Italian News Headlines 04-12-2022 - 314 local high school children are working as 'Mud Angels', leading the clean-up and search efforts on the island of Ischia, as the 11th body has been found --- Italian, Luciano Rossi, beats Russian oligarch and Putin ally to become president of the International Shooting Sport Federation (ISSF) --- Gianluca Ferrero has been appointed president of soccer team, Juventus, after the entire board resigned on Monday --- Italy declares 'State of Emergency' after at least 8 people die in a landslide on the island of Ischia --- A tourist was swept to her death while attempting to video large waves crashing onto the Amalfi Coast. Her husband was also in the water but survived
Abruzzo, region of abruzzo, abruzzo region

Italy might be the next market for your expanding business

Italy may be best known for its natural beauty, history, and fascinating cultural heritage.

However, its favorable geographical location, developed transportation network, and growing import-export activities make it an interesting destination for many entrepreneurs. It might be particularly attractive for those who intend to open a company or expand their business in Mediterranean Europe, with easy access to North Africa and the Middle East as well.

The country has 40 major ports and 42 airports and an extensive rail network, most of which (approximately 60 percent) is part of strategic European corridors (TEN-T CNC).

Italy is a great export trader as well, one of only five countries worldwide having an export trade surplus of over 47 bln euros in manufacturd products. If we compare year-on-year the February-April 2022 quarter, we see exports growing by 6.9 percent. As of April 2022, exports increased by 14.9%, with +17.7% growth to the EU and +11.9% growth to non-EU markets (ISTAT).

An increase in Foreign direct investments in Italy

According to the EY Europe Attractiveness Survey 2022, in 2021 Italy confirms a positive trend in terms of foreign direct investment, with 207 FDI projects implemented and an annual growth rate of 83 percent, which is higher than what it registers in all other European countries.

Italy boasts a solid and advanced manufacturing industry, second only to Germany in Europe and fifth worldwide. We are not only talking about Fashion, Food, and Furniture but also Machinery, Pharmaceuticals, and High-Tech. The number of foreign direct investments in Italy increased compared to 2020, particularly in the machinery, agribusiness, consumer goods, and automotive sectors. Moreover, the sectors that attracted higher volumes of foreign investment were IT software & services, transportation & logistics, and B2B services.

How to open a company in Italy as a foreign entrepreneur

There is no nationality requirement to be a shareholder or a director of an Italian company. Neither do you need to have an Italian partner? Any foreign company or foreign natural person can hold shares of an Italian company.

If you believe that Italy may be the right market for your business, Italian Company Formations is the legal partner for you. It is the corporate department of the law firm LEXIA Avvocati, based in Milan, which specializes in assisting foreign companies and individuals to undertake and manage their business in Italy. Being able to take advantage of local support that can juggle Italian legislation and manage the documentary and bureaucratic aspects of the procedure of setting up a company in Italy makes it much easier to start your business smoothly.

To open a company in Italy, there are a few steps to undertake, that the lawyers at Italian Company Formations can handle for you:

  • registering the director(s) and shareholder(s) of the proposed company with the Italian Tax Authorities (i.e. obtain a Codice fiscale);
  • collecting all required information and having all relevant documents (Memorandum and Articles of Association, Power of Attorney, etc.) drafted
  • Signing the article of association in front of a Notary Public (through a power of attorney)
  • obtaining a certified email address and the VAT number of the company;
  • obtaining the certificate of incorporation (Visura)
  • opening a bank account

How long does it take to open a company in Italy?

In Italy, the incorporation process can take a little bit longer than in other countries, where one day is enough. In Italy, the time frame for the incorporation of a company (including obtaining VAT and opening a bank account) is around 5 working days, but the advantage is that, at the end of the procedure, no further steps are necessary. VAT number is obtained before the company is even incorporated and it only takes a couple of hours to open the bank account. In the UK, for example, a company is incorporated in one day, but it can take several weeks to obtain a VAT number, and also opening a bank account can take longer for a foreigner.

How to work in Italy as a non-EU entrepreneur: visas and residence permits

If a foreign citizen coming from outside the European Union intends to relocate to Italy and start a company, it will be necessary to have a visa/residence permit. A self-employment visa for directors or auditors of an Italian company is a type of visa and residence permit specifically conceived for this case. It lasts 2 years and is renewable. However, it is always suggested to ask a *local immigration lawyer* (link) to get advice on the most appropriate type of visa for each specific case.

Italian Law firm Lexia Avvocati – Legal support

Lexia Avvocati is an Italian independent law firm aimed at assisting foreign companies and individuals to establish and operate their businesses in Italy.

We provide our clients with legal advice, tailored consultancy, and support in all the steps required to effectively set up a company in Italy.

Moreover, we have a dedicated immigration team that provides services such as VISAs, residence permits, citizenship applications, and relocation services for everyone looking for reaching Italy from outside the European Union.

Through its dedicated teams, Lexia firm can provide a multidisciplinary integrated approach covering all corporate, labor, and tax aspects related to relocation in Italy.

Discover more about our corporate incorporation services and our immigration services.

Map of Italy
Facts & Figures
Area: 301,225 km²
Population: 60,157,214
Capital: Rome
Currency: Euro (€)
Calling code: +39
Internet TLD: .it

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