BUSINESS ADVISORS IN ITALY
Advisors in Venice, North East Italy
Italy is the fourth largest economy in Europe and the eight largest in the world, and the second biggest manufacturer of the EU, after Germany. While the italian economy offers great opportunities, doing business in Italy presents many challenges: bureaucracy levels and Italian culture are sometimes hard to understand for an International investor.
It is important to find a local counsel and adviser to save time and avoid potential risks. Canal & Serraglia is an advisors firm located near Venice, in the North East area. Our English-speaking advisors can give you any information about the best opportunities for doing business in Italy.
ITALY NORTH EAST AREA
Its location, strategical for both North Europe and the Mediterranean Sea, and its developed economy are a perfect spot where to expand an International business. This area of the country is very attractive, since it offers a wide network of companies and production hubs, such as steelworks, mechanics, sporting, fashion and textiles, furniture, sunglasses, art glass, wine and many more. Since early ’60 this area (including Friuli Venezia Giulia, Trentino Alto Adige and Veneto regions) has seen a constant development of export-oriented companies, manufacturing any kind of goods.
In the last 20 years, a great deal of innovation was introduced and many companies are world leaders in their niche market.
Italy’s North East, unlike other country areas, is very well organised: Its’ infrastructures are modern and efficient, with airports, trains and motorways. Venice’s port, networking with Ravenna’s and Rijeka’s ports, is a great hub for goods coming from Far East. The strategic location of the region allows to reach Europe’s most important cities in short time (eg. 2 hour flight to London).
Political issues, bureaucracy, high tax level and complexity, a still rigid labour market and a complex set of laws and regulations can make it difficult to develop a business in Italy.
Depending on the nature of the business, startups can face many problems such as:
- dealing with many central and local authorities and offices
- completing all procedures (bank deposit, documents approval, etc)
- understanding taxation
Should you need to obtain a Construction Permit, times can be long (even well over 100 days), and a long wait can sometimes be expected for power connection.
DEALING WITH BANKS AND TAXES IN ITALY
Getting loans and credit facilities by Italian banks is not quite as easy, since after the 2008 financial crisis capital flows have been restricted. In addition, Italian Taxation System is very complicated, with over 15 payment deadlines per year.
TYPE OF COMPANIES IN ITALY
In Italy there are many company types.
Limited Liability Company (S.r.l. Società a Responsabilità Limitata)
The most popular for small and medium sized companie. Owners’ liability is limited to the amount invested in the company.
Joint Stock Company (S.p.A. Società per Azioni)
Suited for large companies. Shareholders are liable only to the extent of the contributions made.
Partnership limited by shares (S.a.p.a. Società in Accomandita per Azioni)
It has two kinds of shareholders: those with limited liability and those with unlimited liability.
Limited partnership (S.a.s. Società in Accomandita Semplice)
It has two kinds of partners: the ones who are jointly and severally liable and those who, not participating to the company’s management, have limited responsibility.
General partnership (S.n.c. Società in Nome Collettivo)
All partners are jointly and severally liable.
It brings together providers and beneficiaries of a service as members.
The simplest business form. The entire liability falls upon the individual managing the business.
Representative office or Branch
It does not have a separate legal personality: The parent company il liable for its debts.
Canal & Serraglia Business Advisors in Italy north east Venice