SETTING UP IN ITALY
Once you have chosen the structure that you wish to have for
your activity the next stage is to actually go through all the legal and bureaucratic
issues so that you can then start trading. Here we will deal with the important
issues for setting up as a sole trader and as an srl.
Documents Needed: For a sole trader, all that is needed is an identity card (passport will do), a codice fiscale, permesso di soggiorno (non EU citizens only) and, if necessary a license for the activity you wish to carry out. Further documents needed for the setting up of a company might include bank statements from your country of origin and residency certificates. S.I.T. can assist in the obtaining of some of these documents.
Initial Capital: When setting up an SRL in Italy, you need to deposit an Initial capital in a holding account with an Italian bank, prior to incorportaion. This money is availble for use once the company has been incorporated (and, depending on the notary can be used to offset their fees). For companies with more than 1 director this amount is equivalent to 25% of the declared capital (minimum requirement is 10,000, therefore minimum deposit is 2,500) but for companies with only 1 director/shareholder the full amount must be deposited. Apart from this, it is advisable to budget about 7-10,000 euro when starting a company in Italy.
Company Directors: As mentioned above, in terms of the intial capital to be deposited, it is better to have more than one Director/socio when setting up a company. The company must also appoint an administrator, basically a CEO. In most cases the CEO is also a director but as the Administrator must also be a fiscal resident of Italy, it is sometimes not the case. The Administrator is responisible for signing off the accounts at year end and is also responsible for the bank account. S.I.T. can act as an administrator for companies whose directors may not be resident of Italy but prefer to do so for a limited time only.
Documents Needed: For a sole trader, all that is needed is an identity card (passport will do), a codice fiscale, permesso di soggiorno (non EU citizens only) and, if necessary a license for the activity you wish to carry out. Further documents needed for the setting up of a company might include bank statements from your country of origin and residency certificates. S.I.T. can assist in the obtaining of some of these documents.
Initial Capital: When setting up an SRL in Italy, you need to deposit an Initial capital in a holding account with an Italian bank, prior to incorportaion. This money is availble for use once the company has been incorporated (and, depending on the notary can be used to offset their fees). For companies with more than 1 director this amount is equivalent to 25% of the declared capital (minimum requirement is 10,000, therefore minimum deposit is 2,500) but for companies with only 1 director/shareholder the full amount must be deposited. Apart from this, it is advisable to budget about 7-10,000 euro when starting a company in Italy.
Company Directors: As mentioned above, in terms of the intial capital to be deposited, it is better to have more than one Director/socio when setting up a company. The company must also appoint an administrator, basically a CEO. In most cases the CEO is also a director but as the Administrator must also be a fiscal resident of Italy, it is sometimes not the case. The Administrator is responisible for signing off the accounts at year end and is also responsible for the bank account. S.I.T. can act as an administrator for companies whose directors may not be resident of Italy but prefer to do so for a limited time only.
Italiano