Italy
Italy has an advanced economy. The country is the ninth-largest by nominal GDP (third in the European Union), the eighth-largest by national wealth and the third-largest by central bank gold reserve. It ranks highly in life expectancy, quality of life, healthcare, and education. The country is a great power and it has a significant role in regional and global economic, military, cultural, and diplomatic affairs. Italy is a founding and leading member of the European Union and a member of numerous international institutions, including the United Nations, NATO, the OECD, the Organization for Security and Co-operation in Europe, the World Trade Organization, the Group of Seven, the G20, the Union for the Mediterranean, the Latin Union, the Council of Europe, Uniting for Consensus, the Schengen Area, and many more. The source of many inventions and discoveries, the country has long been a global centre of art, music, literature, philosophy, science and technology, and fashion, and has greatly influenced and contributed to diverse fields including cinema, cuisine, sports, jurisprudence, banking, and business. As a reflection of its cultural wealth, Italy has the world's largest number of World Heritage Sites, and is the fifth-most visited country.
The country is well known for its creative and innovative business, a large and competitive agricultural sector (with the world's largest wine production), and for its influential and high-quality automobile, machinery, food, design and fashion industry.
Italy is the world's sixth-largest manufacturing country, characterised by a smaller number of global multinational corporations than other economies of comparable size and many dynamic small and medium-sized enterprises, notoriously clustered in several industrial districts, which are the backbone of the Italian industry. This has produced a manufacturing sector often focused on the export of niche market and luxury products, that if on one side is less capable to compete on the quantity, on the other side is more capable of facing the competition from China and other emerging Asian economies based on lower labour costs, with higher quality products. Milan is a global financial centre and a fashion capital of the world.
Italy is part of the European single market which represents more than 500 million consumers. Several domestic commercial policies are determined by agreements among European Union (EU) members and by EU legislation. Italy introduced the common European currency, the Euro in 2002. It is a member of the Eurozone which represents around 330 million citizens. Its monetary policy is set by the European Central Bank.
The central bank, the Bank of Italy, stabilises money supply and supervises banking and credit institutions.
Historically, the Bank of Italy’s primary concern was to ensure the stability of the credit system. It currently encourages the merger of the smallest banking institutions with larger institutions and promotes the technological evolution of banks, assisting them in the modernisation of the payment system.
The banking system, supervised by the Bank of Italy, consists primarily of:
-Ordinary banks, which include private companies and the subsidiaries and branches of foreign banks, and
-Co-operative people’s banks (banche popolari), which are generally active within provinces or regions.
Taxation in Italy is levied by the central and regional governments and is collected by the Italian Agency of Revenue (Agenzia delle Entrate). Most important earnings are: income tax, social security, corporate tax and value added tax. All of those are collected at national level, but some of those differs across regions. Personal income taxation in Italy is progressive.
Italy encourages foreign investment by offering foreign-owned entities the same incentives, primarily subsidised loans, cash grants and tax credits, available to entities owned by Italian nationals.
Financial assistance and advice is available from banks, special credit institutions, state agencies and specialised consultants. Foreign investors may obtain other incentives from local (regional and provincial) authorities and the EU.
Several and different options are available in order to conduct business in Italy. A number of reforms have been made to streamline and simplify the procedures required to start and operate a business in Italy, for example by reducing the minimum capital requirements and the paid-in minimum capital requirement as well as by streamlining registration procedures.
A business may be operated either as a sole trader or as a company. Both entities are governed by the Italian civil code.
A person may conduct a business either as an individual, or through the setting up of a new company or through the purchase of shares/quotes in an existing company.
Such opportunities are available both for European and non-European citizens.
• Individuals or legal persons from EU countries and countries included in the European Economic Area (Iceland, Liechtenstein, Norway) are treated as Italian nationals for the purpose of investing in a new/existing company, without limitations on their capacity to conduct a business.
• Individuals from countries outside the EU and the European Economic Area must have a valid residence permit or be citizen in a country where reciprocal treaties are applied.
Intellectual property rights are governed by the principle of territoriality: an IP right is valid for the territory for which protection is required. An Italian patent, for example, is valid only in Italy. A foreign intellectual property right cannot receive protection in Italy (except for specific provisions).
The law of Italy has a plurality of sources of production. These are arranged in a hierarchical scale, under which the rule of a lower source cannot conflict with the rule of an upper source (hierarchy of sources). The Constitution of 1948 is the main source. The judiciary of Italy is based on Roman law modified by the Napoleonic code and later statutes. The Supreme Court of Cassation is the highest court in Italy for both criminal and civil appeal cases. The Constitutional Court of Italy (Corte Costituzionale) rules on the conformity of laws with the constitution and is a post–World War II innovation.
