August 2019 / ENTREPRENEUR.COM / 49ENTERPRISE ISLAND | AN EXPLORATION OF THE BUSINESS ECOSYSTEM IN MALTAParliament building in Valletta, MaltaChristian Cardona, Malta’s Minister of Economy,
Investment and Small Businesses.WHY MALTA?
10 reasons for doing business in Malta
> Economic, political, and social stability
> Strategic location with the European
Union (with easy access to nearby
markets)
> Efficient, transparent tax system
> Highly skilled, flexible human resources
> Highest GDP growth in the European
Union
> English as an official language, used for
business, legislation, and training
> Competitive cost structure with low
social costs
> Excellent quality of life and safe
environment
> Fast, flexible response to investors
(with a variety of incentives on offer)
> Support for R&D and innovation
maltaenterprise.comit’s also been championing regula-
tion around this industry, while also
encouraging companies in this space
to take up residence in the nation. One
such enterprise that has recently set
up shop in the country is EFFORCE, a
blockchain-based energy saving firm
that counts Apple co-founder Steve
Wozniak as both a co-founder and an
investor.
Results like these serve as testament
to the Maltese government’s whole-
hearted efforts in not just setting up
ambitious goals for itself, but also in
the realization of it. “We engage a lot
with niche markets and new ideas that
converge with our strategy as a govern-
ment,” said Christian Cardona, Malta’s
Minister of Economy, Investment and
Small Businesses. “And we are happy to
see that, in the last six years, we have
managed to increase the dialogue, and
the practicalities of what ensues after,
in a very tangible manner.” This state-
ment by Cardona alludes to not just
Malta’s can-do approach to whatever
goals it sets out for
itself, but also to
the commitment
the government has
toward all those
who invest and
have a stake in the
nation- indeed,
Malta bills itself as
“a vibrant economy
open for business.”
For instance, when
it comes to new
enterprises that
want to set up shop
in the country, Malta
offers them support through a variety
of fiscal and financial incentives- these
include access to finance in the form of
soft loans, interest rate subsidies, and
loan guarantees, as well as the provi-
sion of tax refunds upon redistribution
of dividends to shareholders, among
other benefits. It’s easy to see that
measures like these are already bearing
fruit for Malta- just take a look at the
enterprises that have set up outposts
in the island nation, which includes
internationally renowned companies
like Airbus, Boeing Nokia, Microsoft,
Ford, Guerlain, Christian Dior, Visa,
and many more.
Incentives aside, Cardona points out
that Malta has quite a few inherent
qualities that make it such a lucrative
setting for doing business. For one,
English is an official language in Malta,
which essentially prevents any lost-in-
translation issues for the non-Maltese
who choose to work in the country.
There’s also its strategic location in
the Mediterranean, which affords
businesses in Malta easy access to a
number of different markets. The coun-
try also boasts of long-term economic,
political, and social stability, which
is further bolstered by a transparent
legal and regulatory environment that’s
conducive to business. “We have leg-
islative flexibility,” Cardona explains.
“So, we can legislate on sectors, which
are of interest to us, in very little time.
It’s not only legislation which keeps
you advanced in terms of international
competitiveness- it’s also supportive
legislation, which you have to issue
regularly in order to keep up with
competitiveness.” At the end of it all,
there’s also the appeal of Malta as acountry to live in- its draw as a holiday
destination should be evidence enough
for this. “The quality of life in Malta is
super,” Cardona declares. “You can re-
locate here, with your family, friends,
kids, etc., because it’s just beautiful to
live here. We are Mediterranean- we
enjoy our lives, and we work hard.”
That’s a paradigm one will find almost
impossible to argue against- which is
yet another point in the bag for Malta
as a destination for business.