Avoiding Notary Fees when Incorporating an Innovative Start Up.

On February 19, the Minister of Economic Development signed a decree, which introduces the possibility of certain types of companies without the aid of a Notary.  
The decree, which constitutes an important new element to encourage the creation of innovative start-ups, refers to those companies as defined by art 25 of Decree 179/2012, the so-called Growth 2.0 Decree.
This innovation shall mean that the articles of association and the deed of incorporation  may be written directly by members of the startup and the Company Registrar of Companies will authenticate the signatures and will proceed to a real time registration of the company.
The measure therefore allow for the establishment startup process is much more simple and convenient: the company may in fact be formed immediately eliminating the costs of preparing for notary public act.
According to Italian law innovative start-ups are limited liability companies, sometimes even in the form of cooperatives and non-listed companies, which:
-    Have carried out business activities for no longer that the last five years;
-    Are established in Italy or in a European Union Member State with a production office or a branch in Italy;
-    Sales do not exceed 5 million euros;
-    They do not distribute and have not distributed profits;
-    Develop, produce and market innovative products or services with high technological value.
Innovative start-ups must moreover possess the following additional requirements:
i)    Invest in research and development profits for at least 15 percent;
ii)    At least two-thirds of the workforce is made up of employees with research doctoral degree or who are doing a PhD at Italian or foreign university, or have a master's degree;
iii)    Are holders or licensees of at least one IP asset related to an industrial, biotechnological invention, to a topography of semiconductor product, a new plant variety or are holders of the rights to a computer program for the original, provided that such deprivation adhere directly to the corporate purpose and activity of enterprise.