Your SlideShare is downloading. ×
0
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Innovative startups (vers. 2014)
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Innovative startups (vers. 2014)

830

Published on

Startup regulation, innovative startup, labour agreements

Startup regulation, innovative startup, labour agreements

0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
830
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
53
Comments
0
Likes
1
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Set up a startup in Italy
 Frieda Brioschi / Emma Tracanella frieda.brioschi@gmail.com / emma.tracanella@gmail.com IED Lesson 2/2014
  • 2. 2. Set up a startup in Italy Course program 1. Italian Startups 2. Set up a startup in Italy 2
  • 3. 2. Set up a startup in Italy Today's table of content 1. Legislative framework: Decreto Startup, etc. 2. Labour agreements 3
  • 4. 2. Set up a startup in Italy Italian startups: quick recap Past slides available on Slideshare @ubifrieda: https://www.slideshare.net/ubifrieda/ 4
  • 5. 2. Set up a startup in Italy Italian startups: quick recap During last lesson we analyzed many different companies started from 1995 to 2011: most of them are “alive and kicking”, few disappeared, a couple were re- started. 5
  • 6. 2. Set up a startup in Italy Italian startups: quick recap What we learnt from those experiences: • Time-to-market <= 2 years • Funds availability doesn’t really make the difference • Acquiring or be acquired could be a measure of success • Passion and team are core values • Never ever ignore your customers! 6
  • 7. 2. Set up a startup in Italy The new law 7
  • 8. 2. Set up a startup in Italy Decreto Crescita bis On 4th October 2012, the Italian Government approved a Law Decree on “Further urgent measures for Italy’s economic growth”. Section IX of the Law Decree (articles 25 to 32) provides for specific measures which are aimed at promoting the creation and development of startups. This is the first time the Italian legislation deals with such companies. 8 http://bit.ly/XAK87g
  • 9. 2. Set up a startup in Italy Decreto Crescita bis After being approved by the Italian Government, the Law Decree was signed by the President of the Republic and published in the Official Journal (Decree Law no. 179, 18th October 2012). 9 http://bit.ly/XAK87g
  • 10. 2. Set up a startup in Italy Start-Up Regulation On December 13, 2012, the Law Decree no. 179 was modified by the Parliament and subsequently converted into law (the Start-Up Regulation). 10 http://www.lw.com/thoughtLeadership/boosting-innovative-start-ups-italy
  • 11. 2. Set up a startup in Italy Start-Up Regulation The Start-Up Regulation provides a new set of rules promoting the creation and development of innovative startups with a view to encouraging innovation and strengthening of enterprises’ competitiveness. It derives from the report by the task force on startups established by the Minister of Economic Development. 11
  • 12. 2. Set up a startup in Italy General idea Over time, Italy has demonstrated that it is able to develop by exploiting some of its great strengths: • clothing and fashion, • furniture, • automation technology and mechanics, • food and wine industry. It has created and developed companies that can sell their best products around the world. In many cases they have even become global leaders. 12 http://www.sviluppoeconomico.gov.it/images/stories/documenti/startup_eng_rev.pdf
  • 13. 2. Set up a startup in Italy Looking overseas In the last 10 years, startups have generated 3 million jobs in the United States. President Obama launched Startup America which "moved" the equivalent of 1 billion dollars in business services. Why are they doing this? Because they are aware of the fact that, nowadays, 40% of the wealth in the US is produced by enterprises that did not even exist 30 years ago. 13 http://www.sviluppoeconomico.gov.it/images/stories/documenti/startup_eng_rev.pdf
  • 14. 2. Set up a startup in Italy What’s a startup? An enterprise that has been established recently Whose goal is to develop, produce and market certain goods or services These products are the results of research, or the company uses a high rate of innovation in its activity Startups do not pertain just to the digital world, but are established across all sectors 14 http://www.sviluppoeconomico.gov.it/images/stories/documenti/startup_eng_rev.pdf
