SBC News Malta MGA sets new benchmark classifying start-ups

Malta MGA sets new benchmark classifying start-ups

Updating the market, the Malta Gaming Authority (MGA) has amended several provisions of its ‘Gaming Licence Fee Regulations (2018)’ updating conditions and criteria related to its MGA legislative frameworks.

Publishing its 2019 amendments, the MGA focuses on the definition of start-up businesses working within its jurisdiction, in which the regulator has expanded the criteria and requirements for incumbents to be classified as start-up enterprises.

Establishing a new ‘qualifying benchmark’, the MGA will recognise start-ups as enterprises that have generated less than €10 million from a specific business vertical within a period of 36 months prior to its MGA application.

Under previous benchmarks, the MGA would recognise start-up as any business that generates less than €10 million from gambling-related activities, declared over a period of a financial year.

“This amendment is aimed at ensuring that undertakings classified as start-ups are truly such, whilst simultaneously not prejudicing corporate groups that were in the business many years back and wish to benefit from such an incentive by starting up again,” it explained.

Closing its update, the MGA states that its amendments will come into effect from 1 January 2020.

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