Spain will contribute 400 million euros to the European fund to support start-ups

The Council of Ministers has announced the granting of €400 million still common European project that seeks to support new high-tech companies. In this way, the European Union would strengthen its strategic autonomy and it would be achieved fill the funding gap owned by emerging companies and which, in the words of the Government spokesperson and Minister of Territorial Policy, isabella rodriguezthey have the bright future of Europe in their hands.

The European Investment Bank, Germany, France, Italy, Belgium and now Spain are joining the common European financing fund, achieving the project so far a total of 3,750 million euros. The Government’s objective is to promote that autonomy of the European Union in the industrial field and other sectors in order to be self-sufficient and face the challenges of the contemporary and technological era by their own means. And it is that the future that the new technological startups have ahead of them, hand in hand with Europe, is really promising.

Deductions from the Startup Law

This new pact comes to reinforce what is known as Startup Lawwhich entered into force on December 23 and allows the taxpayer deduct half of the investment subscription of shares or participations in newly created companies until reaching a maximum base of 100,000 euros per year.

The new one Law for the Promotion of the Ecosystem of Emerging Companiesunder whose name it was registered in the BOE, is intended for companies that are at least five years old (seven in the case of some strategic sectors), with headquarters in Spain and that have the ‘start-up seal’ Awarded by Enisa. Likewise, the regulation establishes that they must be companies that have not invoiced more than 10 million euros and that they develop an innovative entrepreneurship and business project of scalable range.

Besides the reduction of red tapethe innumerable tax advantages make many companies take advantage of the new regulations. Among the conditions established by the new Law is that the shares or participations are purchased at the time of the constitution of the company or when a capital increase has been carried out, maintaining said patrimony between three and twelve years. Similarly, the taxpayer may not own more than 40% of the capital of the company.

It is true that until the end of 2022 there were deductions on investments of this type, set at 30% of capital until reaching the maximum 60,000 euros. But with the new Law on Startups, incentives such as the Corporate tax reduction up to 15% during the first four years, the elimination of the obligation to pay in installments or even the possibility of deferring tax debts. In addition, it imposes a tax exemption for stock options of up to 50,000 euros and favors the sandboxingamong other measures. The remuneration will be taxed in case of liquidity and as income from work.

The new Startup Law also includes a additional provision to undertake the creation of the Spanish Agency for the Supervision of Artificial Intelligence, as well as to extend the modification of the Account Audit Law.

As a result of the approval of the Law on Startups, the deputy of the PSOE, begona Nasarrehighlighted the good working environment that allowed many new amendments to be incorporated, while the deputy of Unidas Podemos, Lucy munoz, celebrated “the participation of civil society and parliamentary groups in its development.” Similarly, the representative of the Popular Party, Víctor Píriz, assured that this law was necessary for the innovative sector in Spain and that it can grow and spread much faster.

National Forum of Emerging Companies

With the entry into force of the new Startups Law, the Council of Ministers must now work on the approval of a royal decree that regulates the operation of the National Forum of Emerging Companieswhich will be defined as an inter-ministerial consultative and collaborative body between public research organizations, technology centers, public administrations and universities.

With this new association, good practices will be identified and public policies to promote entrepreneurship in research and development will be discussed.

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