Business owners consider Europe a significant market ground to make their company a huge success. Italy, a famous country in Europe, is the eighth largest economy in the world. Besides the lush green landscape, fantastic food, and diverse culture, Italy is also known for having the best R&D facilities and technological advancement. Not just this, the country's geographic location makes it a perfect place to start a business and flourish across the European Market.
Italy is open to many kinds of foreign businesses ranging from textile to export, Automobile, Food, Minerals and chemicals. Did you know one out of ten companies in Italy is owned by foreigners? So don't be surprised when you see the name of leading global companies on the list of foreign companies in Italy. Scroll through the article to read more about Italy and foreign businesses.
Why establish your business in Italy?
1. Strategic Logistics Hub of Europe
The central location of Italy makes it a strategic logistics hub for businesses that can reach out to consumers around the Middle East, Europe, and North Africa. Since the country is located at the center of the Mediterranean Sea, most of the world's container traffic, maritime traffic, and fuel traffic pass through Italy's ports. In addition, nearly 440 million tons of goods and 1 billion people transfer through the country's major airports and ports. Therefore, having a business in Italy will give you duty-free access to 30 national markets across Europe.
2. Italy Is Great for Investors
If you are into investments, Italy can be of great benefit to you. You can enquire about pre-investment information, business set-up guidance, and ongoing after-care for incentives and contracts from the Italian Trade Agency. In some situations, Italy offers various tax credits for employees, deductions for energy efficiency in the business, and tax reductions. Business owners get 25% R&D tax credits for private investment and 15% for capital goods.
3. A Flourishing Manufacturing Base
After Germany, Italy is known as the robust manufacturing country in Europe. Goods manufactured in Italy are always of the highest quality and design. Foreign businesses in Italy can connect with suppliers in various industries and earn significant profits. The manufacturing technology available in Italy is beyond advanced and helps companies reduce manufacturing outsourcing costs.
4. Technology and Innovation
The country spends around 25 billion Euros every year on research and development. The manufacturing community in Italy is constantly upgrading the technology and production process. Thanks to growing connections with the best technology and science inventors, Italy makes it easier for new businesses to experiment and flourish.
In order to establish a business in Italy, you have to apply for a business visa and residence application. There are many ways in which you can move to Italy to start a business. These include application for a self-employment visa, regular employment permit, Italian startup visa, startup hub program, or an Italian Investor Program.
The Startup Visa and Startup Hub are the two phenomenal programs launched by Italy for foreigners who want to start a business in Italy. Non-EU citizens can apply for the Startup Visa while the Startup Hub is accessible to foreigners living in Italy and have a residence permit. To apply for these programs, the applicant should have the main office of the company in Italy. If the main branch is in any other European state, the applicant should have a sub-branch in Italy. In addition, the business should have an annual turnover of less than 5 million Euros and not be listed in the stock market.
Out of all the countries in Europe, Italy is the only one to offer several programs for foreigners who are eager to establish or move their business to the country. Starting a business in Italy might sound a bit challenging, but the hustle is worth the results. All the application procedures are done online. Therefore, it is recommended to take help from a professional that can help you get through the establishment hustle.