Company Formation Italy

CHECK COMPANY
NAME AVAILABILITY (Step 1)



Articles

Open a Foundation in Italy

Updated on Wednesday 17th August 2016

Rate this article
5 5 1
based on 0 reviews


Open-a-foundation-in-ItalyA nonprofit organization (NGO), often referred to as a foundation is an entity established for charitable purposes. By charity one means donations and support or funding. Foundations are legal entities recognized by the international laws and can be public or private.

In Italy, foundations fall under the governance of the Civil Law and can only take the form of private autonomous NGOs. The founder is the one deciding the purpose of the Italian foundation. This type of entity is usually set up for non-commercial purposes, which is why it is not recognized by the Italian Company Act.

Our company formation agents in Italy can offer more information on nonprofit organizations in this country.

Characteristics of Italian foundations

The foundation can be established by individuals or companies in Italy, according to the law. Italian foundations can only be supported by its founders, which is why they are considered closed structures, as they do not allow for the contribution of outside parties. Italian foundations are allowed to appoint directors, who are usually nominated for life. The foundation must supervise the activity of its managers or directors at all times.

How to set up a foundation in Italy

The most important thing to know is that there are no minimum capital requirements to open a foundation in Italy, however the funds must be sufficient for the NOG’s purposes. Italian foundations can be established by drafting a document called statutes of the foundation or organization. These documents must be attested by a notary. The Italian foundation’s statutes must contain the following:

  • -          its name;
  • -          its main purpose;
  • -          the assets;
  • -          the address;
  • -          how the assets will be distributed.

The founder must also give a written declaration of intention in which they will state the purpose of the NGO. In order to be legally recognized, the Italian foundation must be registered with the regional authority of the city it was established in. One must also know that each Italian region has its own regulations about the setting up of a foundation.

For assistance in setting up a foundation in Italy you can rely on our company registration representatives. You can also contact us for assistance in opening a company in Italy.

 

Comments

There are no comments

Comments & Requests


Please note that client queries should NOT be posted here but sent through our Contact page.

Meet us in Rome and Milan

Call us now at +39 023 663 8610 to set up an appointment with our lawyers in Rome and Milan, Italy. Alternatively you can incorporate your company without traveling to Italy.

As a BridgeWest client, you will benefit from:

  • - 24 hour response time guaranteed
  • - cost- efficiency  
  • - dozens of articles and free information on the best Italian structures.
     

Online Incorporation

tax-calculator-italy

Tax Calculator

tax-calculator-bulgaria

Testimonials

mihai-cuc.jpg

Starting a company in Italy can be difficult since it involves such complex procedures. The team from CompanyIncorporationItaly is very qualified and benefits from extensive expertise in this area.

Mihai Cuc, Partner of
Enescu & Cuc Law Firm
www.romanianlawoffice.com

Read more testimonials

We recommend ClientPedia

This website is marketed by ClientPedia

banner Clientpedia.jpg