In an attempt to boost its startup sector, Italy introduced a Start-Up Policy in 2012 that offers non EU-nationals a relatively quick and convenient option to obtain residency in the country. While conventional immigration options impose tough residence and other requirements, especially on non EU-nationals, the Italy Start-Up Policy offers tax benefits and other investment advantages to individuals establishing new enterprises in Italy.
The Policy imposes two primary eligibility requirements:
- Submission of an innovative business idea for the creation of a startup in Italy, and
- Investment of not less than €50,000 towards the development of the idea.
Italy Start-Up Visa Policy seeks to attract entrepreneurial talent into the Italian economy, especially towards the startup sector that relies on innovative ideas, new technologies, and an aggressive entrepreneurial approach to generate impressive results.
Italy Start-Up Visa can be obtained by direct application or by applying through an official business incubator.
The direct startup visa application process involves submission of the startup idea to an Evaluation Committee. The committee will assess the plan and determine whether all other requirements under the policy have been met by the applicant. Upon approval, the Committee will issue a Certificate of No Impediment.
The second process involves issue of the Certificate of No Impediment without evaluation provided a certified incubator allows the non EU-national to setup the innovative startup on its premises. The incubator must also issue a formal invitation letter, which will result in issue of the Certificate without detailed evaluation.
Upon issue of the Certificate, verification and authorization by the local police is the final step involved in the issue of Italy Start-Up visa.
After completion of this procedure, the applicant may request permission to enter by demonstrating that he or she has the financial resources, minimum of €50,000, to develop the startup. Further, the applicant must provide proof of residence and possession of health insurance.
An applicant fulfilling these requirements will be granted a residency permit upon his or her arrival to Italy.
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Source: Mondaq