Italy corporate bank accounts
Healy Consultants assists our Clients with opening a corporate bank account in Italy. Our experienced banking team will prepare all requisite documentation on your behalf and submit them to the bank. We will also attend the bank interview on your behalf. To find out more about Italy business banking, please read the information below.
- The Italian banking system is underdeveloped compared to other main European countries and is characterized by the coexistence between a handful of large national groups including i) Unicredit ii) Intesa Sanpaolo and iii) Mediobanca and over 150 provincial banks;
- Foreign banks are serving an increasing number of corporate customers and currently holding a 20% market share. Main foreign banks present in Italy are i) Deutsche Bank ii) BNP Paribas iii) Barclays and iv) Commerzbank;
- Italian corporate and personal banking products and customer service are of average standard, with notably easy access to i) multiple currencies ii) checking accounts iii) saving accounts iv) debit and credit cards v) fixed term deposit and vi) wealth management services but ii) poor internet and services banking;
- It is currently very difficult for SMEs to secure loans in Italy due to i) lending rates currently averaging 4.2% annually and ii) only 25% of rate of approval for loans applications by SMEs.
Healy Consultants banking services
- Healy Consultants bank account opening team can open the corporate account within 4 weeks and obtain internet banking approval within the subsequent week. Our fee for this service will be €3,950;
- While our experts will liaise with the banks to prevent our Clients from travelling for the interview, there is still a 50% chance that the bank may require our Clients to travel for a one hour interview. There will be a fee discount of €500 if you have to travel;
- Following bank account approval, the preferred Italian bank will directly and independently email our Client the corporate bank account number.
Opening an Italian corporate bank account
- Due to the poor state of Italian banks, Healy Consultants currently recommends our Clients to rather choose global banks including i) Deutsche Bank ii) BNP Paribas and iii) Barclays for Italian corporate bank account solutions;
- Documents required to open an Italian corporate account include i) a passport ii) a proof of address iii) a tax identification code iv) a certificate of incorporation for the company and v) a certificate of good standing for all owners holding over 20% of the company’s share capital;
- Indicative yearly costs for banking services are: i) bank account maintenance fees – €30 ii) business credit card – €30 iii) international banking transfers – €25 + 0.3% commission iv) checkbook – free v) ibanking services – free;
- Non-UE resident individuals may open a nonresident bank account, but only foreign currencies may be deposited. Documents required include: i) a valid passport and ii) a tax identification code (also issued to non-residents in Italy).
- Italian banks are willing to provide finance to local companies if the following conditions are met i) good business-plan ii) availability of collateral assets iii) experience of business owners iv) last 3 years audited financial statements v) realistic feasibility study and vi) project strength and weaknesses analysis (SWOT);
- We also assist our Clients secure trade finance services including i) bank guarantees ii) letters of credit iii) finance against trust receipt and iv) document against payment and against acceptance;
- Healy Consultants will help our Clients obtain corporate finance in the form of a loan, overdraft or simply preferential credit terms.
Exchange controls and other regulations
- Although Italy does not have exchange controls, notification must still be provided to the Central Bank for monetary transfers over €12,500. This is done to disrupt money laundering activities;
- All Italy-resident businesses and individuals must disclose their assets detained abroad to the authorities or are subject to a fine representing up to 15% of assets for each year undeclared. Trust beneficiaries, individual shareholders with over 25% of a company’s capital share and other “beneficiary owners” are also affected by this regulation.
Frequently asked questions
How long does it generally take to open an Italy corporate bank account?It takes on average 4 weeks to get corporate bank account approval.