In order to start a company in Italy, you must first choose the type of company you want to set up according to the business you have chosen.
What are the types of companies in Italy?
Italian company law allows for different types of company to be chosen:
– Sole trader (individual firm)
– General Partnership (Società in Nome Collettivo)
– Limited Partnership (Società in Accomandita Semplice)
– Private Limited Company (Società a Responsabilità Limitata)
– Public Limited Company
The first three forms of companies are characterised by unlimited liability of the partners for the debts of the company, whereas the limited liability company and the public limited company limit liability to the assets of the company.
The most preferred form for doing business in Italy is the SRL.
What is needed to open a company in Italy?
To open a company in Italy you first need an Italian tax code. The tax code can be obtained at any office of the Agenzia delle Entrate (Italian Revenue Office) or at a Consular office abroad.
The company’s director, with the tax code, can then draw up the articles of association and the memorandum of association, in which he will establish the type of company, the corporate structure, the type of governance, the share capital to be paid in and the place of business.
This activity will have to be carried out with the help of a notary public who will register the activity with the competent Chamber of commerce.
The notary is not necessary if you decide to open a simplified limited liability company.
It will then be very important to choose an accountant to manage the bookkeeping.
To manage a company in Italy, it will also be necessary to have an Italian bank account from which to manage receipts and payments relating to the activity.
How much does it cost to manage a company in Italy?
The cost of managing a company in Italy may vary according to the volume of turnover. Generally, there will be fixed costs due annually to the Chamber of Commerce for keeping the entry in the commercial register and the accounting books.
There will also be annual tax payments and VAT settlements.
Can I open an Italian company from abroad?
if you cannot travel to Italy to set up the company, you can give power of attorney to a professional to carry out all the necessary formalities for incorporation.
The appointed professional will go to the notary on your behalf to set up the company.
The person appointed, however, will not replace you in your role as director of the company. You will therefore need to be present in Italy at least once a year to carry out the formalities required by the articles of association.
You will also need to be present in Italy at least once a year for the appointment of the accountant and the opening of the bank account.
Do you need to set up a business in Italy?
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