Tax breaks and one year visas to render start ups in Italy attractive. These are the two moves that are now within reach that the Italian government intends to sue to shake up the creation of new businesses with a high innovation content and, more importantly, with which it wants to turn Italy into a fertile ground for developing business ideas. In the Special Registry of the Chambers of Commerce, an ad hoc institute to gather the new startups, there is a list of more than 1,800 srl’s (limited liability companies) created in the last two years and ready to make use of the “preferential lanes” adopted: 130 of which are in Tuscany. In term of the norms, an innovative startup has to have been active for less than 48 months, owned primarily by physical persons [individuals, as opposed to other businesses or legal entities], with turnovers of no more than 5 million Euro from the second business year, and must be dedicated to businesses with a high technological content. These requisites are accompanied by other qualifying conditions, such as: investments in research [and development], the presence of research doctors in the personnel, and patent ownerships.
The regulation regarding tax breaks was completed just a few days ago. The physical people that invest in start ups – states the decree from January 30th reported in the Gazzetta Ufficiale [Official Gazzette] of March 20th – can detract 19% of the investments, to a maximum of 500,000 Euros, from their IRPEF [Tax on the Income of Physical Persons]. For businesses, the deduction is of 20% to maximum of 1.8 million Euros per year. An increase of the quotas and of the ceilings is also expected for cases in which the investments pertain to startups with social vocations and for those who are uniquely focused on high tech. To the tax breaks, one also adds the annulment of the fees typically due for the constitution and registration of businesses at the Chamber of Commerce.
The second intervention to favor startups – the so-called “easy visa”, that is to say the attainment, in short times, of the visa to enter Italy with the purpose of developing a startup – is also on its way. According to Il Sole 24 Ore reports, the formal passages to institute the Technical Committee that will have to evaluate the requisites of the new business to define the guidelines for the granting of working visas to non EU citizens, are being finalized. The necessary conditions for a foreign starter-upper headed for Italy: a minimum of 50,000 Euros to dedicate to the new business, the availability of lodging, and an income greater than the minimum set by law for the exemption from contributions to heath care. The technical committee’s green light allows for the completion of procedures at embassies and consulates, in order to gain entry visa valid for one year, and to be able to later ask for a residency permit of the same duration.
In partnership with IlSole24ore