S.L. 463.32 Art. 2Interpretation.

In these regulations, unless the context otherwise requires:

"the Act" means the Malta Enterprise Act;

"the Corporation" means the Malta Enterprise Corporation established under the Act;

"Guidelines" means such guidelines as may be published by the Corporation from time to time in terms of the Act;

"Innovative enterprise" means an undertaking:

(a) that can demonstrate, by means of an evaluation carried out by an external expert that it will in the foreseeable future develop products, services or processes which are new or substantially improved compared to the state of the art in its industry, and which carry a risk of technological or industrial failure; or

(b) which has costs for research and development which represent at least ten per cent (10%) of its total operating costs in at least one of the three (3) years preceding the granting of the aid or, in the case of a start-up enterprise without any financial history, in the audit of its current fiscal period, as certified by an external auditor;

"Start-up undertaking" means an unlisted small enterprise up to five (5) years following its registration, which fulfils the conditions listed in the Guidelines.