What does Volt think? / Economic Revolution

Ease Of Doing Business

Malta is one of the most challenging places to start a business. Furthermore the digital infrastructure could be far better. It's time to remove the unnecessary red tape preventing people from establishing a business as fast as possible. There is also a lot of untapped potential when it comes to venture capital and investors. Let's make as many options available for local businesses to grow as fast as they can.

Addressing Bureaucracy

  • Expand the '‘One-Stop-Shop for Business - Business 1st'’ to facilitate any type of business & for further interactions between businesses & Government to be done digitally.

    • Functionality. The digital system should make it possible to;

      • Automate and simplify financial & data reporting;

      • Update and amend Shareholder records;

      • Handle fees & tax-related affairs, such as Corporate Tax, Value Added Tax and More

    • Accessibility. The registry should be accessible to all business types based and headquartered in Malta, including but not limited to;

      • Limited Liability Companies;

      • Partnerships;

      • Cooperatives;

      • More.

    • Scope. Ensure it can facilitate various business directions.

      • Cross-border business operations & strategies across the European Single Market & World,

      • Entrepreneurs with multiple start-ups & businesses.

    • Scale. Ensure it is equipped to support SMEs and start-ups among other business models.

      • Navigating legal requirements,

      • Venture capitalist and network access,

      • Incubators.

  • Registration Process

    • Reduce all costs to start a business of any type to €1.

      • Ensure any additional costs (licences etc) to operate the business across Europe do not exceed  €1,000.

    • Unleash Self-Employment/ Freelancers.

      • Ensure that a Self-Employed individual can locate and submit all documents required within a day, and can start working the following day.

        • Exceptions exist where specific licences are required (e.g food handling), which should be obtainable within as short a period as possible without loss of quality.

      • Ensure that the online platform to register is user friendly.

      • Ensure that the same online platform can be used by Maltese citizens, non-Maltese EU citizens and third-country nationals with residence or work permits.

    • Unleash Micro-Enterprises

      • Micro-Enterprises should be able to register and commence completely paperless & within 3 days.

        • Exceptions exist where specific licences are required (e.g food handling), which should be obtainable within as short a period as possible without loss of quality.

Encouraging Growth

  • Create a Business Incubator Network. Interlink Malta’s public & private incubators, to support start-ups with a wide array of information, options and tools. 

    • Foster diverse private incubators.

      • Tax-reduction incentives for advisory roles to start-ups.

        • Performance-based incentive.

      • Tax-reduction incentives for businesses making use of private incubators.

        • Participation-based incentive.

    • Create a private-public incubator to facilitate European expansion. This would exist for established companies in Malta which primarily operate in Malta (75% + of revenues), to accelerate their European Expansion.

  • Create an accredited Angel Investors & Venture Capital Firms Network. To ensure funding from highly experienced sources who have a strong familiarity with Malta’s and/or European Single Market business landscape.

  • Facilitate the creation of Venture Capital Firms.

    • Reduced Capital Gains tax on investments in Malta-based companies

  • Create Tax-Incentives for new SMEs for up to 3 years if they continuously create jobs or re-invest surplus.

  • Create incentives for Employee Stock Options.

The 5+1 Challenges

Volt has defined 5+1 fundamental Challenges that need to be tackled in each European country and in Europe as a whole.

Why 5 + 1 Challenges?

The 5 Challenges are basically the same for every country, but their implementation can be adapted on the national level to take into account local realities.

The +1 Challenge – our proposal to reform and strengthen the EU – is identical across all our national programmes.

View the policy portfolio
  • 01

    Smart State

    Education and digitalisation are key elements of the 21st century

  • 02

    Economic Renaissance

    An innovative economy must be the engine of society's progress

  • 03

    Social Equality

    No-one should be left behind - no matter their gender, income, religion. or origin

  • 04

    Global Balance

    Europe needs to assume responsibility for its role in global challenges

  • 05

    Citizen Empowerment

    People must be empowered to influence politics beyond elections alone

  • +1

    EU Reform

    We love the EU - this doesn't mean there is no room for improvement