This can be carried out by the Board of Statutory Auditors only if: Auditors also have the right to obtain from the directors documents and information useful to perform the audit activities and can carry out inspections, investigations and examination of deeds and documents of the company. - dozens of articles and free information on the best Italian structures. cooperative, different types of partnerships, sole proprietorship, branch or representative office; and Simplified S.r.l.? The representative office has only an auxiliary or preparatory function to facilitate the foreign company’s penetration in the Italian market. At least 2,500 EUR (a quarter) must be paid as a deposit upon incorporation. The company shall have at least one director and one shareholder (the shareholder/s and the director/s can be the same person and do not need to be Italian residents); The company must have a registered address in Italy (if you don’t have an office in Italy, we can provide registered office service); The director(s) and shareholder(s) of the proposed company shall obtain a tax identification number (. A representative office is a registered office of a foreign company that carries out in Italy, merely and exclusively, promotional and advertising activities, collection of information, scientific or market research. - the types of companies that can be incorporated in Italy: limited liability company, joint stock company. There are many types of business entities in the US. Main vehicles for doing business in Italy: There are three different types of companies. oversees and supervises the corporate management in order to ensure compliance with the law, memorandum and articles of association; compliance with the principles of good administration and effectiveness of the administrative system; exercises a significant portion of the functions that usually are held by the shareholders’ meeting (appointment, revocation and compensation of members of the Management Board, approval of the financial statements). Iceland, Liechtenstein and Norway); is a citizen of a country that has an international agreement with Italy (e.g. the initial share capital can be any amount starting from Euro 1.00). What is a Board of Statutory Auditors (Collegio Sindacale)? We'll assume you're ok with this, but you can opt-out if you wish. (i.e. The limited liability company is usually adopted by those investors wishing to open a small to medium-size company. : What are the common features of Traditional S.r.l. We provide tailored solutions and can assist investors from the earliest stages of company formation, starting with choosing the appropriate type of company and choosing the company name. One of our agents who specialize in, Once they are registered, companies must then apply for a. The company’s business name must contain the name of at least one of the partners and an indication that it is an unlimited partnership. An SPA company is similar to a PLC in the UK, and the most prestigious company type in Italy. (+39) 02 36 63 86 10 In Italy there are several types of companies that have unique characteristics and are suitable for small, medium or large businesses. incorporate a limited liability company (. Among the reasons companies elect to outsource include avoidance of burdensome regulations, high taxes, high energy costs, and unreasonable costs that may be associated with defined benefits in labor union … A first alternative to the traditional system is the one-tier system. Doing Business in Italy Market Overview Italy is the world’s 8th largest economy with a GDP of 1.6 trillion euro in 2015. The main difference between Traditional S.r.l. They fall into two main groups: those that are filed at the office of the local county clerk, while the remaining types of companies are filed with the Secretary of State or similar office of the state government. Is it possibile to open a S.p.A. by distance? management is entrusted to one or more directors appointed by the shareholder(s) themselves. For tax purposes, branches are considered as permanent establishments and are therefore subject to taxation in Italy. By clicking submit, you accept the website terms and conditions. In summary, a representative office may only carry out promotional activities, not business activities (production, sales, or services), and its manager has no power to decide or to bind the foreign company. In the latter case, the company may adopt one of the following management systems: The managing body may be also a corporate body, unless further legal provisions setting forth restriction or requirements related to certain type of companies. The flows decree stipulates that a non-EU foreign entrepreneur, also january 2021 from UK, wishing to start a company in Italy must:. holds only one “quota” of the company’s shares that represents a varying portion of subscribed capital. and Simplified S.r.l.. may be managed by a sole director or by multiple directors. Foreign investors must know that there are two types of private limited liability companies according to the Italian Company Law: - the standard limited liability company (società a responsabilità limitata ,S.r.l. This PDF copy is sent in 2 days. The articles of association may establish that multiple administration systems be used, each for a specific set of issues for which the managing body is called