  • 15. 2. Set up a startup in Italy Definition of an innovative startup 15
  • 16. 2. Set up a startup in Italy Innovative startups/1 It is owned directly and for at least a 51% share by individuals, also in terms of voting rights. 16 http://startup.registroimprese.it/
  • 17. 2. Set up a startup in Italy Innovative startups/2 It must have been established for no longer than 48 months. 17 http://startup.registroimprese.it/
  • 18. 1. 2. Set up a startup in Italy Innovative startups/2bis For the startups which have not yet been running for 48 months, but which already exist, the 48- month period would start when the package is adopted. However, startup support measures should no longer apply when a startup enters its 6th year. 18 http://www.sviluppoeconomico.gov.it/images/stories/documenti/startup_eng_rev.pdf
  • 19. 2. Set up a startup in Italy Innovative startups/3 It must reside or be subject to taxation in Italy. 19 http://startup.registroimprese.it/
  • 20. 2. Set up a startup in Italy Innovative startups/4 It has no turnover or has a turnover that does not exceed 5 million euros. 20 http://startup.registroimprese.it/
  • 21. 2. Set up a startup in Italy Innovative startups/5 It does not distribute profits. 21 http://startup.registroimprese.it/
  • 22. 2. Set up a startup in Italy Innovative startups/6 Its core business consists of innovative goods or services of high technological value. 22 http://startup.registroimprese.it/
  • 23. 2. Set up a startup in Italy Innovative startups/7 It shall not result from the merger, division or transfer of business from a going company. 23 http://startup.registroimprese.it/
  • 24. 2. Set up a startup in Italy Innovative startups/8 EITHER 15% of its costs are related to R&D OR 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 at least 2/3 of the team is made up of people holding a Master’s degree or have conducted research for at least 3 year OR it is the owner or the licensee of a patent or a registered software. 24 http://www.mise.gov.it/images/stories/documenti/Executive-Summary-of-Italy's-new-policy-on-start-ups.pdf
  • 25. 2. Set up a startup in Italy Side definition: social goals 25
  • 26. 2. Set up a startup in Italy Startups with a social goal • same requirements that apply to ordinary startups • operates in some specific domains • its domain must have a considerable social value ! Examples of domains are social inclusion, fight to marginalization of disabled persons, environmental protection etc. 26 http://bit.ly/13PFWUI
  • 27. 2. Set up a startup in Italy Why social startups? Startups with a focus on the social dimension generally tend to adopt business models that may be less attractive for investors. Their reason of being is to answer society’s needs first and foremost, along with market ones. Thus, they have lower returns on investments and fewer chances to develop when compared to “ordinary” startups. 27 http://www.sviluppoeconomico.gov.it/images/stories/documenti/startup_eng_rev.pdf
  • 28. 2. Set up a startup in Italy Social area • Welfare • Healthcare • Education • Vocational training • Protection of the environment • Cultural heritage • Sustainable tourism • Undergraduate and postgraduate education • Research • Cultural services • … 28 http://www.sviluppoeconomico.gov.it/images/stories/documenti/startup_eng_rev.pdf
  • 29. 1. 2. Set up a startup in Italy29
  • 30. 2. Set up a startup in Italy Movie Reading http://www.youtube.com/watch?v=Jbjxuyd_DSA 30
  • 31. 1. 2. Set up a startup in Italy31
  • 32. 2. Set up a startup in Italy HelpTalk http://vimeo.com/49388177 32
  • 33. 2. Set up a startup in Italy Benefits for innovative startups 33
  • 34. 2. Set up a startup in Italy Advantages/1 • No setup costs
 (unlike most companies, startups do not have to pay anything for their own creation and registration) • No stamp duties and fees paid for issuing documents • Notary public services free of charge for under 35s • No Chamber of Commerce annual fee 34 http://bit.ly/13PFWUI
  • 35. 2. Set up a startup in Italy Advantages/2 • Special financial instruments for debt management • Extension by 12 months of the so-called “loss carry- forward period” (rinvio a nuovo delle perdite), to better absorb the whole initial operation running at loss • Postponement of the recapitalization obligations to the following financial year when needed to protect the share capital Ask your financial consultant! 35
