The Young Innovative Company (YIC), a project supported by France Biotech and EuropaBio, and funded by the European Commission, is expected to encourage the development of biotechnology and could help counter opposition to genetically modified crops in Europe. Biotech associations from Sweden, Finland, Norway, and Estonia have joined this initiative, which is aimed at creating and developing globally competitive R & D-driven companies.

The YIC status can help develop small companies through social cost and tax exemptions by allowing them to reinvest the savings in R & D. France was the first country to adopt a YIC-based fiscal regime, exempting companies up to eight years from taxes and social contributions.

More on this initiative from http://www.nutraingredients-usa.com/news/ng.asp?n=64052-biotech-gm-crops

Source: CropBiotech Update