WHAT WE

DO    

Support and Training in Sales, Distribution Channels, Personal Coaching, Research and Data Collection, and Seed Investment in New Start-Ups

Law Firm - Opening an office in Italy   

 

An Israeli law office was asked by their customer to support the activity of opening an office in Milano Italy Before locating a local office in Italy and spending exuberant amount of money, “Digital Wizard” was asked to provide a specific report on what would have to be done when starting a new activity in Italy. Clearly, the Israeli Law office would have had to struggle with locating the information, and translating from Italian, Instead “Digital Wizard” provided all the necessary information that supported the activity at a faster pace, and at a lower cost Information provided by “Digital Wizard” to the Law Firm included:

General comments:

The report showed that Italy has recently taken new steps to position itself as a welcoming home for foreign investment; however, it is still battling to shake off its reputation as an economic slow starter. Italy is slowly emerging as a land of opportunity, although specialist local advice is needed to help navigate through the bureaucracy.

 

Types of legal entity

“Digital Wizard” provided short concise reports of the types of legal entities possible and overall advantages/disadvantages:

Limited liability company (SrL)

• Popular format for small to medium businesses
• What is the minimum share capital required
• What are restrictions on foreign shareholders
• Audited accounts to be filed annually
• What is the minimum number of directors, and shareholders of an SrL?

Joint stock company (SpA)

• Typically for medium to large companies
• What is the minimum share capital required
• What is the minimum number of directors needed
• What are the restrictions on foreign shareholders
• Audited accounts to be filed with the Registrar of Companies

Branches

• Foreign parent responsible for all liabilities of Italian branch
• What is the minimum number of directors required
• Accounts to be maintained but no reporting requirements

 

Setting up the company in Milano Italy

"Digital Wizard" provided the following information to the law office:

• Location: Based on the requirements of the customer potential neighborhoods for offices were identified, and associated rental costs (for budgetary purposes)            
• Documents: Customer/law office instructed to prepare articles of association and memorandum of association
• Documents Customer/law office instructed to execute articles of association before a public notary
• Requirements: Customer/law office instructed  to act on the following:
• To obtain an Italian tax code and identity document – information provided
• To open a local bank account – recommendations provided based on branch availability
• To register for VAT – information provided as to the process
• To file with the Registrar of Companies - information provided as to the process
• To secure approval by a local tribunal - information provided as to the process

 

 

Financial incentives

"Digital Wizard" provided general info on available incentives for foreign investors

• Corporation and local tax breaks
• Research and development grants
• Low-interest loans for enterprises that encourage exports

 

 

Management, HR and Staffing

"Digital Wizard" wrote a report on HR and staffing issues in Italy generally, and Milano specifically. The report included:

• Difficulty/ease of hiring in Milano
• Current unemployment figures
• Recruitment agencies for permanent and temporary staff
• Information about Labor laws strongly favoring the employee
• Importance of taking advice before entering into a contractual arrangement