Hailed as one of the technologies which will lead to the ‘fourth industrial revolution’, artificial intelligence (‘AI’) is already disrupting the world as we know it. Offering innovative solutions which range from simplifying daily tasks to tackling challenges on a global scale, there is no limit to the creativity with which developers within this field can apply the technology.
Malta – The Ideal Launchpad for AI Technologies
Throughout the years, the Maltese Government has always aimed to develop Malta as centre of excellence for technological innovation, striving to always be at the forefront in terms of enabling strategies and frameworks for technological advancement. On the 3rd October 2019, Malta launched its national strategy for AI, presenting a series of projects and incentives which will position Malta to become the “Ultimate AI Launchpad”, a place in which local and foreign developers and entrepreneurs can develop, prototype, test and scale AI, with a view to launching the newly developed technology from Malta to the world.
Amongst such incentives/support are the following:
- legislation providing for a Patent Box Regime (Deduction) which enables qualifying beneficiaries to benefit from a deduction against taxable income or gains of up to 95% of the gross revenue from its qualifying intellectual property (IP) assets;
- equity-based risk-capital to Maltese start-ups and scale-ups, structured through co-investments;
- tax credits to certain investors;
- incentives through Malta Enterprise, the government agency responsible for inward investment and support to Maltese businesses;
- planned revision of Malta’s tax legislation to remove capital gains and duty on document related to the transfer of shares;
- the launch of two new types of Visas which provide a simplified, fast-track procedure for start-up founders, investors and their families from outside of the EU and European Free Trade Area to reside and work in Malta;
- a Regulatory Sandbox for AI which will provide regulatory exemptions to enable firms to develop and test concepts with proportionate safeguards, in a contained environment for a defined duration;
- certification for innovative technology arrangements, to provide applicants with valuable recognition in the marketplace that their AI systems have been developed in an ethically aligned, transparent and socially responsible manner, in line with Malta’s Ethical AI Framework.
An Ethical Framework Towards Trustworthy AI
In October 2019, Malta also published an Ethical AI Framework, Towards Trustworthy AI, which aims to establish a set of guiding principles and trustworthy AI governance and control practices. Malta’s Ethical AI Framework builds on the European Commission’s AI HLEG Ethics Guidelines for Trustworthy AI published on the 8th April 2019 and the Recommendation of the Council on Artificial Intelligence adopted on the 21st May 2019 by the OECD countries and various non-member adherents.
GVZH Covers the Following Services:
- Advisory services relating to:
- ethical development of AI;
- consumer protection issues;
- data protection;
- AI-related incentives.
- Outsourced ‘Ethics Officer’ role;
- Drafting of software development and licensing agreements and all ancillary legal agreements;
- Registration of trademarks, patents and designs in Malta and within the EU;
- Corporate set-up and management;
- Mergers and acquisitions.