The Italian representatives have recently met with their counterparts in Iran and Vietnam, to further increase the level of investments in these countries. Italy is interested in expanding its activity on the Iranian market, while in the case of Vietnam, the parties consider that investments should be increased in the fields of tourism and aviation. Our team of lawyers in Italy can advise on the regulations concerning the investment activities applicable here.
The Italian authorities have announced the measures taken for the 2018 Budget. Amongst the numerous incentives provided to stimulate the local economy, the Italian government also established attractive measures for the employment of persons with an age below 35 years old. Other measures encourage the usage of eco-friendly related devices and new value added tax requirements for persons working as sole proprietorships. Our team of lawyers in Italy can provide legal assistance on other benefits established under the 2018 Budget.
The Statistics Institute of Italy (ISTAT) announced positive results on the country’s economy for the current year. Important macroeconomic indicators, such as the gross domestic product (GDP) and employment, registered relevant growth. For 2017, ISTAT increased the growth forecast on the GDP at 1.5%, compared to the previous estimate of 1%. The rate of unemployment decreased, and at the moment, the current results of the Italian economy show the highest increase since 2010. Our team of lawyers in Italy can advise foreign businessmen on the legislation available for investments in this country.
The representatives of Italy and India have recently signed six trade agreements which have as the main purpose the development of trading relations between the two countries. Italy and India are interested in increasing the current value of the trading activities, which are set at the moment at $8,8 billion. Foreign businessmen interested in the trading agreements applicable in Italy can receive advice on this matter from our team of Italian lawyers, who offer legal assistance on the tax benefits and other incentives deriving from such documents.
Italians love gelato and the estimates show that consumers in Italy eat approximately 100 scoops per year. The industry accounts for a market value of EUR 1,6 billion, while the icecream products made in Italy are considered amongst the best at a global level. Businessmen who want to open a company in Italy in this field must know that the gelato industry is rather iconic for the Italian economy as at the moment the country is considered the top European producer. Also, the number of gelato shops is increasing (by 5% in 2016, on a year-to-year basis), as the consumer demand is rising. Our team of lawyers in Italy can offer legal assistance on the requirements available for this type of activity.
The employment in Italy has reached the previous level registered prior to the 2008 recession that hit several European economies. At the moment, the employment market in Italy accounts for 23 million employed persons, which represent a record for the Italian workforce. Following the employment reform that was enacted by the Italian government in 2014, the employment market was able to create approximately one million jobs. Our team of lawyers in Italy can offer more details on the applicable regulations available on this matter.
A study conducted by the Milan Polytechnic University revealed that the revenues of the Italian online gaming industry increased by 25% in 2016. The increase was also observed for the traditional gaming industry, for services provided by the Italian casinos and lotteries. At the level of 2016, the online gaming industry registered gross domestic revenues in amount of EUR 1,03 billion, which represented an increase of 25% compared to the previous year. In order to set up a company in Italy operating in this field, the investors will need to obtain various documents available for gaming companies, following the regulations provided by the Agenzia delle Dogane e dei Monopoli (ADM). Our team of lawyers in Italy can offer more details on the applicable regulations.
Italy is represented by specific industries, one of the top sectors being the manufacturing industry. The country is well known for its high-quality manufacturing products, mainly deriving from medium sized companies incorporated in this country. Investors who want to establish a company in Italy may set their operations in any part of the country and our team of Italian lawyers can assist in this procedure, but is it necessary to mention that the northern part of Italy is characterized by the presence of private companies operating in the industrial sector, while the southern part is less developed, agricultural activities being the top industry of the region.
Foreign businessmen interested in opening a company in Italy can now benefit from the advantages provided by a new Italian fund, established with the purpose of providing financial assistance for the development of the business environment. The new fund has a total worth of EUR 1 billion and it is provided by well reputed entities. Our team of lawyers in Italy can offer legal assistance on how to benefit from the financial services provided by the new fund.
The Bank of Italy estimated that the local economy will grow in 2017 above the projections set out for this year. Businessmen interested in setting up a company in Italy can have positive propects here, as the Italian economy will increase this year by 1.4%, compared to the initial projections of 0.9%. Our team of lawyers in Italy can offer in-depth assistance on the main regulations available for foreign entrepreneurs.