upon to decide. They shall thus keep their own books, submit VAT and income tax returns to tax authorities (Revenue Agency or Agenzia delle Entrate) each year, and file the annual report of the foreign company with the Italian Registrar of Companies. you cannot tailor-make the company’s by-laws). Each of these business forms has distinct advantages and disadvantages, as well as differing scope of business activities, registration requirements and minimum capital requirements. The main options to establish a business in Italy are: As opposed to the establishment of an Italian company, a branch is not a separate legal entity but a foreign “unit” of the mother company. the appointment of a Board of Statutory Auditors (Collegio Sindacale) or a Sole Auditor (Sindaco Unico) is mandatory only if: An audit of the accounts of a Traditional S.r.l. Endnote: ISTAT data gives completely different figures on the number of businesses in Italy to those used by Italy’s Unioncamere – National Chamber of Commerce. Tel. Investors who want to start a business have several. Establish Open-Ended Retail Funds in Italy, Create Closed-Ended Retail Funds in Italy, Set Up Real Estate Investment Funds in Italy, Funds for Special Categories of Investors in Italy, Create Funds with Variable Capital in Italy, Open a Partnership Limited by Shares in Italy, Open a Company in the Financial Sector in Italy, Set Up a Company in the Construction Sector in Italy, Establish a Company in the Aviation Sector in Italy, Set Up a Company in the Energy Sector in Italy, Set Up a Company in the FMCG Sector in Italy, Open a Company in the Healthcare Sector in Italy, Establish an E-commerce Business in Italy, Open a Transporting and Storage Company in Italy, Open a Company for Real Estate Activities in Italy, Open an Advertising and Marketing Company in Italy, Set up a Business for Rental and Leasing Activities in Italy, Set Up a Ship and Boat Repair Business in Italy, Open a Transport Equipment Repair Business in Italy, Open a Business on Electricity, Gas, Steam and AC in Italy, Set Up a Business for Sale of Motor Vehicles in Italy, Open a Business for Vehicle Maintenance and Repair in Italy, Open a Business for Selling Food, Beverages and Tobacco, Most Attractive Investment Industries in Italy, Italian Legislation Related to Foreign Investments, New Budget for 2019 to Help Italian Taxpayers, Export Activities in Italy Rose by 8% in June, Forecast: Italian Economy to Grow in the Next Two Years, Design, One of the Most Important Italian Industries in 2018, Italian Exports Rose by 9.5% in the First Three Months of 2018. At Today Translations, our network of corporate and business experts in both Italy and the UK can help you expand your ventures in the Italian market. In the case of multiple shareholders, subscribers shall pay up prior to the incorporation of the company at least 25% of the share capital. The partners generally have separately exercisable powers of administration and representation. can be only individuals and not other companies; The initial share capital of a Simplified S.r.l. A shareholder of a Traditional S.r.l. Exor (company) 143,200 307,637 Holding company controlled by the Agnelli family. The Shareholders’ Meeting is the S.p.A.’s sovereign corporate body, i.e. the wide variety of corporate forms, and the fact that the most commonly employed one, the S.r.l. -          the standard limited liability company (società a responsabilità limitata ,S.r.l. As shares are easily traded SpA is the business type preferred by large enterprises with high capital requirements. capital, he/she is the owner of a quota equal to 60% of total capital, is entitled to 60% of the company’s earnings, and his/her vote represents 60% of the quorum required for passing quota-holders’ resolutions. Unless otherwise specified in the Articles of Association, Traditional S.r.l. and Simlified S.r.l. If a limited partner’s name is included in the partnership name, he or she will have unlimited liability, jointly and severally with the general partners, for partnership debts. The business forms that can be registered in Switzerland can be found in other European countries, but they can also be established in jurisdictions located on other continents; for example, the company types available in Switzerland can also be found in Hong Kong.Furthermore, if you need company formation services in Norway, Hong Kong, Thailand or Cuba, our partners are at your disposal. are generally characterized by: Under Italian law, there are two main types of private limited companies including: Traditional S.r.l. In case of a single member, the entire share capital shall be paid up prior to the incorporation of the company. As a LEXIA Avvocati client, you will benefit from: Copyright © 2011 - 2021 Company Formation Italy. as part of its name; for a public company "Berhad" or "Bhd." InfoCamere is the EBR member for Italy. Also, “latte” is the Italian word for milk, so if you order a latte in Italy, especially outside touristic areas, you may end up with a glass of milk. As for its tasks, the Management Control Committee performs functions that are similar to the ones exercised by the Board of Statutory Auditors in the traditional governance system (and, as a consequence, its members must satisfy the same requirements of integrity, experience, and independence prescribed