Also foreing investors can set up a company in Italy as "Innovative Startup" or "Innovative SME" and benefit also of further incentives given by "Certified Business Incubators" regime
The rules on "Incubatori d'Impresa Certificati" in Italy provides granting of guarantees on bank loans for companies incorporated inside a Business Incubator further too exemption of payment of some duties
Companies operating inside a Business Incubator can avail also of real estate facility, equipment for research, management, consultants, financial partners and financial guarantees of the public owned body "Fondo di Garanzia delle PMI" ("SMEs Guarantee Fund")
Characteristics of “Business Incubators” (Incubatori d’Impresa)
“Business incubators” are limited companies or joint-stock companies (SRL or SpA) or cooperative companies designed to accelerate the development of businesses that provide them with technical and logistical services to start the startup phase; there are several Business Incubators in Italy and some of them are also the first investors in the businesses incubated within them.
The requirements of business incubators are the following:
- availability of facilities, including real estate, suitable for hosting innovative startups, spaces reserved for testing, testing, verification or research equipment;
- availability of equipment suitable for the activity of innovative businesses, internet access systems, meeting rooms, testing, testing or prototype machinery;
- management and consultants in business and innovation;
- collaborations with universities, research centers, public institutions and financial partners that carry out activities and projects related to innovative startups;
- experience in supporting Innovative Startups.
Services offered by Business Incubators
The services that Business Incubators offer to potential investors concern the start-up phases of the activities, among these we can identify:
- assistance for: drafting of the business plan that allows startups to present themselves to an audience of potential investors; mentoring; implementation of marketing and internationalization strategies;
- provision of physical spaces and shared services in order to allow for clear savings in the startup start-up phases;
- entrepreneurial and managerial training;
- search for funding and introduction of investors and partners;
- assistance with administrative services and intellectual property;
- consultancy on social impact assessment, business ethics and corporate social responsibility (CSR).
Types of Business Incubators
Business Incubators can be for-profit or non-profit, public or private, there are four types of incubator:
- Business Innovation Center (BIC): the incubation activity of BICs consists in offering a set of fundamental services to those who, thanks to their own business project, pass a selection;
- University Business Incubator (UBI): university incubators that, in addition to the typical incubation services offered by BICs, offer consultancy services or internships to students;
- Corporate Private Incubator (CPI): incubators owned by large companies that decide to support corporate spin-off activities;
- Independent Private Incubator (IPI): they intervene in the phase following the incubation phase and to provide capital or specific know-how.
Certified Incubators
According to Law 221/2012 and the Ministerial Decree of 22 December 2016, “Certified Incubators” of startups are limited and joint-stock companies (SRL and SpA) or cooperatives based in Italy that offer services to support the birth and development of Innovative Startups with high technological value.
The requesting companies, in possession of the requirements, can obtain the status of Certified Incubator, and benefit from the related benefits, by making the registration request electronically, filling out the appropriate form, in the special dedicated section of the Company Register at the Chambers of Commerce through self-certification presented by the legal representative of the requesting company; possession of the requirements of Certified Incubator must be communicated to the register of companies every year.
The Decree of the Ministry of Economic Development of 21/02/2013 established that in order to register as a Certified Incubator, possession of a series of minimum values is required, to be calculated on the basis of scores represented in tabular form.
Exemption from payment of charges
The Certified Incubator is exempt for 5 years from the payment of:
- secretarial fees;
- stamp duty due for the obligations relating to registration in the Register of Companies;
- annual fee due in favor of the Chambers of Commerce.
The exemption is dependent on the maintenance of the minimum requirements established by law.
Access to the Guarantee Fund for SMEs
The "Certified Incubators" benefit from a simplified, free and direct intervention of the Guarantee Fund for Small and Medium Enterprises (Fondo di Garanzia delle Piccole e Medie Imprese), which is a public capital fund that facilitates access to credit through the granting of guarantees on bank loans.
The guarantee applicable both directly and for operations carried out through Confidi (Consorzi e Cooperative di Garanzia Collettiva Fidi - Collective Guarantee Consortia and Cooperatives) covers up to 80% of the credit granted by the bank to Certied Incubators (and also to Innovative Startups) up to a maximum of € 2.5 million.
The guarantee is granted in the following form:
- automatic: the Fund does not perform any assessment of the merits of the financial data of the Certified Incubator, relying on the due diligence carried out by the bank in charge of the operation;
- priority: requests from Certified Incubators are assessed more quickly than ordinary ones;
- free: there are no costs for accessing the Fund.
The bank involved cannot request real, insurance or bank guarantees on the part of the financing covered by the public guarantee.
Remuneration through equity participation instruments
Certified Incubators (as well as Innovative Startups) can remunerate their collaborators with equity participation instruments (such as stock options), and external service providers through work for equity schemes. The income deriving from the assignment of such instruments does not contribute to the formation of taxable income, neither for tax purposes nor for contribution purposes.
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