Issue link: https://maltatoday.uberflip.com/i/1051772
maltatoday | WEDNESDAY • 14 NOVEMBER 2018 11 BUSINESS www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way AROUND €4.5 million in sup- port has been approved for EU funding for projects to be im- plemented by start-ups under a number of grant schemes, and the expected private sector in- vestment is planned to reach around €6.6 million. When addressing an audi- ence of entrepreneurs during a seminar on accessing finance for SMEs, the Parliamentary Secretary for EU Funds Aaron Farrugia revealed that 25% of these start-ups are in fact self- employed. To date, €13 million in funding have already been committed to support around 200 SMEs, with 38% of these having been es- tablished for less than five years – and are therefore classified as start-ups. Over 80% of these start-ups are micro-enterprises that, on average, employ 1-3 persons, and operate across many differ- ent sectors of the economy such as manufacturing, health, ICT, tourism and retail. Start-ups may tap into an al- located budget of €35 million under five different schemes, in- cluding the Start-up Investment Grant Scheme and the Business Enhance RD&I Grant Scheme. "I am immensely proud of what we have achieved through Business Enhance – our flagship Grant Scheme for SMEs in Mal- ta," Farrugia said. "I am pleased there is agreement across the EU on the importance of funds for innovation. This is positive news for Malta, and an area on which we are well-placed to seize op- portunities." In fact, EU funding for busi- nesses is not only a nice benefit, but could also propel the coun- try's level of innovation and eco- nomic prosperity. "Despite some progress in re- cent years, Malta is identified in the EU as a moderate innovator, and a number of challenges need to be addressed," Farrugia ex- plained, adding that funds were ringfenced precisely for this rea- son. "We are working to have an agile and fast-growing economy, and our aim is to complement EU grants with various financial instruments." The good news is that Euro- pean Commission's proposal looks as if the EU funds for SMEs will be increased in the next EU budget, Farrugia said, and that this will place the country in an even better position to assist en- trepreneurs. Moreover, the EU programme will be further sim- plified. "Malta should become a hub for start-ups, as we have the ideal infrastructure and a highly agile economy," Farrugia said. "We have the opportunity to unlock significant EU funds available to ensure that Malta's economy remains modern, agile, dynamic, and well-equipped to meet fu- ture challenges." Once start-ups grow and they determine that it is the right time to expand, diversify, or in- novate their activity, such initia- tives may then be supported un- der another two grant schemes, which together have an alloca- tion of €16 million — the SME Growth Grant Scheme and the SME Diversification and Inno- vation Grant Scheme. Calls for applications are open, with cut-off dates published in advance. Calls under all the schemes are currently admin- istered through an open rolling call system. 25% of beneficiaries are self-employed EU FUNDS FOR START-UPS EU funding for businesses is not only a nice benefit, but could also propel the country's level of innovation and economic prosperity THE 2018 Institute of Char- tered Accountants in Eng- land and Wales (ICAEW) ACA graduation ceremony celebrated the success of sev- en graduates and welcomed one in to ICAEW member- ship. Speakers included Mar- tin Manuzi, Europe Regional Director, ICAEW; David Valenzia, Territory Senior Partner, PwC Malta; Wil- liam Spiteri Bailey, Maltese Institute of Accountants President; Chris Naudi, Part- ner EY Malta and ICAEW contact member, and Rachel Lee Curmi, Manager, PwC Malta. The ACA was introduced in Malta in 2012 with the support of large account- ing firms including the Big Four: PwC, KPMG, Deloitte and EY. To support the develop- ment of the accountancy profession in Malta, ICAEW and the Malta Institute of Accountants (MIA) agreed in 2012 to collaborate to offer Maltese qualified ac- countants access the latest technical developments and thought leadership, and to work on regulatory issues. ICAEW now has 11 author- ised training employers in Malta. Martin Manuzi, ICAEW Europe Regional Director congratulated the graduates for their hard work and de- termination. "I am delight- ed with the high calibre of our graduates and encour- age them to continue on the road to becoming chartered accountants, they will all be a huge asset to the profes- sion," he said. "We are very supportive of accountancy in Malta and we will continue to support our membership and the next generation of chartered accountants here. Our members in Mal- ta build trust between busi- nesses and society, playing a vital role in increasing trust and enabling growth." The ACA is one of the most advanced learning and professional development programmes available, and is a recognised qualifica- tion worldwide – 98 of the world's 100 global leading brands employ an ICAEW Chartered Accountant. In 2017, over 27,000 stu- dents were studying for the ACA, and 8,437 students joined ICAEW, which is the highest ever figure. The Institute of Chartered Accountants in England and Wales was established by royal charter in 1880. It has over 150,000 members. Over 15,000 of these mem- bers live and work outside the UK. Maltese students celebrate ACA success