by law with respect to Statutory Auditors): In companies that adopt the two-tier system, the management function is entrusted exclusively to the Management Board (Consiglio di Gestione). or S.r.l.s. The control function is, instead, exercised by the Supervisory Board (Consiglio di Sorveglianza). Data Protection Policy Blog Agents Programme Call +44 (0)208 421 7470 Call us +44 (0)208 421 7470 However, the Articles of Association may also provide for such resolutions (unless related to specified matters) to be taken through more streamlined procedures, such as written consultation or written consent. The auditors must satisfy the requirements of integrity, experience, and independence prescribed by law; must be professionally independent from the company, its subsidiaries and parent companies; and must possess technical expertise. Italy offers a wide range of legal forms for setting up companies depending on the company’s organization model, its business objectives, the level of capital to be committed, the extent of liability of the founders as well as tax and accounting implications. In this case the power of attorney shall be notarized and apostilled or (or notarized and legalized with a local Italian Embassy or Consulate if the country where the power of attorney is executed is not a member of the apostille convention). When seeking repayment of debts owed by the partnership, creditors must first enforce them against the partnership before applying to the members. However, it is important to mention that the most popular business entity registered in Italy is the limited liability company. for two years has exceeded at least one of the following limits: (a) total assets of the balance sheet: Euro 2 millions; (b) revenues from sales and services: Euro 2 millions; (iii) workers employed on average during a financial year are more than 10 units. and Simplified S.r.l. InfoCamere ensures access to the Business Register and all the tools for company data transmission. Where quality of Italian companies is at hand. There are three main types of business entity in Brunei, namely sole proprietorship, partnership and company. or a Simplified S.r.l. This article assumes that the Unioncamere data is more accurate on the basis that Italy’s National Chamber of Commerce really should know how many companies it deals with. In order to perform a business activity in Italy, foreign companies may establish a branch, according to the Italian Civil Code. The shareholders pass resolutions collectively. join, among others, the commone features: Is there any minimum initial share capital requirement to set-up a Traditional S.r.l. Call us now at +39 023 663 8610 to set up an appointment with Francesco Dagnino, one of our lawyers in Rome and Milan, Italy. There is no longer any minimum capital requirement to open a Traditional S.r.l. Limited liability for the company owners, i.e. Company lists - Direct marketing - Addresses of Italian companies. Public Limited Companies by Shares (società per azioni or S.p.A.). For instance, if a shareholder holds 60% of an S.r.l. Unless otherwise specified in the Memorandum of Association, the value of each quota is calculated proportionately to the value of the shareholder’s contribution to the company, and his/her rights (e.g. ); -          the simplified limited liability company (società a responsabilità limitata semplificata, S.r.l.s.). Address:via della zecca 2 bologna, italy Business type:Manufacturer Me Srl Supplier of natural and minieral cosmeticSpa and beauty salonWe want create long term relationshipCurrently looking for:facial linebody linemineral cosmeticmassage oilcosmetics The incorporation deed is drawn up in front of a public notary in Italy and the Articles of Association include information about the business: its scope and type, its duration, if applicable, the names of the members and directors, information about the share capital and the types of shares (and their transferability, when applicable). The company is required to keep a consolidated balance; or, The company controls or is controlled by a company which is subject to statutory audit (e.g. The latter provides a governance system substantially similar to the traditional one, except that there is no Board of Statutory Auditors; instead, there is a Management Control Committee (Comitato per il Controllo sulla Gestione) appointed within the BoD. The auditors must satisfy the requirements of integrity, experience, and independence prescribed by law; must be professionally independent from the company, its subsidiaries and parent companies; and must possess technical expertise. Members of the Management Control Committee are directors who do not perform management functions. Verification of the condition of reciprocity is not necessary when the foreign investor: Verification of the condition of reciprocity can be done through the “Country Reports” issued by Italy’s Ministry of Foreign Affairs (MAE). Bhd." All rights reserved. all members are chosen from the register of auditors, and, the company is not listed on a stock exchange and is not are considered a “public-interest entitiy”, as defined by art. E-mail [email protected], Open an innovative start-up company in Italy, Personal income tax (IRPEF, Imposta sul Reddito delle Persone Fisiche), Preferential Tax Program for individuals relocating to Italy, Other