Opening a Business Account in Italy (US Guide)

Italy is a popular location for many US businesses looking to expand into Europe, with businesses from as diverse sectors as chemicals, fashion, IT, aerospace and food technology flourishing there.

If you’re thinking of using Italy as your EU base you’ll need to get a local business account to manage EUR payments as a priority. This guide looks at your options, and the process to open a business account in Italy as a US citizen. We'll also discuss the Wise Business account. The global account that can help your company with all things cross-border.

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Opening a Business Account in Italy: What US Companies Need to Know

Invest in Italy¹ states that Italy is a welcoming business environment with growth which is outpacing some other EU countries - plus it’s a wonderful place to live, with great quality of life if you choose to move there.

If you’re about to move your US business to the country, you’ll need to think about the practicalities - including how to manage your business transactions in both EUR and USD. Here are some things to know about before you establish your Italian business entity.

Why US Companies May Need an Italian Business Account

If you’re establishing an Italian business entity you may find it necessary to open a business account to maintain your personal and business finances separately. This depends on the entity type you select.

Even if it’s not mandatory to have a local EU account, it can be a good way to streamline your administration and cut the costs of transacting in euros.

Transactions in Italy will usually settle in EUR - but converting your money back to USD every time isn’t cost efficient. This means having a local account - or a US based business account which can hold EUR payments and balances - can save you money.

Challenges for US Companies Opening Business Accounts in Italy

Italian banks set their own eligibility requirements for accounts - which can be strict.

Many companies expanding to Italy choose to use a professional agent to support their move to help navigate the local landscape. Services in Italy may be limited if you’re not a resident there, for example, and applications can involve providing quite a suite of paperwork, including documents which will need to be certified or notarized, and in some cases translated.

Getting local advice and support can make the process far easier to manage - even if it comes at a cost.

The Step-by-Step Process to Open a Business Account in Italy

Opening a business account with an Italian bank can be relatively complicated, requiring a wealth of supporting documents and a long processing time. The exact steps you need to follow will be dictated by the bank and account you select, but can typically look like this:

Step 1: Research and select banks or providers which may meet your needs

Italy has an expansive financial sector, including local, regional and international banks. While all offer business services, you might find that some account types are limited if you’re not a local resident. Further restrictions may apply depending on the size and type of your business. Research is essential here - with local support through an agent if you can arrange it.

Step 2: Gather the documents needed to apply

Once you’ve decided on the right bank for your needs, you’ll need to reach out to them to find out which paperwork is needed in your unique situation. Some documents may need to be legalised or translated, so allow yourself plenty of time to get everything arranged before your branch appointment.

Step 3: Apply through an agent or in person

Generally you or your agent will be required to visit your preferred bank in person to apply, taking along your supporting documents. If you need a translator, plan in advance - banks may be able to support you with English language services in larger city branches.

Step 4: Upon approval get account collateral and start to transact

Approval times for Italian banks may vary, as strict checks are needed on all new account applicants. This is to comply with law and keep accounts and customer funds safe. Once your account is approved you can start to transact.

Preparing Necessary Documentation for Your Italian Business Account

When you apply for your Italian business bank account you will need documents and information which can include details of your Italian entity like your local Tax ID, VAT number, and Chamber of Commerce registration.

In addition to this you might have to provide some documents from your home country, or about your US business. Depending on the bank you select, foreign documents may need to be translated or notarised - so ask for exact requirements well in advance of your appointment so you can make appropriate preparations.

Choosing the Right Financial Provider for Your Italian Business Needs

We’ll look at a few Italian banks which offer business and corporate services in a moment to help you decide which might suit your needs. When you’re comparing your options, it’s worth looking both at banks and specialist providers like Wise Business.

Services like Wise aren’t banks and so may not offer the full range of services a bank can - such as loans and credit. However, as digital first providers, they do offer flexible ways to manage your money in EUR, USD and other currencies, with account application, onboarding and verification that’s entirely completed remotely. That can be a simple solution if you’re looking for a strong all round option to manage day to day business finances as you expand to the EU.

