By Miranda Millard, 16.10.2019
Ever had that dream of escaping the hustle and bustle of busy city living to open a business in the picturesque Italian countryside? Well, a number of regions in Italy’s south are offering just that. Italian businesses can access monetary grants from the Italian government who are actively encouraging relocation and opportunities to set up a company in Italy.
Italian Business Grants
Depopulation is a fate currently faced by much of southern Italy. The UN has predicted that Italy will be the only major European country to experience a decrease in its overall population over the next 5 years. But the Italian government is attempting to reverse this trend through various business grants aimed to infuse life back into these regions. The success of these projects would strengthen the country’s economy as a whole.
Active Residency Allowance in Molise, Italy
In an effort to draw entrepreneurs to the villages of Molise, the Italian government is offering an ‘‘active residency allowance’’ of €700 per month for 3 years to set up a business in Italy. With a stipulation that the area chosen must have 2,000 residents or less and the individual makes a commitment of 5 years in total to stay in the area after setting up the business. This region offers exciting prospects for those looking to relocate their business or start up a new Italian company.
It is important to take into account the different Italian company types, as well as the pre-conditions of transferring residence to the region of Molise and applying for a VAT number. Furthermore, it will be necessary to remain open as a business for a total of 5 years, 2 years after the grant money of €24,000 has ceased, or the entirety of the grant may be requested back by the government. Applications to apply for this scheme are open from 16th September 2019.
Family allowance in Candela, Italy
An alternative for those who avail of remote working opportunities can be found in Candela in Italy’s far south, with grants offered to families, couples or singles willing to relocate to this village not far from the coast. The conditions here include living in the region, renting a property and having a minimum annual salary of €7,500. With rent for a 4 bedroom house averaging €400 a month and grants ranging from €800 – €2,000, the scheme continues to draw new residents to this region once known as ‘‘little Naples’’.
Euro Scheme in Ollolai, Sicily, Sambuca and Zungoli
However, if a new challenge, as well as a change of scene, is on the agenda, consider the Euro Scheme. A strategy to counter similar depopulation issues, the scheme allows lucky parties to buy a house for €1, the catch being the selected properties are in need of extensive renovations. There is a commitment to a timeline of 3 years for these renovations and as such are valued at around €25,000. When considering the skyrocketing house prices in Dublin or similar urban landscapes in Europe, this sum seems trivial when it could result in your own getaway close to the Amalfi Coast.
Setting up a Company in Italy
Thanks to focused reforms in 2014, setting up a company in Italy is easier than ever. The reforms favour small to medium-sized businesses, which make up 90% of Italy’s market. Setting up a business in Italy is particularly attractive for industries such as manufacturing, mechanical and construction sectors, chemicals, and the transport industry.
Starting a business in Italy is also becoming more attractive for non-residents because the shareholder(s) and director(s) are not required to be EU citizens. Only one shareholder and one director is required to set up a limited liability company and the minimum paid-up capital starts from just €1.
Please contact the Euro Company Formations team on +353 (0) 16461627 or complete the Contact Form to explore your Italian company formation options today.
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