In this article I’ll tell you about Thing You Should Follow Before Starting A Business In Italy. Before setting up a business in a new country, one should be familiar with the traditions and business policies of that nation. Italy is a perfect destination for those who have their aims to expand their business. Being a non-citizen of Italy, one just needs to follow some government policies before they can start the actual business over there. Some of the government policies and documentation that is needed to be done are:
25% of the total capital has to be deposited in bank
According to the government policy, before a business firm starts, it has to deposit at least 25% of the total capital in a bank account in the company’s name – a pretty important drawback business-finance-wise. They have an option of buying an insurance policy of the same amount as a security so that if required, they may be able to pay their liabilities. This is done to make sure that the share holders don’t suffer many losses if the company is unable to pay the rest on the amount. The director of the firm has the authority to withdraw the money anytime he/she wants.
Register the firm in notary and pay the registration tax
The company has to be registered with the notary by the share holders and the authorized representatives of the business firms. The company has to pay for the stamp duties and the forms as they are included as notary fees. The registration will take a total of EUR 246 divided into Electronic registration of EUR 90 and a formal Stamp duty: EUR 156.
Pay your taxes to the government through post office
The company must pay its taxes on time as a delay may lead to fines and this may increase the total amount to be paid. In case a company takes it casually, hard actions can be taken up on them by the government and the company may even get closed.
So pay the required taxes in the post office through the current account in your company’s name. Paying taxes is necessary as you may face some major problems in the near future. Do consult your legal advisors about how you can manage to save some part of your taxes.
Get the government approval regarding the standards
One more important thing that your company needs to do is to notify the labor office about all your workers, the working environment and get the infrastructure approved by the labor commission. All the workers must be registered with the labor commission and their medical tests must be performed before hiring them.
One has to be medically fit to be able to work in any firm and the worker must be free from all diseases because one person may infect others and could lead to disaster for the firm. There may be some other formalities that have to be performed, but these were some of the most important ones.