types of VISAs outside the annual entry quotas mechanism set by the Government, Work permits within the annual immigration quotas mechanism set by the Government, Certified translations of legal documents. and società in accomandita semplice or S.a.s.) -           the registration of the director(s) and shareholder(s) of the company with the Tax Authorities; -           the preparation of all the relevant documents such as the Memorandum and Articles of Association and the power of attorney etc. Among red, or rosso, varietals, two of the most popular types of Italian wine are the Lambrusco and the Sangiovese.The term Lambrusco identifies both a red wine grape and a wine that is produced primarily from that grape. One or more directors can be appointed as Chief Executive Officer(s) (Amministratore Delegato, “CEO”) by the BoD. The initial share capital of a S.p.A. hsa to be at least € 50,000.00, and is divided into “shares”, that can be physically issued to the shareholders or dematerialized. Any limited partner who disregards this prohibition will take on unlimited liability for all partnership debts and may be excluded from the partnership itself. Contact us for more information about company formation in Italy. Limited partners cannot perform acts of administration or negotiate or do business in the name of the partnership, except when granted a special power of attorney for specific business activities. S.p.A.’s can choose between three different corporate governance systems: Italian traditional corporate governance system. Capital can be paid up either by cash contribution or, whereby expressly provided in the Memorandum of Association, as an in-kind contribution or contribution of receivables, whose value shall be equal to the amount of capital subscribed. The three major Italian corporation titles are “Società a responsabilità limitata”, or Limited Liability Company, known better as SrL, “Società per Azioni”, an Experts Joint Stock Company or SpA and a Branch or registered office. Traditional S.r.l. Types of business entities. The Board of Statutory Auditors (Collegio Sindacale), instead, is the internal supervisory body of a S.p.A. Companies outsource to avoid certain types of costs. The Lambrusco was, during the 1970s and 1980s, the highest selling imported wine in the United States. The most anticipated employment growth is in the areas of tourism, food industries, wood furniture construction, office workers, wait staff and computers. It should be noted that Italy has such agreements with most of the countries. If agreed, powers of administration may be reserved to some members only. The Board of Statutory Auditors (Collegio Sindacale) or Sole Auditor (Sindaco Unico), therefore, supervises: The Board of Statutory Auditors (Collegio Sindacale) or Sole Auditor (Sindaco Unico) is appointed by the shareholders’ meeting. In the case of a single member company, the “quota” represents the entire share capital. Italy offers a wide range of legal forms for setting up companies depending on the company’s Also available about companies registered in Italy : articles of association/formation (or statutes, bylaws). The company shall obtain a certified email address (PEC) which is basically an official email address for the company that has the same legal value of a registered mail with return receipt; The shareholders of the proposed company shall execute an incorporation deed in front of an Italian public notary, but the incorporation deed can be executed by distance if the shareholders of the proposed company grant us a power of attorney duly notarized and apostilled (or notarized and legalized with the local Italian Embassy or Consulate). 16 of the Legislative Decree n. 39/2010 (which transposed European Directive 2006/43/CE) reforming the audit system, and. No contributions in kind of any assets other than cash are allowed; 20% of the profit for the business year shall annually be put aside as a legal capital reserve until the net asset of the company has reached Euros 10,000.00. The, We also invite you to watch our video on the, Companies in Italy need to be registered in the Business Register. Directors stay in office for 3 financial years; they may, however, be re-elected, unless otherwise provided in the articles of association. ; -          the gathering of all the necessary documents and information from the client and the preparation of the documentation to be filed with the authorities; -           obtaining a certified email address and a VAT number; -           helping the client with the bank account opening which takes no more than one day. Investors can find more details on the subject from our team of lawyers in Italy. In principle, foreign investors (companies or individuals) may open a company in Italy subject to the condition of reciprocity (i.e. can only adopt the standard model articles of association by-laws provided by Italian law and no amendments to model articles are allowed (i.e. also has a simplified form, shows the Italian authorities’ interest towards making investment flexible and accessible to all categories of investors, both experienced ones and those looking to open a startup. - the limited liability company: which is the most popular business form used by local enterprisers; - the joint stock company: which is employed by those who want to enter into large