financial assistance to invest in projects that will help position your business correctly for the target market as well as organised delegations and trade fair participation for the veteran enterprise that is ready to do business abroad. COLLABORATE Collaboration between businesses as well as industry and research institutions is a sure way of stimulating economic growth and improving

the competitiveness of specific industry sectors. Support measures are available to encourage the generation and growth of inter-regional and cross-border business networks and clusters. RESEARCH & DEVELOPMENT Undeniably the use of research and development to improve business operations is critical for the Maltese economy to retain and improve its position in attracting specific niches of activities that have the potential to create high value added activities and employment. Malta Enterprise provides a comprehensive incentive package with the aim of increasing the amount of R&D activities in Malta. The incentives target activities from the preparation to undertake such projects to post-implementation thus closing the cycle between the generation of a new idea and its realization as a new product on the market. FINANCIAL INSTRUMENTS Companies that propose projects with significant economic return may have access to various financial instruments that will ease the financial burden of heavy investments. Additionally, enterprises engaged in advanced manufacturing activities may benefit from tailor-made premises at competitive prices.

OPENING A BUSINESS IN MALTA

Financing Growing Start-Ups Great ideas for starting up a business can run rife with anyone who has anentrepreneurial flair. Whilst innovative ideas are critical to kick off a business concept, they are not enough to grow abusiness. A crucial enabler for a start-up to grow is tapping into the right source of finance for the business model. Sources are plenty. One could opt for own savings, family support, employment income, bootstrapping, crowd funding, capital markets, equity, government grants or debt financing. Each combination has its own validity, and appropriateness according to the business’s lifecycle stage. What is certain, is that the chosen type of funding for a start-up has to be sustainable once it focuses on a growth path otherwise, it can easily run aground simply because the choice of financing instrument was not correct. Bank of Valletta throughout the years has built a strong base of expertise on how to assist local business start-ups grow and flourish. Understanding the challenges businesses meet, BOV strives to bring the benefits of EU and Malta

funds viaguarantee schemesto the local market. These guarantee financing products are designedto ensure that local businesses can gain all the advantages they offer whilst improving their access to finance.Bank of Valletta also ensures that the schemes are clearly demarcated in the market so that they do not overlap and appeal to the diverse requirements of different businesses. The BOV JAIME financing package is an EU funded scheme using European Regional Development Funds (ERDF) through the European Investment Fund and provides financing up to €200,000 to finance small and medium capital

projects. For the larger investment projects the BOV SME Invest financing package is a Malta funded scheme developed in collaboration with the Malta Development Bank, which provides financing from €200,000 up to €750,000. The BOV JAIME and BOV SME Invest facilitate access to finance for Start Ups and SMEs on new capital investment costs and related working capital through highly reduced collateral requirements, lower funding costs, and an interest rate that is 2% lower than the market benchmark. They are designed to support businesses grow through: • new capital investment projects

• improved performance of operations through capital and working capital investment • enhanced research and development • innovative products and services development • tapping into export markets • venturing into new business sectors The BOV JAIME fund of Euro 80 million is available up to December 2023, while the Euro 50 million BOV SME Invest fund is available up to April May 2022 or until fundsare fully committed. If you need assistance to figure out the best funding product for you, our business experts will guide you. Simply send an email to smefinance@bov.comfor more information or call at a BOV Branch or Business Centre to set up an appointment. More information can be found on https://bov.com/content/business-loansand-finance. Certain sectors may not be eligible for these schemes. All loans are subject to normal bank lending criteria and final approval from the Bank. Terms and conditions are available from www.bov.com. Issued by Bank of Valletta p.l.c., 58, Triq San Zakkarija, Il-Belt Valletta VLT 1130. Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta).

