How easy is it to set up a limited company in Italy?
A foreign national may easily set up a company in Italy to use as a vehicle to do business in Italy.
The legal steps involved in establishing a legal entity are similar for most types of companies and require drafting of Company Articles and Memorandum of Association, pre-payment of share capital, submission of deed of incorporation and registration with the Companies’ Register among other things.
Fees and costs will be around 2,000 – 4,000 Euros, with other registration fees being in the region of 300- 600 Euros. A legal entity can be fully established and operative within approximately 20 days.
An EU national can freely be appointed as director of an Italian company. Generally, a non-EU national can be appointed as director of an Italian company. In some instances, a non-EU national, depending on his/her country
of citizenship, can be appointed only if a valid Visa and resident permit is granted.
Directors can be held liable in the following circumstances:
• Liability for the improper execution of their tasks as
directors;
• Liability for the violation of Italian corporate laws or the
charter of the company;
• Liability for wrongful acts and/or for gross negligence.
Corporate tax applicable to incomes derived by an Italian company is normally subject to a corporate tax with a tax rate equal to 24 per cent.