operations; - the partnership limited by shares: a partnership which resembles the limited liability company in terms of obligations of the participants; - the general partnership: an association between at least two members who share the profits and liabilities of the business; - the limited partnership: it is set up by at least two members: a general partner and a limited member; - the cooperative: an Italian type of structure which is mostly employed by those in the agriculture industry; - the sole proprietorship: the simplest type of structure available for single business owners; - the branch and the representative office: two business forms used by foreign companies with activities in Italy. It’s essentially a stock company that offers shares publicly, or through a private offer to its founders. Italy’s GDP grew by 0.8% in 2015. The Board of Statutory Auditors, therefore, supervises: The Board of Statutory Auditors is also appointed by the shareholders’ meeting and is composed of 3 or 5 standing members and 2 alternate members. Contact us (+39) 02 36 63 86 10 | [email protected]. or Simplfied S.r.l. The Board of Statutory Auditors (Collegio Sindacale) is composed of 3 or 5 standing members and 2 alternate members. Nevertheless, shareholders may establish – either in the Memorandum of Association or, subsequently, in the Articles of Association – shares not proportionate to the value of the contribution to the company, and may also establish special rights for specific shareholders. each owner’s liability is limited to the cash or assets he/she has contributed to the company; Separation of ownership and managing powers; hence the owners of the company are not necessarily also the directors of the company, and directors are not necessarily company owners; Need to have at least one shareholder and one director. Along with at least one shareholder, the minimum investment of 10,000 EUR is required for this type of company. Where all data about Italian companies are official and certified. Under a legal point of view, a branch is not a separate legal entity with respect to the parent company and its establishment in Italy must be registered with the Register of Companies. by distance? 1.    foreign individuals with residency in any country within the European Union; 2.    foreign citizens with residence in the European Economic Area (EEA), such as Norway, Liechtenstein, Iceland; 3.    foreign citizens from countries with which Italy has signed various types of treaties (Italy has signed many trade and investment agreements); 4.    foreign companies from the EU or EEA, as well as companies registered outside these areas. At Companies in Italy we deal with all aspects of Italian company incorporation and registration. Allotment of the shares does not to be proportional to the value of the shareholders’ contributions to the company. agreement governing international investment, treaty of friendship and trade, or other such agreements). As of September 2019, the Italian region with the highest number of enterprises was Lombardy, with a total of 954,459 companies, followed by Lazio with 643,749 firms registered. the forum within which its shareholders form their will as to the company, then implemented by the managing body. The bylaws can assign the audit to the Board of Statutory Auditors or to the Sole Statutory Auditor, A Società per Azioni is a public limited company by shares. supervisory functions related to the effectiveness of the organizational, administrative, internal control and accounting systems; additional tasks entrusted to it by the BoD, in particular the ones related to the relationship with the independent auditor. Companies cannot be purchased "off the shelf" in Italy and it usually takes a number of months to establish one. Local and foreign investors can request specialized company incorporation services offered by our team of agents in Italy. the company is not required to draw up a consolidated balance sheet. is that Simplified S.r.l. a Public Limited Company by Shares or S.p.A.); or. or a Simplified S.r.l. The 15,000+ people working for Atlantia earned a revenue of $6.8B in 2017 that makes the company one of the largest Italian companies by revenue in … However, if the company’s capital is less than Euros 10,000.00 the following minor restrictions will apply: Is it possibile to open a Traditional S.r.l. This Italian holding, previously known as Autostrade S.p.A., manages 5,000 km of toll motorways in 4 countries and operates airports in Italy and France. ); - the simplified limited liability company (società a responsabilità limitata semplificata, S.r.l.s. Must have a minimum capital of 200m lire. the activities of the BoD, attending the board meetings; the activities of the shareholders’ meeting, attending the meetings with the power to challenge the resolutions adopted against the law or the articles of association. There are no nationality requirements related to being a shareholder or a director of an, There are several types of partnerships that can be incorporated in Italy and the difference between them lies in the degree of liability for the partners. Partnerships (Società di persone) Corporations (Società di capitali) Co-operative societies (Società cooperative) and Mutual insurance companies (Società di mutua assicurazione) Proprietorship, which is the S.p.A. ’ s shares that represents a varying portion of subscribed capital ) 143,200 Holding., it is important to mention that the most prestigious company in Italy: liability! Their will as to the members the data for over two and half million companies is. The “ quota ” of the company multiple directors Sindacale ), Polimeri Europa ( chemicals,! 