  • 36. 2. Set up a startup in Italy Advantages/3 • Simplified procedure for bankruptcy • Basically an exemption from bakruptcy procedures, innovative startups are subject only to the so-called “over-indebtedness procedure”. ! This shorten judicial liquidation, reducing consequences from a bankruptcy procedure on the entrepreneur reputation. 36 http://bit.ly/13PFWUI
  • 37. 2. Set up a startup in Italy Advantages/4 • Startups can hire personnel through fix-time contracts (6 to 36 months). • Contracts can be renewed more than once. • After 36 months, the contract can be further renewed for just one more time, for no longer than 12 months, i.e. the total duration of the contract must not exceed 48 months. ! After that, the employee can keep on working for the startup exclusively with an open-ended contract. 37 http://bit.ly/13PFWUI
  • 38. 2. Set up a startup in Italy Advantages/5 Start-ups can remunerate their team members and the providers of external services, including lawyers and accountants, with STOCK OPTIONS and WORK FOR EQUITY respectively. The tax system applicable to these instruments is advantageous and is tailored on the most common needs of a startup. 38 http://bit.ly/13PFWUI
  • 39. 2. Set up a startup in Italy Advantages/6 Tax incentives for corporate and private investments in startups for the years 2013, 2014, 2015 and 2016, both for direct investments in startups and in case of indirect investments (by the means of other companies investing predominantly in startups). Tax concessions are greater if the investment concerns startups with a social goal or those operating in the energy sector. 39 http://bit.ly/13PFWUI
  • 40. 2. Set up a startup in Italy Advantages/7 Introduction of crowdfunding. CONSOB has published a “Regulation on the raising of venture capital by innovative start-ups through on-line portals”, thanks to which Italy has become the first EU country to have introduced a structured legislation on equity-based crowdfunding. (still underway: there’s a missing law) 40 http://bit.ly/13PFWUI
  • 41. 2. Set up a startup in Italy Advantages/8 Credit deriving from tax return: priority access is granted to facilitations for the employment of highly qualified personnel in innovative start-ups and certified incubators. 41 http://www.mise.gov.it/images/stories/documenti/Executive-Summary-of-Italy's-new-policy-on-start-ups.pdf
  • 42. 2. Set up a startup in Italy Fiscal Incentives Fiscal incentives in 2013-2016 time frame for investors: • natural person: 19% tax credit (IRPEF), up to 25% for innovative startups with a social goal. Max investment: 500.000 €/year. Every investment must last at least 2 years. • company: 20% tax credit (IRES), up to 27% for innovative startups with a social goal. Max investment: 1.800.000 €/year. Every investment must last at least 2 years. 42 http://www.gazzettaufficiale.it/eli/id/2014/03/20/14A02246/sg
  • 43. 2. Set up a startup in Italy Advantages/8 Fast-track, simplified and free-of-charge access for startups to the Fondo Centrale di Garanzia, a Government Fund that supports access to credit through guarantees on bank loans. 43 http://bit.ly/13PFWUI
  • 44. 2. Set up a startup in Italy Advantages/9 More targeted and tailored support to the process of internationalisation of startups provided by the Italian Trade Promotion Agency (“ICE”). Support includes assistance in the legal, corporate and fiscal activities, real estate and credit matters. Support measures include free-of-charge participation to international fairs and events, as well as to international activities the aim of which is to favour the matching between innovative start-ups and potential investors for the phases of early stage capital and expansion capital. 44 http://bit.ly/13PFWUI
  • 45. 1. 2. Set up a startup in Italy And then? • Found a limited company • Send notification of setting up of business • Register at an online directory created for this purpose at the Chambers of Commerce 45
  • 46. 2. Set up a startup in Italy Limited companies • joint stock companies (società per azioni), • share partnership companies (società in accomandita per azioni) • limited liability companies (società a responsabilità limitata) • simplified limited liability company (società a responsabilità limitata semplificata) • limited liability companies with reduced share capital (società a responsabiltà limitata a capitale ridotto) • cooperative companies (società cooperative) 46
