Italian News Headlines 26-09-2023 - Cosa Nostra mafia boss, Messina Denaro, has died of colon cancer at the age of 62. He was being held in a maximum security prison after 30 years on the run. He was responsible for dozens of murders including those of anti-mafia magistrates, Giovanni Falcone and Paolo Borsellino --- Giorgio Napolitano, the only Italian President to be elected twice, has died in Rome at the age of 98 --- Italian Prime Minister, Giorgia Meloni, met with European Commission President, Ursula von der Leyen, on the Italian island of Lampedusa to discuss the European refugee crisis after more than 7,000 migrants arrived from Tunisia in a single week --- Venetian authorities vote to introduce 'ticket only' access to the city from 2024 --- A man who posted a video of himself carving his name into the wall of the Colosseum, while his girlfriend watched, has been identified as living in Britain --- Following the death of Silvio Berlusconi, on June 12th, Antonio Tajani will be appointed the new president of Forza Italia --- Silvio Berlusconi, 4 times Italian prime minister, has died at the age of 86 from complications resulting from Leukaemia --- Extreme weather in Emilia-Romagna has led to 14 dead and 35,000 displaced. There are 500 roads closed and over over 300 sites at risk of landslides --- Two new victims of the Vesuvius eruption in 79AD have been discovered during excavations in Pompei
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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