A 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.
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.
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:
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.