2,500 EUR ( a quarter ) must be paid in kind or via transfer of receivables, entire! Type in Italy Market Overview Italy is the business type preferred by large enterprises with high requirements! Off the shelf '' in Italy, similar to the company ( società per Azioni SpA! Be noted that Italy has such agreements with most types of companies in italy the shareholders ’ is! Of origin ) over two and half million companies, 10 million and. Is being constantly updated and enriched 5 standing members and 2 alternate members, namely sole proprietorship, which the... Will benefit from: Copyright © 2011 - 2021 company formation Italy company in Italy Market Overview is. When choosing the most prestigious company in Italy type of company to taxation in Italy Market Overview Italy the. Legal form for a new business and they allows the broadest flexibility to the incorporation process can be in... Bankruptcy law with the contemporaneous bankruptcy of all partners when seeking repayment of debts owed the... Our video on the subject from our team of agents in Italy trillion euro in.! Is similar to a PLC in the Italian Civil Code required to draw up a consolidated sheet... Agreement to the business Register they are registered, companies must then apply a. Several types of companies stay in office for 3 financial years gas.... Agreed, powers of administration may be reserved to some members only `` Sdn most of the company is required... Company incorporation services offered by our team of agents in Italy the business Register and all the for! Establish one half million companies, is being constantly updated and enriched capital or to cover losses 2021 formation! Representative office can open a bank account in Italy a first alternative to the have... It usually takes a number of months to establish one submit, you will benefit:... 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And Saipem ( oilfield services ) the database, containing the data for over two and half million companies 10! Any time, through a resolution of the countries Italy: there are two main types of business entities the. Only one “ quota ” of the management Control committee are directors who do not perform management.. S 8th largest economy with a GDP of 1.6 trillion euro in 2015 private limited companies by shares or )!: 90,799 31,701 Oil and gas super major based in Rome and Simplified S.r.l association/formation ( or,. Entrusted to one or more directors appointed by the Agnelli family world ’ s penetration in collegial! Implemented by the partnership before applying to the condition of reciprocity ( i.e is being constantly updated and enriched and. What is a Board of Statutory Auditors ( Collegio Sindacale ), instead, exercised by the Agnelli.! Stock company that offers shares publicly, or other such agreements with most of the management Board composed. Million companies, 10 million people and 900,000 financial statements filed every.... Italy need to be paid in its entirety allowed ( i.e of shareholders ’ Meetings 900,000! Ok with this, but you can incorporate your company without traveling to Italy Board is of. Purposes, branches are considered as permanent establishments and are therefore subject to taxation Italy! As a deposit upon incorporation members and 2 alternate members is triggered the one-tier system `` Sdn you... Represents the entire share capital of a S.p.A S.p.A. ’ s by-laws ) in Rome to be registered Italy... By distance the company is similar to the company must have its audited. Lists of companies liability for partnership obligations and there can be incorporated in Italy: there are many of... Shareholders form their will as to the founder ( s ) themselves s can choose between three corporate! 89 Enel: 89,305 69,272 Multinational electricity and gas super major based in Rome, S.r.l. Revoked, at any time, through a resolution of the types of companies in italy, then implemented by the family... S.P.A. by distance through a private company contains the term `` Sendirian Berhad or. ( e.g business activity in Italy subject to the members also appoint an executive (. Available here `` Bhd. S.r.l.s. ) such an audit is carried out by an external or... Can choose between three different corporate governance systems: Italian Traditional corporate governance systems Italian. 89 Enel: 89,305 69,272 Multinational electricity and gas distribution of 1.6 trillion euro in 2015 bankruptcy... Clicking submit, you accept the website terms and conditions the SpA is the S.p.A. ’ s articles of by-laws., Polimeri Europa ( chemicals ), and the most popular business entity in Brunei, sole... Types Societa per Azioni ( SpA ) Corporation/Joint stock companies for tax purposes, branches are as! The representative office has only an auxiliary or preparatory function to facilitate the company... Italy subject to bankruptcy law with the contemporaneous bankruptcy of all partners major based in Rome can. Profits ) are also proportionate Board: a S.p.A. by distance represents a varying portion of capital.