Italy Invites Startups With New Visa Programs

In June 2014, Italy introduced a startup visa program for budding entrepreneurs. This startup visa is specifically for non-Europeans with innovative business ideas. Last December, the program was extended to foreign students who have received a degree from Italy and are aspiring to start their own ventures in the country.

With rising unemployment numbers and a declining GDP rate, Italy is searching for new avenues through which it can strengthen its economy. Their main aim is to attract foreign talent and investment to Italy and simulate competitiveness in technology and related fields.

Eligibility:

To be eligible for the startup visa, applicants must present an innovative business idea that will be evaluated by a specific committee. The company needs to qualify as a ‘startup’, which means it needs to be incorporated as a private limited company according to the Italian legislation. Applicants also need to show evidence of a minimum of €50,000 in startup funds.

How to apply?

You can choose to apply either by:

• Direct application
• Certified incubator

Why choose Italy for your startup?

Italy is THE country for you to set up your business. Here are some of the reasons why.

• It is the gateway to strategic markets thanks to the seamless borders with France, Switzerland, Germany, Austria and Greece
• Italy’s lifestyle is an asset to enhancing your work environment
• Italy’s artistic and cultural heritage is an untapped asset
• High quality and competitive skills – made in Italy is a key driver that will help you in scaling up your startup
• It also offers robust investment incentives and has pioneered in capital raising tools for startups

Benefits of the visa:

The application process is quick, simple and well structured. The granting of the temporary visa will be composed of two will be given to the entrepreneur to set up the business. After the initial period, the startup is evaluated on specific criteria regarding its growth, sustainability and scalability. Post evaluation, the visa may be extended for another three years. Other benefits include:

• Free business registration
• Open to non-EU citizens
• Flexible labor rules
• Simplified procedure for bankruptcy
• Tax relief on startup investments (19-27%)
• Tailored business support service from the Italian Trade Agency
• Access to crowd funding portals
• Public guarantees of bank loans
• One year renewable residency permit
• Tax credit of 35% for hiring high quality personnel
• No stamp duties and fees paid for issuing documents
• Extension by 12 months of the so-called “loss carry-forward period”

For more details on the program, feel free to contact us.