Italian cooperatives have appeared after the end of World War II and helped with the restructuration of the country’s economy. This is why Italy has an outstanding tradition when it comes to establishing cooperative companies which are now governed by their own legislation. The first Cooperative Law was enabled in 1946 in Italy. Nowadays, there are several types of cooperatives one can establish, the most popular one being the social cooperative.
Our company formation agents in Italy can offer more information on the legislation related to cooperatives and the available types of cooperative companies one can register.
Law 381 is the main legal framework providing for the establishment of cooperatives in Italy. In its modern form, the law was released in 1991 and last amended in 2003. The same law provides for the establishment of joint stock companies in Italy, as this type of entity can be used to register a cooperative company.
There are no special requirements related to the opening of a cooperative company in Italy. Both natural individuals and companies are allowed to set up cooperatives in this country in various sectors of the economy, agriculture being one of the industries where cooperatives thrive. Also, there are no minimum share capital requirements for creating a cooperative company in Italy. However, these types of entities are required to donate 3% of their annual income to a mutual fund in Italy.
Given that the cooperative company must be registered as any other type of company with the Trade Registrar in Italy, the main documents to be prepared are the memorandum and articles of association which must contain a reference to the fact that the company is a cooperative.
One of the main advantages of cooperatives in Italy is that they can enter into partnerships with companies in the private, as well as in the public sector. This is also because, the municipalities can also participate in cooperatives.
For full information on the advantages of setting up a cooperative company in Italy, do not hesitate to contact us. Our company registration consultants in Italy can also help foreign investors who want to create a cooperative.