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Milan Aims to Become Europe's Next Financial Center after Brexit

Written by: Bridgewest

Milan-aims-to-become-Europes-next-financial-center-after-BrexitNot all EU countries would suffer after the UK exits the Union and Italy is perhaps of evident proof of that given the new set of laws meant to boost the Italian’s Stock Exchange visibility among the European stock markets. The Parliament aims to make Milan a leading financial center in the European Union by replacing London. Foreign investors interested in opening companies with the aim of trading on the capital market, can rely on our Italian company formation consultants.

Milan is currently Italy’s economic capital

Milan is one of the richest and most developed cities from an economic point of view in Italy and the Parliament wants to promote it as the next City of Europe this year. It would become “a financial district” and a “bridge” between the Eurozone and the UK. Milan will compete against cities like Frankfurt, Luxembourg City, Paris and Dublin.

The central authorities want to take advantage of the MiFID Directive which provides for financial institutions to be located in EU countries in order to benefit from simplified authorization procedures. This way, many financial companies with headquarters in London are expected to move to EU cities once the Brexit happens.

It is even expected for the European Banking Authority to relocate from London which is why Italy is now covering all the aspects related to EU regulations, including its own rules which will be “sweetened” in order to attract large financial companies.

What are the first measures proposed by the Italian Parliament?

First of all, the Parliament enabled tax exemptions for qualified professionals in the accounting area. They would benefit from 50% tax deductions if they return and work in Italy. Personal tax incentives are also discussed by the Cabinet. These would attract businessmen opening companies in Italy.

Secondly, a new arbitration system will be put in place. The aim of this measure is to transform Milan is a center for settling financial disputes. The center would be established based on the recommendations of the Italian Financial Supervisory Authority in order to make sure it will respect all financial regulations.

Milan’s chances of winning and actually becoming Europe’s next financial center rely on its reputation earned thanks to its anti-money laundering regulations.

If you are interested in opening a company here and need assistance, please contact our company incorporation agents in Italy. They can also inform you about the Italian’s Stock Exchange listing regulations.

 

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