Top Providers for Business Accounts in Italy for Non-Residents

We’ve picked out some top banks which operate in Italy so you can see if they have services which appeal to your needs. Each bank is different, and restrictions do apply, including on non-resident applications, and the type and size of company which can access account services. Compare a few options to find the right one for your new company.

Citibank

Citibank² has had a presence in Italy since 1919 and offers services to businesses as well as investors, high net worth individuals and public sector clients. As a huge global bank, Citi can offer cross border banking and expertise which can help new companies establish in Italy.

HSBC

HSBC³ Italy offers business banking services⁴ through their continental Europe arm, with a presence in around 60 countries and territories in the region. This allows HSBC to offer both localised products and broad global and regional knowledge to help businesses grow.

BNL (Banca Nazionale del Lavoro)

BNL (Banca Nazionale del Lavoro)⁵ offers a range of business account services and other products such as ways to receive customer payments conveniently, and digital banking services. Take a look at the bank’s location finder tool to get the closest branch to you, and call in to discuss your requirements.

A Banking Alternative: Wise Business

If you’re looking for a simpler solution to manage your money in euros, Wise Business might just be it.

Wise Business offers a global account to meet your daily needs. You can hold 40+ currencies, get local account details in 8+ currencies, and send money easily to 140+ countries.

If you're feel that your Italian bank has high fees, then Wise Business could serve as your secondary account to ensure that you're not losing money on currency conversion fees and unfavorable exchange rates.

Lastly, Wise Business offers a easy-to-use digital platform where you can sign up completely online.

Essential Requirements for an Italian Business Account

Before you start to apply for your Italian business account it helps to know what your bank is likely to need from you. Here’s a rundown of common requirements - reach out to your preferred bank to confirm their specific protocols.

Key Documents Needed for Business Accounts in Italy

While the documents needed by Italian banks do vary, they’re all based on the same legal requirements and so tend to be quite similar. Here are some commonly required documents you might want to have to hand when you apply:

• Your company Articles of Association (Statuto)
• Your company Certificate of Incorporation
• Your company Chamber of Commerce registration (Registro Imprese)
• Your company VAT number (Partita IVA)
• Your ID documents and tax code (Codice Fiscale) and that of key company contacts such as directors and shareholders
• Proof of your company’s Italian business address

Understanding Italian Banking Requirements for US Companies

Italian banks have a few specific requirements which may not be familiar to US companies. For example, all owners and large shareholders will need to get an Italian Tax Code (Codice Fiscale), available in Italy or through the Italian consulate in the US. To open a business account you’ll normally need to fully register your company in Italy including getting VAT registration. Finally, documents provided from the US may need to be translated and notarised.

It’s also helpful to know that there may be additional requirements as a US person, due to demands in the US Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS).

Save Time and Hassle With Wise Business

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. Wise makes it easy to send, hold, and manage business funds in currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. Simply add the local account details when billing international customers to receive international payments with no fees.

Account opening is 100% online, with no need to visit a branch or book appointments.

Once you’re set up, you can connect to software such as Wave, FreshBooks, and more. You can also withdraw funds from Stripe without currency conversion fees.

Open a Wise Business account online

Some key benefits of Wise Business include:

Major local account details to receive international payments with ease No monthly account fees just a simple one-off fee for account details Receive payments from e-commerce platforms such as Amazon or via Stripe. Free invoicing tool to generate and send invoices. Create invoices using the Wise invoice generator or invoice templates. Accounting integrations, including a QuickBooks Bill Pay connection. Bill payments will be synced, matched, and categorized in QuickBooks for simple reconciliation. Access to BatchTransfer. Fast payment of up to 1,000 people.

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Source:

1. Invest in Italy
2. Citigroup Italy
3. HSBC Italy
4. HSBC Italy Business
5. BNL (Banca Nazionale del Lavoro)