Microsoft Word - L178-2015.docx SAN MARINO We the Captains Regent of the Most Serene Republic of San Marino Having regard to Article 4 of the Constitutional Law no.185 / 2005 and Article 6 of Qualified Law n.186 / 2005; Promulgate and publish the following ordinary law approved by the Great and General Council at its meeting on November 25, 2015: December 4, 2015 LAW 178 LAW IN SUPPORT OF YOUNG ENTREPRENEURS AND NEW BUSINESS 'IN THE OLD TOWN CHAPTER I SCOPE AND PURPOSE' Art .1 (Objective of the law) 1. this law has as its purpose the promotion and support of young businesspersons and the development of activities in town centers. 2. The law intends: a) to encourage entrepreneurship among young people; b) improving their professionalism of beneficiaries and promote the enterprise culture; c) facilitate access to credit for young companies and / or prevailing participation of young people; d) provision of economic and tax incentives in favor of economic activities and in favor of public exercises in the outlying town centers, with the aim of revitalizing the outlying town centers through the creation of new economic activities. Art. 2 (Beneficiaries) 1. They can access the benefits under this law: the San Marino law firms, newly created, organized individually, as a company and as a cooperative. 2. questions relating to business initiatives that are considered as eligible are in fact a continuation of pre-existing companies unless they no longer be an detection of the same. To this end, the detection of relatives and businesses to the 2nd degree, the applicant or the applicant is eligible for assistance only in cases in which the takeover is characterized by innovative elements, as provided in subparagraph h) of ' Article 4, compared to the activity previously carried out. CHAPTER II INCENTIVES IN FAVOUR OF YOUNG ENTREPRENEURS Art. 3 (Requirements) 1. They can access the benefits of this Chapter and undertakings referred to in Article 2: a) individually organized, the exclusive property of young people with age between 18 and 40 years, 45 years if female, and who have actual residence in the Republic of San Marino; b) organized as a company and as a cooperative where at least 51% of the shares of both of young property with an age between 18 and 40 years, 45 years if female, and who have actual residence in the Republic of San Marino or San Marino citizenship. Art. 4 (Benefits) 1. For the benefit of the undertakings referred to in this Chapter, are the following benefits: a) honor loan is set up as a tool for encouraging the promotion of entrepreneurship among young people, through subsidized loans granted on 'honor that is not secured by any kind of collateral. The Loan of honor may be paid up to a maximum of fifteen thousand euro / 00, to be returned from the second year of operation in four equal half-yearly installments and by December 31 of each year. The amount granted by the funding should only be used to meet the costs of formation, investment and management of economic initiative. They not for the purchase of properties are allowed and for the purchase of motor vehicles, with the exception of cases where the vehicle is the main instrument of the task. however charges are permitted for the rental of buildings used exclusively to business. The funded assets will be allocated, physically and legally, to the conduct of the activities initiated, for the entire duration of the loan, except in cases of substitution related to the functionality of the assets. the exemptions apply to which the Laws July 27, 1979 and 50 of May 13, 1980 # 37; b) tax incentives consisting in the application the rate IGR facilitated equal to 4% for the first 6 years of operation; c) significant contributory incentives in 50% relief on contributions paid by the employer for employees hired from the start lists to work for up to six years. If the application form is submitted prior to the date of issue of the license, the six years from the date of issue of the license; if the application for admission has been submitted after the date the license is issued, the six years from the date of admission as to the benefits; d) provide substantial financial incentives in the provision of subsidized credit, guaranteed by adequate personal or real guarantees, in Article 5, with interest paid by the State to the extent
60% of the eligible project, calculated on the ceiling of EUR one hundred thousand / 00 for service enterprises and commercial and two hundred thousand / 00 Euros for production companies. The provision of subsidized credit on eligible investments referred to in Article 5 is subject to the provision of lien on assets financed in favor of the state and guaranteed against the action to set aside in accordance with Article 16 of Delegated Decree 28 June 2013 n .73. the benefits are applicable under Article 17 of the same statutory instrument; e) notwithstanding the provisions of Law 47 of February 23, 2006 "Companies Act", as amended and supplemented, the payment of the entire share capital fully subscribed, can take place by the third year of operation, without incurring the effects referred to in Article 12, paragraph 4, of the above Act and subsequent amendments and additions; f) tax losses generated in the first three tax years from the date of constitution of the new company may be included in a