  • 47. 2. Set up a startup in Italy Statutory minumum capital • S.p.A. and S.a.p.A.: €120,000 • S.r.l.: €10,000. • S.s.r.l. and S.r.l.c.r.: > €1 and < €10,000. 47
  • 48. 2. Set up a startup in Italy S.r.l. group • company needs to be registered with different institutions (the tax office,the companies registry, INPS, INAIL) • registration can be done using ComUnica online • all this has to be done via notary public 48 http://www.registroimprese.it/comunica#tab=cosa&under-tab=corsi
  • 49. 2. Set up a startup in Italy S.r.l. obligations • pay an annual tax on company books, • issue a company valuation report, • pay tax for lodging the minutes of a meeting every time profits are distributed; • pay for a tax advisor; • pay taxes on the registration of the transfer of shares from one business partner to another 49
  • 50. 2. Set up a startup in Italy Liquidation • It is the process by which a company is brought to an end, and the assets and property of the company redistributed. • Liquidation may either be compulsory or voluntary. 50 http://en.wikipedia.org/wiki/Liquidation
  • 51. 2. Set up a startup in Italy Reasons for liquidation A liquidation or a dissolution may occur for: • Term elapsed • The company has reached the business purpose or the object can't be reached • Unable to operate • Statutory minumum capital less than legal minimum • Assembly resolution • Other reasons according to the bylaws There’s no limit to the length of a liquidation 51
  • 52. 2. Set up a startup in Italy Bankruptcy It is a legal status of a company that cannot repay the debts it owes to creditors. Often bankruptcy is imposed by a court order, but can be voluntary too. Bankruptcy can be a consequence of insolvency. All assets of the debtor are liquidated under the administration of a official receiver. 52 http://it.wikipedia.org/wiki/Fallimento_(ordinamento_giuridico_italiano)
  • 53. 2. Set up a startup in Italy Labour agreements 53
  • 54. 2. Set up a startup in Italy Fornero’s labour law • Apprenticeship • Co.co.pro (contract work) • Freelance (VAT number) • Freelance (Minimum taxpayer regime) • Occasional work • Fixed term agreement 54
  • 55. 2. Set up a startup in Italy Apprenticeship agreement • Job & training • age: 18-29 • Total employee cost low 55
  • 56. 2. Set up a startup in Italy Co.co.pro • Define a detailed project with expected results • No trial period • Total employee cost about 150% net salary 56
  • 57. 2. Set up a startup in Italy Freelance Often in Italy freelances are used as regular employees. After Fornero’s law a freelance is considered fake if: • earns <€18,000 gross • collaboration lasts more than 8 months for at least 2 successive years • salary > 80% of total income for at least 2 successive years • freelance has a “fixed” desk in the company ! This does not apply to everyone subscribed to a professional register 57
  • 58. 2. Set up a startup in Italy Minimum taxpayer regime It’s a simplified VAT number regime. • no IRAP, no IRPEF. Fixed taxation: 5% for 5 years • no VAT at all (no compensation) • earns <€30,000 • no employees neither collaborators • available just for new business ! 5 years limit does not apply to <30 years. 58
  • 59. 2. Set up a startup in Italy Occasional work • earns <€5,000 • no more than €2,000 from each customer • fixed taxation: 20% 59
  • 60. 2. Set up a startup in Italy Fixed term agreement • Lasts <= 36 months • Can be briefly extended (30 dd if it last <6 months, 50 dd otherwise) • Compulsory break between two contracts (60 dd if it last <6 months, 90 dd otherwise) • Total employee cost equal to open ended employee agreement 60
  • 61. 2. Set up a startup in Italy Intellectual property 61
  • 62. 2. Set up a startup in Italy IP Intellectual property (IP) is a legal concept which refers to creations of the mind for which exclusive rights are recognized. Common types of intellectual property rights include copyright, trademarks and patents. ! In italian a preferred term is "industrial property". 62 http://en.wikipedia.org/wiki/Intellectual_property_law
  • 63. 2. Set up a startup in Italy Next week Ideas management 63

×