OPENING A BUSINESS IN MALTA

The business plan The business plan is a useful and versatile tool. It is a guide that can also be described as the businessman’s best friend. In today’s global and highly competitive business environment, enterprises, whether large or small, cannot hope to compete and grow without proper planning. Why do you need a business plan? You may need a Business Plan for a number of reasons. Here are the most important: • If you are starting a new project or venture • If you are looking for a business partner • If you require finance, government or EU grants and incentives • To manage your business better • To measure actual performance compared to what was planned What can a business plan do for you? A good Business Plan can be useful to you in a number of ways. It can: • Help highlight aspects of the business that need special consideration • Help identify your core competencies (what you can do best) and internal weaknesses • Help identify external weaknesses and threats to the business • Be aware of new opportunities that may arise • Help you understand your competitors • Help you plan your operational setup better • Help you use your financial resources more efficiently and ultimately more profitably • Assist your management capabilities in relation to specific tasks and functions as well as bring awareness to human resources and capacity needs Remember, nobody knows your business as well as you do. Knowing what you are capable of, and where you want to be in the future, is the essence of a good Business Plan. With these two points in mind, all you need to do is develop the right strategies to achieve your goals. Business planning can be a highly beneficial exercise for the entrepreneur. In order to derive the desired benefits from business planning it is important to take full ownership of the process, and make it your own from beginning to end. While this does not mean that you should not seek professional advice when needed, you should be careful, not to commit the common mistake of asking others to write the plan for you or being influenced by unqualified opinions even if well intentioned. Who should do the business plan? The Business Plan is a thinking process performed by the enterprise for the enterprise itself.

Why do I need a business plan? Every start-up enterprise needs to go through a thorough thinking process in order to come up with viable options and strategies that will strengthen its present position and facilitate its future development. Finally, the thinking process should culminate in a set of measures for the implementation of these strategies. This implementation plan is generally referred to as the milestone schedule. How to go about it? All entrepreneurs think about their business. In fact, most businessmen do nothing else but brood and worry about problems and challenges that are the daily companions of every entrepreneur. To think about your business is not enough. It is important to think in a logical and structured manner, looking at every aspect of your business

(both internal and external) in a SYSTEMATIC, OBJECTIVE and ANALYTICAL way. A good thinking process should lead to good Business Planning where sensible decisions are based on reliable information and not on gut feeling. The milestone schedule should form both the starting and concluding point of your planning process. In the first instance, well before you start writing the plan, you should make a list of all the things that you could possibly need in order to make your business a success. Once you have gone through the business planning process you will be in a much better position to identify and prioritize your needs in line with the realities of your business venture. What leads to success or failure? Often, the cause of failure is that entrepre-

neurs do not anticipate simple factors that could easily have been foreseen had they taken the time and trouble to go through a logical thinking process. The process of formulating a business plan helps scrutinize, in a formal way, basic matters that need clarification, such as: • Gut feelings and ideas • Assumptions that have not been verified • Calculations made without full knowledge of underlying principles e.g. tax rates and bank interest charges • Regulations and legislation that could affect you • External dynamics such as political changes and new technology that could have implications for your business Scrutiny within a broader plan can help identify weak points early enough to make positive changes and / or adapt plans accordingly.

Business formation - the legal format When setting up a new business you will need to decide what legal format you want to operate under. This is one of the most important decisions you need to take at an early stage as this will determine how you will operate your business in the future. To determine what legal format is best for you, you need, first of all, to understand some of the basic differences. The most common legal formats for businesses are: • Sole Trader • Partnerships • Private Limited Liability Companies • Cooperatives SOLE TRADER Sole Traders need to register with Jobsplus as self-employed. These can start trading straight away as long as the required permits and registrations are carried out. Liability: If the business fails, then the owner is fully responsible for all the business debts. Management: The owner is solely responsible for controlling the business. The owner’s word is final. Finance: Normally, the owner’s personal money. Profits: All profits go to the owner Taxes: Self-employed status. Even if the owner does not draw on the profits they are still taxed. Losses can be offset against tax on other income. NON-REGISTERED PARTNERSHIPS Partners need to register with Jobsplus as self-employed. You should seek the advice of a lawyer/notary and form a ‘Deed of Partnership’. Partnerships can start trading straight away as long as the required permits and registrations are carried out.

