EuropaBio calls for the creation of the European Young Innovative Company (YIC) to boost innovation

YIC: crucial to make Europe the most attractive continent for entrepreneurs and investors

20-Jun-2003

EuropaBio calls for a special fiscal status for young innovative companies to encourage investment in innovation, similar to the measures decided by the French Government and those recently discussed by the German Government. "A Young Innovative Company (YIC) could help make Europe the most attractive continent for entrepreneurs and investors," said Dr Philippe Pouletty, Chairman of the Emerging Enterprise Board at EuropaBio.

Public sector funding in research will not achieve the Lisbon goals - 3% of GDP in R & D by 2010 - alone, encouraging the private sector to invest in R & D is key. The scheme would ensure Europe-wide tax privileges for companies that spend at least 15 per cent of their expenditures on R & D and are less than 15 years old.

"More innovation means more jobs. Europe's entrepreneurs and private investors must be encouraged to invest in Europe," says Dr Pouletty. Studies show that countries which invest the most in research and innovation have correspondingly higher numbers of jobs and economic growth.

The new status for innovative companies would mean drastic reductions in employment costs, capital gains tax, local tax and income tax. "Such fiscal attractiveness and harmonisation for the innovation sector would make Europe the best place to invest and to start and grow a company," says Dr Pouletty. "The resulting boost to economic growth would make these tax incentives excellent investments for European countries."

The appeal comes from EuropaBio which brings together CEOs and top decision makers in the biotechnology industry across Europe at their annual meeting in Brussels.

https://www.bionity.com/en/news/24386/europabio-calls-for-the-creation-of-the-european-young-innovative-company-yic-to-boost-innovation.html