Investors interested in starting businesses in Italy must comply with several requirements. However, these requisites are not hard to comply with if they request company formation services from Italian consultants. Apart from a business address, the company name, and the incorporation documents, one of the most important steps to open an Italian company is to open a bank account. Italian companies can also set up merchant accounts, which will allow them the possibility of processing various types of payments. Our company registration agents in Italy can offer more information on merchant accounts.
| Quick Facts | |
|---|---|
| What is a merchant account? | A specific account that allows businesses to accept online payments via credit & debit cards. |
| Who needs a merchant account? | Companies registered in Italy and providing products and services. |
| What is a retail merchant account? | An account required for retail activities offline |
| Types of merchant accounts | – traditional, – e-commerce, – mobile, – MOTO (mail/phone order), etc. |
| Compliance | Anti-Money Laundering (AML) & Know Your Customer (KYC) |
| Requirements | – to form a company in Italy, – have a tax ID (Codice Fiscale), – open a bank account in Italy, – register with a payment provider. |
| Business details required for a merchant account | – about the business address, – owners, bank details, – business activities, etc. |
| Documents | – company’s Certificate of Incorporation, – proof of business address, – IDs of company shareholders, etc. |
| Conditions for non-residents in Italy | Must have a valid residence permit and then open a merchant account for their business. |
| Proof of launched website | Required when opening a merchant bank account in Italy. |
| High-risk merchant accounts | For gaming operators in Italy |
| What is ISO? | Independent Sales Organization or third-party resellers of merchant services. |
| Merchant account fees | Ranging from 1.5% to 3.5% per transaction |
| Recommendations | To look for a trustworthy payment provider that offers full protection. |
| Working with our Italian agents | for: – business incorporation, – tax registration, – opening a merchant account, – business license application, and many more. |
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How easy is it to set up a merchant account in Italy?
First of all, both nationals and foreign citizens coming to Italy are allowed to open various types of bank accounts, including merchant accounts. When it comes to companies, online businesses are usually in need of Italian merchant accounts in order to process online payments.
Another positive fact about opening a merchant account in Italy is the fact that several types of institutions can offer these services:
- Italian banks;
- foreign banks operating through branch offices in Italy;
- financial companies offering payment solutions.
Choosing the entity with which the account will be opened remains at the discretion of the Italian company or natural person.
Creating an Italian merchant bank account
The first thing to keep in mind when opening a merchant account is the fee related to the establishment of the account. Other costs associated with the operation and maintenance of the merchant account should also be verified prior to the opening. Depending on the Italian entity one decides to register the merchant account with, the documents to be filed will include application forms, personal information in the case of natural persons, local or foreign, and information on the company in the case of Italian businesses.
Foreign investors interested in setting up merchant bank accounts in Italy can rely on our company formation advisors, so do not hesitate to contact us. We can also assist with the company incorporation procedures in Italy and with the opening of corporate bank accounts.