Liability: If the business fails, then the owners are fully responsible for all the business debts. Management: The partners share responsibility for controlling the business. Finance: Generally, the partners’ private funds provide the Company’s finances. Profits: All profits are shared between the partners (as agreed within the ‘Deed of Partnership’). Taxes: Self-employed status. Even if the partners do not draw on the profits they are still taxed. Losses can be offset against tax on other income. REGISTERED PARTNERSHIPS (a) The Partnership En Nom Collectif; (b) The Partnership En Commandite. PRIVATE LIMITED LIABILITY COMPANIES (LTD.) Companies cannot just start operating but need to follow a predefined process of registration and set-up (Business Registration). It should be noted that a Company is a legal entity in its own right. Liability: The shareholders’ personal assets are protected if the business fails (Limited Liability). The shareholders can only lose what they have put into the business. Management: The business is controlled by the Board of Directors. Each director is held personally responsible for its management and must act in the Company’s best interests. Finance: Generally, the shareholders’ private funds and/or bank facilities provide the Company’s finances. Profits: Dividends are paid to the shareholders. Taxes: The Company pays taxes on its profits. All em-

ployees and directors pay taxes on income earned through wages, salaries or other forms of remuneration. COOPERATIVES A cooperative is a business entity and all its members (shareholders), who may also be its employees, own the cooperative. A cooperative society cannot just start operating but needs to follow a predefined process of registration and set-up. It should be noted that a cooperative is a legal entity in its own right. Liability: The members’ personal assets are protected if the business fails (Limited Liability). The members can only lose what they have put into the society. Management: The business is controlled by a committee of management (directors). Each committee member is held personally responsible for its management and must act in the Cooperative’s best interest. Finance: Generally, the members’ private funds and/or bank facilities provide the Cooperative’s finances. Profits: Partonage refunds may be paid to the co-operative members in proportion to the volume of business or other transactions afforded by each member with the Cooperative society. Other forms of surplus distributions may also be made. Taxes: Cooperatives are exempt from tax. However, a 5% annual contribution on the annual net surplus is paid to the Central Cooperative Fund, which Fund is used in furtherance of cooperative education, training, research, and for the general development of all the cooperative movement in Malta. Net surplus distributions to cooperative members attract a final withholding tax. All employees and committee members pay taxes on income earned through wages, salaries or other forms of remuneration.

5 Why invest in Malta? OPENING A BUSINESS IN MALTA

Malta, also being a Republic State, is located right in the centre of the Mediterranean just100 Km (60 miles) south of Sicily and 300 Km (180 miles) north of the nearest point on the African coast. Joseph El Sadig writes

Mr El Sadig is an experienced financial controller with a demonstrated history of working in the hospitality industry. Skilled in Negotiation, Risk Management, Strategic Planning, Accounting, and Financial Accounting. Strong finance professional with a B.Accty (Hons) focused in Accounting from University of Malta.

This geographical location makes it a strategic place where one can undertake business ventures and reach out easily to Europe and parts of the African Continent. In addition, Malta has one of the most beautiful harbours (the Grand Harbour) in the world thus making it attractive to welcome cruise liners and super yachts. Malta also offers favourable legislation in the super yacht industry which attracts high net worth individuals to the island. The climate in Malta is mostly sunny thus rendering it as one of the prime locations for tourists from all over the world to visit. Malta offers a wide range of accommodation options for such tourists and other visitors including high standard 5 star hotels and also quick and convenient Air BnB alternatives. While it is a small island, it offers a myriad of options to whoever wishes to open up a new business or expand an existing economic activity. One of the strongest assets Malta offers to any potential investor is its workforce. Education is mandatory till the age of sixteen with a high percentage of students furthering their studies through college and with a high number of students continuing to study at tertiary level. The Government of Malta invests heavily in the educational system whereby students are also given a stipend to continue their studies. Other incentives include scholarships and student exchanges. There are some 11,500 students, including around 1,000 international students from 92 different countries and 450 visiting overseas students, following fulltime or part-time degree and diploma courses. The degree courses offered by the University of Malta are designed to produce highly-qualified professionals, with experience of research, who will play key roles in industry, commerce and public affairs in general. Another favourable and attractive characteristic which Malta offers is that English is an