Our law firm VLO provides legal services for corporate and private clients in Italy. These services include mergers and acquisitions, business and debt restructuring, tax and tax disputes, corporate disputes, investments, bankruptcy, litigation and arbitration.
If you have questions, please us right now.
E-mail: vlolawfirm@gmail.com
The country is well known for its creative and innovative business, a large and competitive agricultural sector (with the world's largest wine production), and for its influential and high-quality automobile, machinery, food, design and fashion industry.
Italy is the world's sixth-largest manufacturing country, characterised by a smaller number of global multinational corporations than other economies of comparable size and many dynamic small and medium-sized enterprises, notoriously clustered in several industrial districts, which are the backbone of the Italian industry. This has produced a manufacturing sector often focused on the export of niche market and luxury products, that if on one side is less capable to compete on the quantity, on the other side is more capable of facing the competition from China and other emerging Asian economies based on lower labour costs, with higher quality products. Milan is a global financial centre and a fashion capital of the world.
Italy is part of the European single market which represents more than 500 million consumers. Several domestic commercial policies are determined by agreements among European Union (EU) members and by EU legislation. Italy introduced the common European currency, the Euro in 2002. It is a member of the Eurozone which represents around 330 million citizens. Its monetary policy is set by the European Central Bank.
The central bank, the Bank of Italy, stabilises money supply and supervises banking and credit institutions.
Historically, the Bank of Italy’s primary concern was to ensure the stability of the credit system. It currently encourages the merger of the smallest banking institutions with larger institutions and promotes the technological evolution of banks, assisting them in the modernisation of the payment system.
The banking system, supervised by the Bank of Italy, consists primarily of:
-Ordinary banks, which include private companies and the subsidiaries and branches of foreign banks, and
-Co-operative people’s banks (banche popolari), which are generally active within provinces or regions.
Taxation in Italy is levied by the central and regional governments and is collected by the Italian Agency of Revenue (Agenzia delle Entrate). Most important earnings are: income tax, social security, corporate tax and value added tax. All of those are collected at national level, but some of those differs across regions. Personal income taxation in Italy is progressive.
Italy encourages foreign investment by offering foreign-owned entities the same incentives, primarily subsidised loans, cash grants and tax credits, available to entities owned by Italian nationals.
Financial assistance and advice is available from banks, special credit institutions, state agencies and specialised consultants. Foreign investors may obtain other incentives from local (regional and provincial) authorities and the EU.
Several and different options are available in order to conduct business in Italy. A number of reforms have been made to streamline and simplify the procedures required to start and operate a business in Italy, for example by reducing the minimum capital requirements and the paid-in minimum capital requirement as well as by streamlining registration procedures.
A business may be operated either as a sole trader or as a company. Both entities are governed by the Italian civil code.
A person may conduct a business either as an individual, or through the setting up of a new company or through the purchase of shares/quotes in an existing company.
Such opportunities are available both for European and non-European citizens.
• Individuals or legal persons from EU countries and countries included in the European Economic Area (Iceland, Liechtenstein, Norway) are treated as Italian nationals for the purpose of investing in a new/existing company, without limitations on their capacity to conduct a business.
• Individuals from countries outside the EU and the European Economic Area must have a valid residence permit or be citizen in a country where reciprocal treaties are applied.
Intellectual property rights are governed by the principle of territoriality: an IP right is valid for the territory for which protection is required. An Italian patent, for example, is valid only in Italy. A foreign intellectual property right cannot receive protection in Italy (except for specific provisions).
The law of Italy has a plurality of sources of production. These are arranged in a hierarchical scale, under which the rule of a lower source cannot conflict with the rule of an upper source (hierarchy of sources). The Constitution of 1948 is the main source. The judiciary of Italy is based on Roman law modified by the Napoleonic code and later statutes. The Supreme Court of Cassation is the highest court in Italy for both criminal and civil appeal cases. The Constitutional Court of Italy (Corte Costituzionale) rules on the conformity of laws with the constitution and is a post–World War II innovation.
Our law firm VLO provides legal services for corporate and private clients in Italy. These services include mergers and acquisitions, business and debt restructuring, tax and tax disputes, corporate disputes, investments, bankruptcy, litigation and arbitration.
If you have questions, please us right now.
E-mail: vlolawfirm@gmail.com
