26 07 2017 Startup Updates, second half of 2017 – New simplified amendments to the articles of association and bylaws of startups established with online procedure and digital signature are now subject to the sa

Italy continues its race to establish a startup-friendly environment. The new way granted to modify the articles of association and the corporate bylaws arises from Ministry of Economic Development Decree of February 17th 2016, which established the simplified procedures to establish the so-called “Innovative Startups”. Since June 22nd 2017, the startups established in this way are allowed to modify the said records online with the same procedure used for the establishment (i.e. by the means of a digital signature). The change has been anticipated by another Decree, the so-called Investment Compact – which not only stated that the innovative startups could opt for the establishment with digital signature (saving the time and money from the establishment through an ordinary public deed signed in front of a notary), but also that the articles of association and bylaws could be modified afterwards online according to a uniform form adopted with a decree of the Ministry of Economic Development – the last part of the provision was implemented on May 4th 2017 with the issue of the Director’s Decree on this subject.

It shall be pointed out that the provisions on Startups implemented by Italy from 2012 to nowadays (which has been discussed often here) has received the silver medal in Europe according to the “Policy Tracker” of the European Digital Forum.

Therefore, in 2016 Italy stepped up on the podium before England, Spain and France, preceded only by the Netherlands. The judgment focused on the competence of the Countries to provide support to the startup economy, evaluating training, access to assets, tax assistance, data & privacy, employees’ flexibility. The efforts carried out in the past five years have been taken into account for the evaluation.

Notwithstanding the placement in Europe, the necessity to develop a dynamic national economy and the capability to attract foreign investors are essential nowadays, and the entirety of the provisions on startups tends towards this direction. Therefore, we are looking forward to discussing the further developments related to this matter.