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 enterprises, 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.
|Use of a corporate bank account in Italy
|For daily transactions in the firm, money deposit, investment and saving purposes
Formalities to open a corporate bank account in Italy
– soliciting a company’s representative for bank formalities;
– presenting the tax identification number of the firm
Company’s documents such as:
– the Certificate of Incorporation,
– the Certificate of Good Standing,
– a valid passport of the director
|Posibillity of setting a withdrawal limit
Yes, the company account can have varied settings, such as withdrawal limits on request.
|Debit or credit card issued with a bank account
|The owners and company directors can determine the type of card they will use.
|Cash deposit to open a bank account
|The minimum share capital can be deposited in a corporate bank account linked to the newly-formed company.
|Fees to open a bank account
Some banks might impose specific fees for opening corporate accounts.
|Banking services offered
– online transactions,
– money transfers abroad,
– balance verifications,
– online payments in varied currencies
|Possibility to open a bank account online
|Yes, but some banks might require physical presence to sign the documents.
|Maintenance fees related to the corporate bank account in Italy
Most of banks impose annual maintenance fees.
|Overseas money transfers accepted
Yes, in varied currencies as established with the bank
|Possibility to open an investment fund
Dedicated plans can be offered by the selected bank you work with
Available service through the bank’s online platform
|Offshore bank accounts
|Yes, with multi-currencies and asset protection
|We provide support to open a corporate bank account in Italy
|Our local agents can help business owners set up corporate bank accounts in Italy by managing the paperwork and representing them with a power of attorney.
|Age requirements to open a corporate bank account in Italy
– over 18 years old,
– minors might be required to be accompanied by their parents or legal guardians
Regulatory institutions regarding banking in Italy
– The Financial Stability Board,
– The Basel Committee on Banking Supervision,
– The European System of Financial Supervision,
– The International Organization of Securities Commission
Timeframe for opening a corporate bank account
4 weeks (approx.)
|You can open a merchant account for your business in addition to having a corporate bank account, focusing on handling electronic payments.
Your escrow account can be linked to your corporate bank account.
|Transaction processing times
– immediately (for two accounts of the same bank),
– 1 or more business days (interbank transfers),
– instant transfer option (might require an additional fee)
Depends on the bank, account type, and amount of funds.
– daily withdrawal limits,
– daily spending limits,
– international transfer limits,
– custom limits, etc.
You decide who has access to the corporate business account when you start the procedure.
|Online banking services (YES/NO)
|YES, most banks offer online banking services in Italy.
– withdrawal fee,
– currency conversion and dynamic currency conversion (if applicable)
|Closing a corporate bank account
If it respects the terms and conditions of your corporate bank account.
|Other banking services in Italy
– wealth management, etc.
|Banks in Italy
– Banca Nazionale del Lavoro,
– Intesa Sanpaolo,
– Deutsche Bank Italia,
– CheBanca, etc.
|Advantages of opening a corporate bank account in Italy
– useful in the process of company formation in Italy,
– provides financial management,
– separates finances,
– international transactions,
– cash flow management, etc.
Table of Contents
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.
It is recommended to firstly move to Italy and then open a bank account in this country, as the procedures are simple. Even though there are banks that allow opening an account online, the physical presence is solicited in case of signing company documents, if the bank account is for this purpose.
The fees you should consider when opening a bank account in Italy are the ones related to international transfers, cash withdrawal for some, and maintenance and transaction fees ranging between EUR 4 and EUR 30. Not all banks impose fees, but you should discuss with your bank officer about this aspect.
How to set up a company bank account in Italy in 2024
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.
The current account is the most common type of bank account in Italy. Such bank account allows foreigners to pay bills, receive and send money, access loan services and overdrafts, etc.
Foreigners over 18 years of age can open bank accounts in Italy, however, younger ones need to present themselves with their parents or tutors at the selected bank institution for this kind of procedure. Here, the ID is sufficient.
Below you can watch a video presentation we have prepared about how to open corporate bank accounts in 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.
Are you thinking of starting a business in Italy? Our team of local agents has experience in this matter and can help you with the formalities involved. We remind you that a bank account is needed to deposit a minimum share capital of 1 euro in the case of an SRL. Also, this structure can be established with only one shareholder. Next comes the registration for the payment of taxes, a process that can also be supervised by our team of specialists.
Joint bank accounts are also an option for foreigners in Italy. This means that two family members can use the same current bank account and enjoy the bank services provided. Specific formalities might be implicated.
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 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.
A savings account can be easily opened in Italy, however, an experienced agent can help you in this endeavor. Bank clients can easily access their savings accounts and withdraw money at any time and no penalties. However, some banks impose monthly fees ranging from EUR 10 to EUR 50, depending on the type of account.
Bank services offered in Italy
The majority of financial operations can be made in complete protection online. Most banks in Italy direct their services to 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 in 2024, 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 withdrawals, 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.
Interested in payroll in Italy? You have at hand the services offered by our accounting firm and the support of our specialists. Thus, you will be able to get a clear idea of what is involved in the calculation and delivery of salaries in the company, in the employees’ accounts, as well as the procedures related to tax declarations and salary contributions. Our recommendation is to outsource these services and benefit from the advantageous prices, as well as the experience of our specialists in the field.
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 that was incorporated in the national law is 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 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
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.
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.
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.
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.
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 in 2024 and need assistance do not hesitate to contact our company registration consultants in Italy.