Malta relies on a strong retail industry which generates a significant portion of the country’s Gross Domestic Product. Considering these facts, the Government has recently proposed the development of several fiscal incentives for Maltese companies in the retail sector. If you want to set up a retail company in this country, our lawyers in Malta can offer information about the legislation related to the commercial and the retail regulations.
The first proposal of the Nationalist Party is the creation of dedicated retail hubs through which Maltese companies would benefit from fiscal incentives for hiring full-time workers. The benefits aim mostly at small shop owners who would be given the possibility of expanding their businesses. Family-owned businesses can also take advantage of the new proposal if it passes.
The party proposed that grants and other incentives are given to low-intensity retailers which are usually subject to various conditions, including conditions related to renting or buying certain spaces. When added to the new company registration procedure which will be reduced at the beginning of 2017, the new incentives are expected to drive economic growth to the retail industry.
Apart from the creation of retail hubs, the Government proposed 51 other measures which together should create a three-section development plan for companies in Malta. The sections will be based on efficiency, greater share market exposure and improvement for existing retail spaces.
Another measure implies reinvesting a part of the VAT collected from the retail hubs in improvements in the facilities offered to retailers. Artisans, craftsmen and family businesses would also be included in the schemes in order to benefit from spaces and facilities which would help them develop their products. The policy dubbed the “Plus One Initiative” refers to the grants offered to shops hiring employees which have received specialized training related to the retail sector.
If you want to open a retail shop in Malta and need assistance, please feel free to contact our law firm in Malta. We can also offer support if you want to set up other types of businesses in Malta.
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