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Open a Corporate Bank Account in Italy
Updated on Monday 21st September 2020 Rate this article
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Foreign investors are allowed to open companies in Italy just like local ones. The steps related to the company formation process is also the same for both local and foreign enterprisers, where a corporate bank account is required. Our Italian company formation agents can assist foreign investors with the whole company incorporation process. The same team can help local and foreign entrepreneurs open a bank account in Italy.Short facts about company registration in Italy
As mentioned earlier, companies in Italy must have a bank account for depositing the minimum share capital and for future financial operations. The following steps are part of the company formation process in Italy:
- • drafting the company’s statutory documents;
- • reserving a company name;
- • setting up a bank account;
- • registering the company with the Companies Register;
- • purchasing accounting books;
- • obtaining a tax number and a VAT number;
- • registering for social insurance purposes;
- • obtaining special licenses, if necessary.
One of the most important steps is the corporate bank account opening, as all Italian companies must open such an account.
How to set up a company bank account in Italy
All Italian banks offer tailored services to companies, which is why finding a bank is not a hard task. Also, many large foreign banks have branches in Italy and foreign investors can choose to set up Italian corporate bank accounts with a branch of a bank from their home country.
An important aspect to consider is that if until a few years back Italian banks allowed the opening of both personal and corporate bank accounts remotely, now they require the person, respectively a representative of the company to go to the bank in order to set up the account. However, our local agents can prepare the documents related to the company bank account opening before the company representative comes to Italy.
Documents needed to open a corporate bank account in Italy
As mentioned above, our company incorporation consultants in Italy can assist by preparing some of the documents related to the opening of a corporate bank account. The documents to be filed upon the opening of a company bank account in Italy are:
- • the passport of the company director;
- • the proof of address of the director;
- • the tax identification number;
- • the company’s certificate of registration;
- • the certificate of good standing of the company;
- • the statements related to the good financial status of company shareholders owning more than 20% of the shares in the company.
Rules of law for banking activities in Italy
Banking activities in Italy are regulated by numerous legislative regulations. In Italy, companies operating as banking institutions will need to comply with the main requirements imposed by the international, European and national regulations.
The stability of the financial market in Italy is regulated at an international level by the below-mentioned supervisory institutions:
- • The Financial Stability Board;
- • The Basel Committee on Banking Supervision;
- • The European System of Financial Supervision;
- • The International Organization of Securities Commission.
Bank services offered in Italy
The majority of the financial operations can be made in complete protection online. Most banks in Italy directed their services to the online platforms, allowing foreigners to choose the type of banking services they need at the time they open a bank account. Here are a few of the bank services you can ask for:
- • Money transfers between bank accounts established in Italy.
- • Money transfers overseas.
- • Online payments.
- • Balance verifications.
- • Currency exchange.
- • The possibility of setting a withdrawal limit.
- • Issuance of a new credit or debit card.
These are among the most solicited online banking services that are provided by most financial institutions to their clients. Plus, tailored services are offered to company owners in Italy. If you would like to know more about how to open a bank account in Italy, please feel free to address our team of consultants. Also, if you intend to open a company in Italy, please address our company formation specialists in Italy.
Are there any fees for opening a bank account in Italy?
No, there are no fees for opening a bank account in Italy, yet, clients must observe other fees related to the account. Some banks in Italy might impose fees for money transfers or withdrawal, for account administration or other services might be free of taxes. In any case, your bank officer will tell you all you need to know about the fees linked to a bank account in Italy. Moreover, the contract between the bank and the client will comprise complete information about the fees involved. More details about how to open a bank account in Italy can be offered by our team.
Do I need to deposit an initial amount for a bank account in Italy?
Most of the banks in Italy do not require depositing an initial amount of money. However, some financial institutions might solicit this kind of deposit. All the details regarding the bank accounts in Italy and the ways in which you can open one can be solicited from one of our company formation agents in Italy.
Exchanging the currency with your bank account
Companies from abroad can easily open a bank account in Italy and can solicit the type of services they need. For instance, some transactions must be made in the currency of the country from which the company is. Even non-residents in Italy can solicit information about how to work with the currency they are interested in at the time they open a bank account in Italy.
There are simple steps for opening a bank account in Italy, but foreigners should ask for assistance and support from one of our company formation agents in Italy.
European rules of law in Italy
The Italian national legislation incorporated in its structure the directives applied by the EU. When referring to banking activities in Italy, the main rule which was incorporated in the national law is the Regulation No. 575/2013 (the Capital Requirements Regulation). This rule of law is available for all banks in Europe and it is also applicable to the investment companies operating on the European market. Also, Italy applies the Directive 2013/36/EU, on which our team of Italian lawyers can offer more information.
National laws for banking activities
The main legislation regulating the activity of banking institutions in Italy is the Consolidated Law of Banking, which is considered the primary source of legislation. Another important regulation is the Legislative Decree 58/1998, which refers to the financial activities in Italy.
FAQ about bank accounts in Italy
1. Can foreigners open a bank account in Italy?
Yes, non-residents in Italy can open bank accounts in Italy and can benefit from the support of our consultants. If you send us your inquiries, our team will help you open a bank account in Italy.
2. How do I open a bank account in Italy?
Business owners must submit the certificate of registration of the newly formed firm, plus copies of the personal identification documents. The entire process can be overseen by our team of company formation representatives in Italy.
3. Do I receive online banking services in Italy?
Yes, all banks in Italy offer online banking services, dedicated to the needs of customers. It is quite simple to make online payments or transfers. If interested in opening a bank account in Italy, please get in touch with our consultants.
4. Are foreign currency payments allowed in Italy?
Yes, bank account owners can make payments in any kind of currency, respecting to bank policies. Tailored services can be offered. For more details about these aspects, you can talk to our consultants.
5. Do I need to pay a fee for opening a bank account in Italy?
Most banks in Italy do not solicit fees for opening a bank account. There might be other fees involved, but such information is normally displayed by the bank.
Here are some facts and figures about the banks in Italy:
- There are approximately 580 banks in Italy, according to recent statistics.
- Foreign banks have 85 branches in Italy.
- Around 55% or about EUR 2 trillion in assets of the Italian banking sector is held by the top 5 banks.
- The Bank of Italy opened its doors in 1893.
- The gold reserve of the Bank of Italy is approximately 2,452 tons.
If you want to set up a corporate bank account and need assistance do not hesitate to contact our company registration consultants in Italy.
Meet us in Rome and Milan
Call us now at +39 023 663 8610 to set up an appointment with Francesco Dagnino, one of our lawyers in Rome and Milan, Italy. Alternatively you can incorporate your company without traveling to Italy.
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- - 24 hour response time guaranteed
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