The Council of Ministers approved in its meeting on Friday the draft of the so-
called
law of
startups
-indeed,
law of the ecosystem of startups
- a document with some news regarding the presented in July.
It is a regulation that aims to promote both the creation and the attraction of emerging companies with measures such as softened taxation or tax facilities for those who acquire
stock options
.
The new text has incorporated some of the requests that came after the public consultation, according to
Europa Press
. Thus, the retouching seeks to make the project more ambitious while correcting imperfections or ambiguities.
What are the main novelties? There are several. On the one hand, the limit for
tax-free
stock options
has increased considerably
, from 12,500 to 50,000 euros (the previous document set the limit at 45,000 euros). In addition, entrepreneurs with several of these companies will now be allowed to benefit on more than one occasion from the reduction of corporation tax.
The type of deduction for investment in the first five years - seven years for biotechnology companies - of one of these companies has also been increased (it was going to go from 30% to 40% and finally it will increase to 50%). The rise in the maximum deduction base is maintained as in the July draft: the first 100,000 euros of investment will be tax-free.
From the point of view of attracting non-resident investors in Spain, the text has been updated so that instead of the NIE they only need a NIF. Why have
stock options
changed
?
Stock options
, are a tool that allows startups to pay their employees, in part, with these options, which will allow them to get hold of company shares at some point, generally for a lower price than what they will have in the market. It is, in a way, a way of betting on the performance of the firm itself. The idea of the law, as stated in its presentation, is to facilitate the creation of controlled test spaces (
sandboxes
regulations) so that the regulatory framework adapts to these new companies.
In this sense, with
stock options
the exemption from their taxation will be increased. At first, it was going to go up from 12,000 to 45,000 euros per year, but finally that figure has increased to 50,000 euros per year. In addition, as published by
Business Insider
, the accrual of returns will be delayed until the event of liquidity. That is to say, workers will not contribute for receiving these options or for executing them, but only if they sell them.What is the figure of the serial entrepreneur? It has to do with the reduction of corporation tax during the first four years of a startup. The Government considers these key measures for Spain to become "a
hub
attraction "of these companies, as explained by Nadia Calviño in July, when she announced that the tax rate will be reduced, both in corporate tax and in the income tax of non-residents, from the general rate from 25% to 15%. %. The difference with respect to the previous text is that now the possibility that the same person can create several companies (up to three) and take advantage of the measure that favors emerging companies will be included. Before this figure did not exist, so If a founder had already created a company, he would not be able to reduce the tax rate. Who will decide what a
startup is
? The certification will be done through a one-stop shop that will be managed by Enisa, at least until the National Entrepreneurship Office is formally constituted, something that, according to
Europa Press
, has recommended the CNMC. When will it come into force? Once it is approved by the Council, it will have to go through Parliament.
It must be taken into account that the law is part of the reforms that appear in the Recovery, Transformation and Resilience Plan and its approval deadline is 2022. However, it is expected that the
startups
law will
be approved before or after summer next year.
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