25 January 2021
Due to the COVID-19 pandemic, businesses are facing a number of challenges which will require them to make key changes in the way they operate. As a result, such businesses might seek external professional advice to come up with new business plans and explore new technological solutions that can assist them with adapting to the changing environment.
The Business Re-Engineering and Transformation Scheme, which has recently been launched by Malta Enterprise Corporation (the ‘Corporation’), aims to support small businesses when engaging advisors to facilitate their efforts in:
SMEs carrying out an economic activity in Malta and employing between 10 and 250 employees at application stage are eligible for this scheme.
Eligible projects shall be new assignments that are of strategic significance and meet any of the following objectives:
digitisation of business processes including the deployment of digital technologies, such as IoT, artificial intelligence, machine learning and predictive analytics;
improve operational performance, reduce errors and improve accountability following a review process to identify inefficient use of resources;
improvements to the flow of goods, materials and/or information following a review of the interaction between functions;
improve environmental performance by identifying waste streams and resource usage;
support the implementation of quality systems and the attainment of product process certifications;
review customer handling procedures and propose solutions to enable excellent customer service;
assess market dynamics, fluctuation in demand and changes in consumer behaviour to reposition product and service offering as may be required.
Other conditions and criteria apply, including the requirement for the supported assignment to be completed within 12 months from approval date and to include the participation of at least two individual external advisors who individually meet a distinct criteria (as prescribed in the incentive guidelines (‘the Guidelines’) issued by the Corporation) in terms of qualifications and experience.
The aid shall be awarded in the form of a cash grant covering 50% of the consultancy costs incurred, capped at a maximum grant amounting to €5,000 per advisory service per undertaking. Beneficiaries may avail of this measure once in any eighteen-month period up to 31 December 2023, being the date by when this scheme is available.
Applications should be submitted to the Corporation electronically by 31 October 2023. Since the assistance provided for under this Scheme relates to a reimbursement of eligible costs incurred, the beneficiary is also required to complete a claims process throughout the duration of the project – this would involve the submission of one or two claim forms (depending on the duration of the project) and supporting documents as prescribed in the Guidelines.
Head of Tax, PwC Malta
Tel: +356 2564 6791
Advisory Partner, PwC Malta
Tel: +356 2564 7091
Senior Manager, Tax, PwC Malta
Tel: +356 2564 6739
Senior Manager, Advisory, PwC Malta
Tel: +356 2564 7026
Manager, Advisory, PwC Malta
Tel: +356 2564 2607