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“Innovative start-ups”
main content of new italian legislation
March 2014
www.incubatoreimpresa.it

Executive summary
• On 4th October 2012, the Italian Government approved the
“Further urgent measures for Italy’s economic growth” (Law
Decree n.179, 18 october 2012)
• This legislation recognizes that ‘innovative start-ups’ are
important for sustainable growth, technological development and
employment, in all sectors, as well as attracting to Italy
investments and talented people from abroad.
• The Law Decree has defined specific support measures for
‘innovative start-ups’
• ‘innovative start-ups’ is linked to innovation and technology
Monica Forconi, Chief Operative Officer, www.incubatoreimpresa.it;
forconi@polotecnologico.it; +39 050 754702
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…..definition of a ‘innovative start-up’
• The core business consists of innovative goods or services of
high technological value
• It must have been established for no longer than 48 months
• It must reside or be subject to taxation in italy
• It has no turnover or has a turnover that does not exceed 5
million €
• It does not distribute profits in the first 4 years of its life
• It does not generate from a merger, demerger or divestment
process
MAIN REQUIREMENTS (art.25 DL. 179)
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…..definition of a ‘innovative start-up’
• START UP CAN BE QUALIFIED ‘INNOVATIVE’ IF HAS 1 OF THE
FOLLOWING REQUIREMENTS
OTHER REQUIREMENTS (art.25 DL. 179)
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a) 15% of its costs are related to R&D
b) At least 1/3 of the team is made up of people who either hold a PhD or
are PhD candidates at an Italian or foreign university or have conducted
researches for at least three yars, or at least 2/3 of the team is made up of
people holding a Master’s degree
c) It is owner or the licensee of a patent or a registered software

Main support measures (1)
• ‘innovative start-ups’ do not pay anything for their own creation
and registration at the Chambers of Commerce
No registration fees (art.26 DL. 179)
• ‘innovative start-ups’ can hire personnel through contracts wich
last at least 6 months and no longer than 36 months. After 36
months, start-ups can renew the contract for no longer than 12
months. Within this time frame, the contract can be renewed more
than once.
Labour law for ‘innovative start-ups’
(art.28 DL. 179)
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•priority access is granted to facilitations for the employment of
highly qualified personnel in innovative start-ups
•The credit is the 35% of labour cost (maximum credit amount:
200.000 €)
Credit deriving from tax return (art.27 bis DL. 179)
•‘innovative start-ups’ can remunerate their team members with stock
options
Stock options for the team (art.27art.27 bis DL. 179)
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• ‘innovative start-ups’ can remunerate the providers of external
services (eg: lawyers, accountants, etc..) with work for equity
Work for equity (art.27 DL. 179)
• For direct and indirect investments in ‘innovative start-ups’
• Tax incentive for years 2013, 2014, 2015, 2016
Tax incentives for corporate and private
investments in ‘innovative start-ups’
(art.29 DL. 179)
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• CONSOB, the equivalent of American SEC, has publish a specific
Regulation of equity-based crowdfunding. ‘StarsUp’ (www.starsup.it)
is the #1 Italian portal authorized by Consob for the on-line collection
of risk capital by innovative start-ups
Crowdfunding (art.30 DL. 179)
• Procedures semplified and free-of-charge access for ‘innovative
start-ups’ to the Government Fund that supports access to credit
through guarantees on bank loan
Access to Fondo Centrale di Garanzia (art. 30 DL. 179)
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•By ‘ICE’, the Italian Trade Promotion Agency.
•Support measures include free-of-charge participation to
international fairs and event, and assistance in the legal, corporate and
fiscal activities, etc.
Support to the internationalisation process
(art.30 DL. 179)
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law reference
• http://www.sviluppoeconomico.gov.it
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