official language and it is taught in primary schools. Other languages are also widespread including German, Italian and French. Hence this makes the Maltese people and its workforce multilingual thus making it very easy when it comes to recruiting one´s own labor force. The unemployment rate in Malta is very low (3.4% at the end of Q2 2019) making it one of the lowest rates of unemployment in Europe. Unemployment Rate in Malta averaged 6.15 percent from 2001 until 2019, reaching an all time high of 8.24 percent in the third quarter of 2003 and a record low of 3.40 percent in the second quarter of 2019. Malta also boasts of a strong and solid banking sector which is regulated on a national level by the Central Bank of Malta in line also with the European Central Bank´s own guidelines and rules. Therefore this makes it particularly attractive to potential investors in that regulation is present and control mechanisms are in place to safeguard the interests of all stakeholders. The country´s official currency is the Euro (introduced on 1 January 2008) thus also forming part of the Euro zone which makes it even easier for potential foreign

investors to invest their funds in Malta where such investors trade in the Euro currency. Further complimenting the advantages of this tiny island (316 square kilometres) is its advanced and modern telecommunications infrastructure. Local service providers invest heavily on the island´s telecommunications sector thus providing a reliable service to its individual and corporate users. Also Malta has been nominated as a pioneer in the legislation of Blockchain thus offering a secure and safe environment for those who wish to invest in this ever-growing industry. A growing number of companies have already started doing business in Malta in view of the fact that the State recognised the importance of regulation. One cannot leave out also Malta´s favourable taxation system. Malta utilises the full imputation system of company taxation where corporate prof¬its are taxed to the company at the rate of 35%. However, when dividends are distributed to individuals out of taxed profits, the dividend carries an imputation credit of the tax paid by the company on the profits so distributed. Under the Income Tax Act the individual

shareholders are not obliged to declare dividends received from Maltese companies as the dividend is already covered by the imputation credit of 35% which is equivalent to the maximum rate of tax that individuals pay in Malta. Malta offers huge incentives to the business community, including those based offshore or overseas as taxation for businesses is one of the most generous in Europe. Corporate tax is set at a rate of 35% but this can usually be reduced to a rate of 5% or in some situations even lower. Furthermore, Malta also holds double taxation treaties signed with over 80 countries worldwide. Finally, Malta is a full member of the European Union and therefore is home to many potential interested foreign investors. This makes it easier to move capital, goods and services and physically travel across the EU Member States. Facilitating this free movement of people is the fact that Malta is part of the Schengen Zone. By way of a closing note, Malta is generally a pro-business country which welcomes its foreign visitors with a commitment to ensure that all stakeholders stand to gain when establishing themselves in this little gem in the Mediterranean.

OPENING A BUSINESS IN MALTA

Safeguarding the future value of your business The Maltese economy continues its evolution into an information and service nexus where creating value is based on people, their intellect and knowledge, and their willingness to invest this within their organisation. In this environment, people leverage their capability, augmented by physical assets or technology, to create true value within an organisation. As a result, a large chunk of an organisation’s assets are related to intangible capital tied up in knowledge and human talent. What would happen to a business if all its people left tomorrow? Malcolm Pace Debono writes

Malcolm Pace Debono is a director within People & Change Advisory Services, KPMG in Malta

Organisations must stop considering their employees as a “cost” and instead view them as an “asset”. This implies making a paradigm shift from a more traditional and administrative human resource function towards strategic talent management that ensures the management of people (talent) specifically suited to today’s dynamic competitive environment. Given the impact of people on an organisation’s overall business performance, it is also critical for

organisations to understand the value of people over extended periods of time in order to make intelligent decisions about how to invest in their employees in order to increase this value and extend an employee’s life-time within an organisation. This is known as employee life-time value (ELTV), and can be enhanced through strategic talent management. This concept also provides the perfect opportunity for HR professionals to have a stronger role

in their organisation’s success. HR professionals should work more closely with finance managers to measure employee value. They should become more data driven and proactive, and capable of having a say in the strategy development of the organisation. Clearly, organisations need to mainstream talent as a strategic priority. Today, an organisation cannot expect to survive and thrive unless it creates and sustains an environment where it has a strong

talent pool that it is willing to invest in, create value for, and commit to the organisation. To do this, the organisation must also create value for the employee. Hence the focus on strategic talent management in order to ensure that the organisation is capable of building a sustainable future through, but also for, its people. Safeguarding the future value of one’s business is all about safeguarding the future of one’s workforce, whilst leveraging and developing the capability of said workforce.