decrease in the total income of subsequent tax periods with no time limit; g) exemption from the license fee of the first release, and for the next two years, with no possibility of reimbursement of the fee if already paid; h) the benefits referred to in subparagraph a) may be tripled, up to a maximum of forty-five thousand EUR / 00 in the event that the company is innovative. It is considering the innovative business that brings in the product, process, organization or relationship with the market novel features compared to the state of technology and / or knowledge found in companies and representing an economic valuation of knowledge and scientific expertise. Art.5 (Eligible investments) 1. For the purpose of granting credit facilitated for in Article 4, letter d), are considered eligible investments for the realization of the project related to: a) machinery, plant and equipment; b) Other assets over several years materials. 2. They are not considered eligible: a) investments in the purchase of land and the construction or for the purchase of buildings for business location; b) investments made before the date of submission of the application for admission to the facilities. CHAPTER III ACTIVITIES 'IN TOWN CENTRES Art. 6 (Requirements) 1. They can access the benefits of this Chapter, the undertakings referred to in Article 2: a) held for at least 51% by natural persons who are actually resident San Marino citizenship or b) having their registered and carry out their activities in the outlying town centers. Are considered for the purposes of this Act outlying town centers, the areas indicated in Article 33 of the Law of 29 January 1992 7 and its implementing rules, identified in the A1 and A2 areas, with the exception of the historical center of San Marino City . Art. 7 (Benefits) 1. For the companies referred to in this Chapter, the following benefits are provided: a) substantial tax incentives applied only IGR facilitated equal to 4% for the first six years of operation; b) significant contributory incentives in 50% relief on contributions paid by the employer for employees hired from the start lists to work for up to six years. Should the application be submitted prior to the date of issue of the license, the six years from the date of issue of the license; should the application be submitted after the date the license is issued, the six years from the date the resolution for admission to the benefits; c) incentives to stabilize in the first two years of activity, is paid a grant equal to 20% of the rent for the first year and 10% of the rental fee for the second year. This contribution is calculated on a maximum annual fee of fifteen thousand euro / 00, with a maximum of three thousand / 00 euro provision for annual rent. The evaluator committee reviews the adequacy of the fee with the market prices. The registration tax is still paid the entire fee, according to current regulations. 2. If the applicant meets the requirements of Article 3, the benefits referred to in this Article may be combined with the benefits provided for in Article 4, letters a), d), e), f), g), h). CHAPTER IV BENEFITS Article 8. (Applications for admission to the benefits) 1. Applications for admission to the facilities should be submitted to the Office Industry and Commerce no later than one hundred and eighty days from the date of the first issue of the license or the date of detection and They must contain: a) corporate name, full name, address, age, and legal representative;
b) the list of the firm's owners or members, if requested by the legal person; c) the business plan, with specification of the characteristics of the product and / or service you want to produce / carry, the markets for procurement of the necessary resources, the market outlook; the business plan (business - plan); the economic and financial plan; d) the employment plan; e) self-certification by the owner or legal representative of the fitness referred to in Article 11 for owners, directors, partners; f) the list of expenses or investments made or to be made at the end of the request the loan of honor, referred to in subparagraph a) of Article 4. 2. The applications for admission to the benefits for businesses are also considered that the the time of submission of the application have not yet achieved the first licensing. In the latter case, the distribution of benefits is subject to a license, as per submitted application, within twelve months from the date of notification of admission to the benefits. Art.9 (assessor Committee) 1. The benefits are granted by an evaluator committee made by Secretary of State for Industry and Commerce or his delegate, the Secretary of State for Labour or his delegate, the Office Manager Industry and Commerce or his representative and the Director of the Chamber of Commerce or his delegate. The assessor Committee shall be chaired by the Secretary of State for Industry and Commerce or his representative. The assessor Committee shall be convened by the Office Manager Industry and Commerce. 