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With its strategic location within the European Union, Italy presents many opportunities for international entrepreneurs.
Before diving into the details of Italian business ownership, you’ll want to understand the requirements. How much does it cost to launch a business in Italy? What factors should foreign investors consider?
Let’s look at how to start a business in Italy and the steps you’ll need to take.
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Italy presents a wealth of opportunities for entrepreneurs. The country's welcoming business environment and diverse economy make it an attractive destination for foreign entrepreneurs.
However, navigating the process of starting a business in a foreign country can take time and effort. Before digging into the steps, let’s see whether you can even start an Italian business as a foreigner.
Yes, as a foreigner, starting a business in Italy is achievable, even if you're a non-EU citizen. The process is similar to that for EU citizens, but you may need a business visa depending on your situation.
Fortunately, Italy offers various visa options tailored to self-employed international freelancers and startup founders.
While the process might seem complex at first, understanding the essential steps can make establishing your business in Italy a smoother experience. Here are the key steps for starting a business in Itay:
Familiarize yourself with Italian tax laws and regulations to ensure timely payment of taxes and avoid penalties. Fulfill Social Security obligations and register for relevant insurance coverage.
The cost of starting a business in Italy as a foreigner can range from €5,650 in the first year to €1,850 in subsequent years. This covers essential expenses like company incorporation and registration.
A breakdown of typical expenses for running a business in Italy includes:
Note that the minimum share capital requirement varies for different types of companies. For a limited liability company (LLC), it ranges from €1 to €10,000, while a joint stock company requires at least €50,000.
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The Italian government has streamlined investment processes, aiming to foster economic growth and innovation. While navigating bureaucracy can still be a challenge, here are the key legal requirements for foreign entrepreneurs:
Italy upholds the principle of reciprocity in international trade, ensuring that foreign citizens enjoy the same business rights in Italy as Italian citizens do abroad.
Selecting the optimal legal structure depends on various factors—some key factors to consider include:
The business structures you can choose for starting a business in Italy include:6
Sole proprietorship (Ditta Individuale)
Limited liability company (SRL)
Joint-stock company
By understanding these aspects and seeking guidance from local experts, you can confidently embark on your entrepreneurial journey in Italy.
The business licenses and permits for starting a business in Italy can vary significantly depending on several factors:
While specific licenses vary by industry, all businesses will need the SCIA (Segnalazione Certificata di Inizio Attività). This self-certification permits the start of various business activities. It often requires accompanying documentation and compliance with specific regulations.7
You might also need authorization for specific activities or certain sectors, like food service, tourism, and healthcare, require special authorizations. if your business impacts the environment, you may need permits related to waste disposal, emissions, or resource usage.
Italy welcomes entrepreneurs with a range of business opportunities. However, before you can join the ranks of successful Italian businesses, there's essential paperwork to gather. Understanding these requirements will help you navigate the process smoothly and efficiently.
Here are the key documents to opening your business:
To get your business up and going, you’ll also need a business visa.
If you're a non-EU citizen, obtaining a business visa is usually necessary. Italy offers various options for your business visa, including:8
Each of these visas has specific requirements. However, there is a standard set of documents that everyone must have, including:
Additionally, business visa applicants may need additional documents based on their employment status.
The fees for a business visa vary depending on the type of visa and its validity period. The fee for a long-term visa valid from 91 days to a year is €116.
Gathering everything you need to open a business bank account is an essential step when establishing your company. Here are some key tips for opening a business account in Italy to ensure a smooth and successful process:
The process of opening a business bank account in Italy or any foreign country can take time and may involve multiple interactions. Be patient and persistent in following up on your application.
If your Italian business will require frequently sending money internationally, consider an account like Wise Business.
Setting up a business in Italy is complex enough for foreign entrepreneurs. But Wise is here to take the hassle out of getting a business account with Euro account details.
Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to 160+ countries.
Wise Business is a great solution that caters to the needs of international business owners with:
With Wise Business, you can focus on growing your business in Italy while managing your finances hassle-free.
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Getting an Italian business account can take time and require in-person appointments, but with Wise Business you can register online, and get Euro account details with ease. With Wise Business, you'll have everything you need to manage your finances effectively as you navigate the exciting journey of starting a business in Italy.
In Italy, the formation of a limited liability company (SRL) requires the execution of a notarial deed, known as the "Atto Costitutivo." This legal document outlines the company's fundamental details, including its name, registered office, business purpose, share capital, and shareholder information.
The process of getting the deed of incorporation in Italy involves the following steps:9
After filing your incorporation deed, you’ll need to obtain a tax code from the Italian Revenue Agency (Agenzia delle Entrate) and register with the National Social Security Institute (INPS).10
Here are some useful resources for further reading before embarking on your new business in Italy:
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8 Tips for Starting a Business in Another Country |
Sources:
All sources checked July 2024.
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This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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