The investor visa applies only for an investment into an "innovative start-up" as defined by the law. The time of incorporation is only one factor to be taken into account. "Innovative start-ups" listed in a separate section of the companies register are defined as any companies with shared capital (i.e., limited companies), including cooperatives, whose capital shares – or equivalent – are neither listed on a regulated market nor on a multilateral negotiation system. These enterprises must also comply with the following requirements: be newly incorporated or have been operational for less than five years (in any case, not before Dec. 18, 2012); have their headquarters in Italy or in another EU country, but with at least a production site branch in Italy; have a yearly turnover lower than 5 million euros; do not distribute profits; have as exclusive or prevalent company object – as stated in the deeds of incorporation – the production, development and commercialization of innovative goods or services of high technological value; are not the result of a merger, split up or selling off of a company or branch. The innovative character of the enterprises is identified by at least one of the following criteria: at least 15 percent of the company’s expenses can be attributed to R&D activities; at least 1/3 of the total workforce are Ph.D. students, the holders of a Ph.D. or researchers; or, alternatively, 2/3 of the total workforce must hold a master’s degree; the enterprise is the holder, depositary or licensee of a registered patent (industrial property), or the owner and author of a registered software.
