Italy free zones in 2023
- The Italian government operates one free trade zone: the Free Port of Trieste (northeast of Italy) and the Free Port of Venice;
- Both these free zones are Control Type I, which means goods placed within the perimeter fence that is monitored by customs, are automatically under the free zone regime;
- These zones offer i) exemption from VAT for non EU goods in transit ii) deferred VAT payment on merchandise imported into the EU iii) nondiscriminatory right of entry for ships and cargos and iv) no customs intervention.
| Free zone comparison | Free Port of Trieste | Free Port of Venice |
|---|---|---|
| FTZs used mostly by which industry? | Shipping | Shipping |
| Average annual industrial space rent per 1000 sq. m. | €1,255 | €1,500 |
| How long to set the company up? | 4 weeks | 4 weeks |
| How long to open company bank account? | 4 weeks | 4 weeks |
| Quality of utilities | Good | Good |
| Allowed to sign sales contracts with Italy Clients? | No | No |
| Allowed to invoice Italy Clients? | No | No |
| Corporate tax payable in Italy | Yes | Yes |
| Corporate bank account | Yes | Yes |
| Physical office space required | Yes | Yes |
| Allowed to import raw materials? | Yes | Yes |
| Allowed to export goods? | Yes | Yes |
| Can be wholly foreign owned | Yes | Yes |
| Can the entity hire expatriate staff in Italy? | Yes | Yes |
| Minimum number of directors | 1 | 1 |
| Minimum number of shareholders | 1 | 1 |
| Tax registration certificate required | Yes | Yes |
| Individual shareholders allowed | Yes | Yes |
| Corporate shareholders allowed | Yes | Yes |
| Corporate director(s) allowed | No | No |
| LLC company allowed? | Yes | Yes |
| Annual audited financial statements | No | No |
