Why Set Up Business in Italy?
What would it be like to do business in a place that is home to the ancient cities like Vatican and Rome?
Looking at the map, you will notice a boot-shaped peninsula in the Mediterranean Sea. Known for its beautiful coastlines, beaches and mountains, Italy’s vast variety of the geographic landscapes had created its unique culture and attracted people into the country.
Italy is among the most industrialised countries in the world, with a particular focus on cars, electronics, fashion products and machinery. The agricultural sector is the prime component of its economy. Wine, olive oil, wheat, milk, fruit and vegetables are the principle products and Italy is one of the most dominant exporters in the world. Another prevalent sector is the tourism sector in the country. The tourism industry is the lucrative sector in the nation where it is ranked as one of the most visited countries in the world, mainly due to its rich cultural and historical heritage.
With a vast network of businesses, Italy is often regarded as an ideal destination in which to setup overseas company. In fact, Italy is not just the rich culture and history background. Italy is one of the founding members of the European Union and it also part of the Eurozone. Also, Italy is one of the key members of G8, G20 and NATO and other important International organizations. The fast-growing economy in the country has positioned it as one of the key destinations in the EU for foreign investment.
Furthermore, Italy offers attractive tax incentives to all the local and foreign investors. Private investments in R&D enjoys a 25% tax credit (50% for projects with universities or research centres), and 15% tax credit is granted for investments in machinery and capital goods. Further public incentives support new investments in manufacturing and R&D, especially in southern Regions.
Here’s a summary why you should consider the Italian market:
- sophisticated infrastructure
- a strategic logistic hub
- highly industrialised market
- attractive tax benefits
- a gateway to tap into the Mediterranean and the Middle East markets
- one of the world’s highest rates of household wealth
- one of the world’s most favourite travel destinations
As seen so far, Italy undoubtedly portrays several motivating factors that attract potential investors. If you are considering a place to expand your business internationally, Italy has lots to offer.