OPENING A BUSINESS IN MALTA

HSBC Malta launches €250m International Business Fund As part of its growth strategy, HSBC Bank Malta p.l.c. has launched a €250 million HSBC International Business Fund (HIBF) to support ambitious companies looking to steer their business to new horizons. A launch event was held at The Sheer Bastion reflecting the campaign’s sea-faring theme as well as Malta’s rich maritime trade history. It was led by HSBC Malta CEO Andrew Beane together with Executive Director and Head of Business Development Michel Cordina, and Head of Commercial Banking Joyce Grech. Michel Cordina said: “The €250m fund enables investors, traders and businesses to embark on new journeys by connecting them to international opportunities. With offices on the ground in 53 countries and territories, and more than 5,000 relationship managers operating worldwide, HSBC is in a unique position to connect potential customers in new markets, provide local insight through our people on the ground, and offer the financial support for businesses in Malta to expand globally. This Fund is also available to assist international businesses who want to invest in Malta to continue assisting the local economy to grow” HSBC’s global reach and expertise help approximately 1.5 million business customers – from small businesses to multinationals – unlock their potential. HSBC’s relationship managers are supported by specialists in four fields: Global Trade and Receivables Finance, Global Liquidity and Cash Management, Global Banking, and Insurance and Investments. HSBC Malta CEO Andrew Beane said: “Today’s economy is global and interconnected and at HSBC we are able to connect Maltese businesses to fastgrowing markets around the world. With the launch of our quarter of a billion euro International Business Fund we are ready to support local companies that have the ambition to stretch towards new horizons.” HSBC Malta’s Head of Commercial Banking Joyce Grech said: “I am delighted that we are launching this Fund as I take up leadership of HSBC’s Commercial Banking operations. My team and I are looking forward to assist companies in using HSBC’s capabilities to their best advantage.” More information is available on business.hsbc.com.mt

(From left) Andrew Beane, Joyce Grech, Michel Cordina

OPENING A BUSINESS IN MALTA

MedFest call competition extends application deadline • Now 20th October 2019

People with an innovative business or business idea get another chance to send in their application and be chosen to receive world class education in entrepreneurship, mentorship and the support of investors and experts from the early stages of business development. Some noteworthy proposals from Malta have already been received in response to a Call Competition to participate in MedFest ’19. The deadline for applications has now been extended to midnight of the 20th October 2019, after a request by the Sicilian counterparts. Following an intense preparation, 8 selected teams will have an unprecedented opportunity to present their business idea at the prestigious Pitch Competition MedFest, which will be held on 14 December 2019, at the distinctive Valletta Campus of the University of Malta. This is where an invited audience of international entrepreneurs and private investors will be ready to finance the best ideas. MedFest ’19 is an innovative crossborder event, destined to transform the method in which investments take place in the Mediterranean, starting with Malta and Sicily. It is organised by the Centre for Entrepreneurship & Business Incubation (CEBI) of the University of Malta, the TAKEOFF Business Incubator, Malta Enterprise and Business First. MedFest is destined to promote, support and enable innovative business ideas and solutions, aimed at improving renewable energy, energy efficiency, sustainable mobility, intelligent environment, waste treatment, food waste, green building, smart building, biotechnology, bioinformatics, medical devices, digital health care, assistive technologies, circular economy, and social inclusion. MedFest ’19 within the I KNOW project (Interegional Key Networking for Open Innovation empowerment) is funded by the European Regional Development Fund. More information: https://takeoff.org.mt Email: info@takeoff.org.mt Phone: +356 2340 3781