Italy corporate bank accounts in 2024

Healy Consultants Group assists our Clients with opening a corporate bank account in Italy. Our experienced banking team will prepare all the requisite documentation on our Client’s behalf and submit them to the bank. We would also be pleased to attend the bank interview on our Client’s behalf. To find out more about Italy business banking, please read the information below.

Italian banking system

• The banking system in Italy is underdeveloped compared to other main European countries and is characterized by the coexistence between a handful of large national banking groups including i) Unicredit; ii) Intesa Sanpaolo; and iii) Mediobanca and over 150 other provincial banks;
• Foreign banks are serving an increasing number of corporate customers and are 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 currency options; ii) checking accounts; iii) savings accounts; iv) debit and credit cards; v) fixed term deposit; and vi) wealth management services but with vii) poor internet and banking services;
• It is currently very difficult for SMEs to secure loans in Italy due to i) lending rates currently averaging at 4.2% annually and ii) only 25% of rate of approval for loan applications by SMEs.

Healy Consultants Group banking services

• Healy Consultants Group bank account opening team can assist in opening a company bank account in Italy within 4 weeks and obtain internet banking approval within the subsequent week. Our fee for this service will be €4,950;
• 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 our Client is required to travel;
• Following bank account approval, the preferred Italian bank will directly and independently email our Client the corporate bank account number.

Opening a corporate bank account in Italy

• Due to the poor state of Italian banks, Healy Consultants Group 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 needed to open a corporate bank account in Italy 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) check book – free; and v) i-banking services – free;
• Non-EU resident individuals may open a non-resident bank account, but only foreign currencies may be deposited in it. Documents required include: i) a valid passport and ii) a tax identification code (also issued to non-residents in Italy).

Trade finance

• Italian banks are willing to finance local companies if the following conditions are met by them i) submission of a good business-plan; ii) availability of collateral assets; iii) experience of business owners; iv) submission of audited financial statements of last 3 years; v) submission of a realistic feasibility study; and vi) submission of a 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) documents against payment and acceptance;
• Healy Consultants Group will help our Clients obtain corporate finance in the form of a loan, overdraft or simply in preferential credit terms.

Exchange controls and other regulations

• Although Italy does not have any exchange controls, notification must still be provided to the Central Bank if any monetary transfer over €12,500 is carried out. This is done to disrupt money laundering activities;
• All Italy-resident businesses and individuals must disclose their assets detained abroad to the authorities. Otherwise they are subject to a fine representing up to 15% of the assets for each year undeclared. Trust beneficiaries, individual shareholders with over 25% of a company’s capital share as well as other “beneficiary owners” are also affected by this regulation.