The regulations referring to the taxation of the intellectual property rights in Italy was modified in 2015, when the local authorities implemented the Italian Patent Box package, a regime which provides advantageous tax reductions for the legal entities using intellectual property assets. The tax deductions are applicable to multiple types of taxes, provided that companies meet a set of criteria. Our team of lawyers in Italy can offer in-depth advice on the main benefits of the Italian Patent Box regime.
The retail industry experienced positive results at the level of October 2016, as the sales registered in this field increased by 1.2%. The month of October marks a positive trend for the retail sales, as in the previous three months the field did not registered very good results. Businessmen who are interested in opening a company in Italy should know that the development related to the retail sales represented the highest increase recorded in the last two years. Our team of lawyers in Italy can provide more information on the regulations related to the retail industry.
The world’s oldest bank, Monte dei Paschi din Siena (BMPS), was rescued by the Italian authorities through a state-funded operation. The local authorities have approved the rescue plan, which will have positive effects on the businessmen who have invested their financial assets in this entity. The overall value of the financial assistance provided to the BMPS is established at EUR 20 billion. Businessmen interested in investing in Italy can find out more details on the legal aspects from our team of lawyers in Italy.
An important Italian industry which is expected to grow in 2017 is the automotive sector. By the end of 2016, the car industry in Italy will reach to 1.8 million sold vehicles, while for 2017, the projections are showing that the car sales can increase up to 11% compared to the situation of 2016, reaching more than 2,000,000 vehicles. Businessmen who are interested in setting up a company in this field are required to obtain a set of designated special permits and licenses and our team of lawyers in Italy can assist with legal advice related to this subject.
The Italian Trade Agency will soon have a branch office in United Arab Emirates (UAE), set up in order to promote the business relations between the two states. The Italian Trade Agency (ITA) has as main objective the development of the Italian companies on the international market. Businessmen who want to open a company in Italy can benefit from the effects of the agreement established by the two countries. Those who need further details on the business opportunities that can arise from this new partnership can address to our team of Italian lawyers for assistance.
Entrepreneurs who perform business activities in many countries find themselves sometimes in the situation of being accused of different crimes and they need good lawyers to defend them until the case is clarified.
Italian businessmen have numerous business opportunities in Romania, as the trading relations between the two states are strong. One of the main arguments in this sense refers to the to the fact that, according to the data presented by the Romanian National Institute of Statistics, the trade between the two countries had at a total value of EUR 13,64 billion in 2015, which represents an increase of 8,55% compared to the situation of 2014. Our team of Italian lawyers can provide legal assistance on the ways in which a company can be incorporated in Romania.
The internet infrastructure will soon be developed in Italy, as an effect of a measure taken by the local government. Investors interested to set their business operations in Italy are advised to invest on the Italian market. However, other types of businesses can benefit from the positive effects (one of them is referring to the internet speed, which can sustain more commercial operations) of the measure. Our team of Italian lawyers can assist foreign investors with an extensive presentation on the Italian internet infrastructure.
The persons who were victims of different types of accidents, medical malpractice, defective products etc. are entitled to financial compensations for their pain and financial losses, if there is a natural person or legal entity that is at fault for the accident or case.
Italy is recognized at an international level for its high quality wines. At the same time, the country is one of the most important economies in this field and it is customarily to see the state in the top positions related to wine exports. 2015 brought a further development in the industry, as the export sales hit a record value of EUR 5,4 billion, increasing with more than 5% its value, compared to the results of 2014. Foreign investors interested in the wine industry are advised to set their operations here and our team of Italian lawyers can offer more details on the characteristics of this market.
Singapore can serve as an entrance to the Asia-Pacific region for Italian industries and Italy offers many business opportunities for Singapore entrepreneurs to discover. Singapore is already the largest export destination for Italy in south-east Asia, with more than 500 Italian corporations operating there, including brands like Prada, Ferrero and Ferragamo. Bilateral trade and investment will receive a further improvement when the European Union-Singapore Free Trade Agreement (FTA) will be approved, as Singapore President, Tony Tan Keng Yam recently confirmed.