Luxembourg has launched a new label for social impact (SIS) companies, in a bid to increase visibility and support.
Announced on Monday, the “IMPACT LUXEMBOURG – Societal Impact Company” label was launched by the Luxembourg union for social and solidarity economy (ULESS) in close collaboration with societal impact firm KnowThyBrand Women SARL-S SIS, and the ministry of labour, employment and the social and solidarity economy.
Status since 2016
Luxembourg created the legal basis for SIS companies contributing to the social and solidarity economy in 2016. The status is conferred to companies and social entrepreneurs who conduct socially innovative activities, including the creation of a commercial company to carry out an economic activity while generating a societal impact. The profits of the company must be reinvested in the company to maintain the activity and maximise the societal impact.
Any company with ministerial approval to operate as a “Social Impact Company” (SIS) can contact ULESS to obtain the graphic files and guidelines for the use of the label.
Economic diversification
The creation of the label, as well as the launch of the social and solidarity economy portal, reflects the government’s desire to promote the social and solidarity economy as part of Luxembourg’s economic diversification policy. It follows the recent launch of Luxembourg’s first social business incubator in Luxembourg-Neudorf.
