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Family Businesses Grant

Jessica Camilleri  -  14/January/2022

If your business is a family business, transition of ownership from one generation to the next will be a crucial hurdle which needs to be overcome if the business is to ultimately thrive. Therefore, in order to mitigate any problems that might be encountered, family businesses should plan ahead and seek professional guidance to address the various aspects that may hinder a smooth transition.

Thanks to the Family Businesses Grant, advisory and mediation services are part-financed to help facilitate the continuation of a family business’s economic activity.

Who is eligible?

To be eligible for this scheme, applicants must be registered as a Family Business with the Family Business Office. Furthermore, they must not have any arrears related to VAT, Income Tax, and Social Security and must not be engaged in activities specifically excluded under the ‘de minimis’ Regulation.

How much is the grant?

Eligible family businesses can benefit from up to €15,000 in any rolling three-year period.

Family businesses may request support for accessing advisory services to establish a succession plan for the business. The advisory services must address the key aspects of any succession. Malta Enterprise shall support family business by covering 50% of the advisory costs up to a maximum grant of €2,000 per assignment.

Whilst preparing for business succession may be considered as a best practice, sometimes owners of family businesses encounter challenges that need to be resolved to ensure continuity and possible succession. To address these challenges, a grant to support family businesses access mediation services shall be provided. The Corporation shall support mediation services based on an hourly rate of up to €100 per hour up to a maximum of twenty-five hours per approval.

Applications close on the 30th of November 2023.

Contact us for assistance!

KSi Malta can provide you with the professional guidance your family business needs to ensure a smooth transition from one generation to the next. Contact our Advisory Manager, Jessica Camilleri on jcamilleri@ksimalta.com to see how your business can benefit from this scheme.

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