2. The evaluator committee has the task of verifying that the requirements of the present law, the correctness and completeness of the documentation, as well as to examine, evaluate the business plan and deliberate on. 3. The Committee shall examine the evaluator within twenty working days from the presentation by the project promoters, then deliberates and communicates to the presenter, by registered letter with acknowledgment of receipt, its reasoned decision within ten working days from the date of the resolution. Article 10 (Examination of the application and admission decision to the benefits) 1. The assessor Committee on the basis of the submitted project, decides admission to the benefits to the extent and proportion that they consider most adequate to the realization of the business project, taking into account the suitability of the proponents, of the target market potential, the envisaged technical choices, the initiative affordability and evaluated the initiative compatibility with any general economic guidelines of the Republic of San Marino. 2. The liquidation and disbursement of the loan of honor and incentives to stabilization are made by Industry and Commerce within seven working days from the resolution date of the issuance of benefits. Art.11 (Suitability) 1. For the examination of the application for access to the benefits provided for in this law, the beneficiary company as a legal person, the holder, the legal representative, directors, shareholders persons natural or legal, must not be "unsuitable subjects" under point 9), paragraph 1, Article 1 of Law 47/2006, as amended. Art.12 (Revocation and cumulation of benefits) 1. The assessor shall exercise control regarding the implementation of the business plan for which the benefits have been granted under this Act in order to verify: a) the accuracy of declarations She made by the recipient; b) the status of implementation of the business plan; c) the maintenance of the requirements of this Act. 2. For the purposes of paragraph 1, the Office of Industry and Commerce has checks and inspections at the recipient firms. 3. During the three years following the use of the term benefits granted, the beneficiaries shall make available to the Office Industry and Commerce all documentation relating to the benefits received. 4. We do not allow the transfer of the license or acts of units or shares of companies that eliminate the subjective conditions set out in Articles 3 and 6, for at least one year after the end of the fruition of the last incentive enjoyed under this law. The said transfer results, if incentives are still in progress, the immediate forfeiture by them and in any case the obligation to repay the perceived benefits. 5. The amounts paid as loan of honor, if the first two repayment installments envisaged are not paid or paid, are in accordance with Article 2 of the Law of May 25
70 of 2004 as amended, sums to sign up for the role. Competent to exercise any action for the recovery of the sums granted is the Industry Office, Crafts and Commerce, with the support of the assessor Committee and the organs of public administration. 6. To achieve the objects and perform the functions assigned to it by this Act, the assessor Committee has the authority to adopt regulations that will have an explanatory function and interpretation of the tasks assigned by this law. Art. 13 (Reduction or withdrawal of benefits) 1. In cases of failure, partial or uneven implementation of projects is subject to the revocation by the assessor Committee, in full or partial form, the benefits stated in this law. 2. With the revocation will the return of the amount of subsidy, plus interest accrued to the official reference rate. 3. The benefits under this Act can not be combined with those provided by other rules. E 'subject to abatement application of the minimum expected income to paragraphs 5 and 6 of Article 11 of Law 158 of October 5, 2011, as amended by Article 55 of Law 200 of December 22, 2011. 4. For matters not covered by this law with regard to loans and credit facilities, will apply mutatis mutandis the Chief Executive Decree 28 June 2013 73. Art.14 (Financial coverage) 1. Costs incurred in financial incentives are counted against the cap. 2-4-7226 "Grants for / interest and royalties account for interventions in support of economic activities (Article 25 Ln150 / 2012 - DD 93/2013). 2. To give effect to this, the costs of obtaining the loan of honor and incentives to stabilization are recorded in a special chapter of the budget to be set up. 3. The costs of the tax relief are counted against the cap. 2-4-7460 "special fund for employment interventions and containment of labor costs." 4. The sums set aside and not used in a financial year may be used in future periods. 5. Applications shall be entitled to the benefits within the limits of the budget appropriations and in order of presentation. CHAPTER V FINAL PROVISIONS Art. 15 (Repeals and Transitional Standard) 1. E 'repealed the Law 134 of 24 November 1997 "Law to support new youth and female entrepreneurship" and related Regulations 11 February 2011 2, as amended, and integrations. 2. Requests pursuant to Law 134/1997, provided they do not yet examined by the Commission according to the said, at their request, may be examined by the assessor Committee for access to the benefits provided by this Act. Art. 16 (Entry into force) 1. This law comes into force on the fifteenth day following that of its legal publication. Our Residence, this day of 4 December 2015/1715 THE CAPTAINS REGENT Lorella Stefanelli - Nicola Renzi THE SECRETARY OF STATE FOR INTERNAL AFFAIRS Gian Carlo Venturini