The Law on Digital Economy, Entrepreneurship, and Innovation, in force since December 23, 2022, is a landmark that positions Andorra as a key destination in the digital economy.
Below, we highlight in detail two key areas, the boost for start-ups and the attention to digital nomads:
Andorra has taken a bold step by actively promoting funding and investment in start-ups linked to the digital economy. The legislation establishes a specific regime for these companies, providing tax incentives and transparent conditions to obtain and maintain their status. This initiative aims to foster innovation and growth in the digital business landscape.
- Digital Nomads
Andorra’s adaptability to new work dynamics is reflected in the modification of the Immigration Law. New residences specifically designed for foreigners contributing to the digital economy have been introduced. The flexibility of immigration authorization criteria and the removal of excessive salary requirements demonstrate Andorra’s commitment to welcoming this emerging group.
The legal framework also addresses other significant areas.
- Special Economic Zones (SEZ): These specific geographical areas seek to promote socio-economic growth by removing obstacles to the development of economic activities and offering tax incentives. The designation of SEZ, under the Ministry of Economy and Business, involves obtaining licenses and complying with specific requirements.
- Incubators, Accelerators, and Clusters: Mechanisms such as incubators, accelerators, and clusters drive the creation, development, and collaboration between businesses. The Ministry of Economy and Business supports these initiatives with electronically managed economic stimulus plans.
- Coworking and Coliving: The regulation of accommodation activities in coliving and coworking spaces establishes authorization requirements and registrations in the Coworkings and Colivings Register for the managers of these facilities.
- Remote Work: The law modifies labor relations to address remote work, providing a clear framework for remote work contracts and allowing flexible schedules.
- Crowdfunding for Companies: The regime overseeing the provision of crowdfunding services through platforms authorized by the AFA highlights the importance of financing in business development.
This legislation represents a significant step forward for the development of the digital economy in Andorra, providing a regulatory framework that adapts to the challenges and opportunities of rapidly growing sectors.
For detailed information, contact addwill in Andorra at +376 833 333 or via email at email@example.com, or click here.