Daily Archives: 15/06/2021

Scope

The scheme supports businesses the require industrial space as a temporary, or permanent, solution to:

1. Commence a new business activity;
2. implement growth plans;
3. handle an increase in orders; and/or;carry out process innovations required to increase efficiency.

Aid

50% of the rental cost incurred (excluding any taxes) capped at €25,000 over 12-month period. The aid can be approved for a period of 3 years, capped at €75,000 over 3-year period.

This scheme has an overall budget of €2,500,000. The scheme falls under the ‘De Minimis’ rules and obligations.

Duration

Scheme is available from 1 February 2020 to 31 December 2022.

Legal form

Applicants can be companies, partnerships, cooperatives or self-employed registered with Jobsplus.

Eligible activity

The applicant must be engaged in:

a) Manufacturing;

b) Maintenance and Repairs of Motor Vehicles;

c) Repair of Machinery & Equipment;

d) Other industrial activities.

Other important limitations

• Applicants in the preceding 2 years must have not employed more than 100 Full time employees.

• Annual turnover in the preceding 2 years did not exceeded €10 million.

• If the applicant is a registered company, the balance sheet total did not exceeded €10 million in the preceding 2 years.

• Property must be rented from a third party from the private sector.

• The property rented should not be owned by a legal person or a group of persons related to the applicant.

• Public property is not eligible.

• The rent agreement must have commenced not earlier than 1 year prior to the date when the application was submitted.

• Showrooms, display areas and similar properties are not eligible.

The government with the collaboration of Mimcol, announced the mechanism that businesses should follow to redeem the Government vouchers.

The following are the essential facts to know and steps to follow:

• Businesses are required to register an account following these instructions

https://www.vouchersmimcol.com/wp-content/uploads/2020/06/business-leaflet-guide-web.pdf

• There is the possibility to add more than one outlet for each account.

• A unique code will be provided for each business outlet. This code needs to be provided to manager or cashier in charge.

• Once the account is registered and confirmed, login to this account will be done through a mobile app.

• Each voucher will have a QR code and businesses should scan this code through the app. If the voucher is already redeemed it will display ‘Validation Failed’. The physical voucher should be retained by businesses.

• After entering the voucher, a photo of the vat receipt should be uploaded on the app.

• Red vouchers are valid for restaurants & accommodation vouchers, while blue vouchers are for retail & services.

• Funds will be transferred to businesses the same day of redemption.

• Mimcol will be sending letters to eligible businesses to inform them about the procedure. Businesses can also check if they are eligible by following this link and enter their vat number.

Economic Regeneration Vouchers VAT Checker

Re-entry into work post-COVID is presenting some unprecedented challenges to the business community.

We have teamed up with key experts in the local market to provide you with a checklist covering the main business areas you need to keep in check for a successful re-entry post-COVID: Operations, Human Resources, Marketing, Health and Safety, and Finance. This checklist aims to provide you with the essential factors that businesses need to consider for successful re-entry and to ensure business continuity.  Click here to download

If you would like any assistance in implementing any items in the checklist or have any questions we can help you with, just email us on  [email protected].