Italy, alongside with other European countries, sustains investments in the renewable energy sector. In June 2018, Italy became a member of the group of European states that have set as a target to provide 35% of their demand of energy from renewable sources no later than 2030. Our team of lawyers in Italy can assist businessmen with information on the energy regulations available in this country.
Italy is known throughout the world for its wide variety of cheese and cheese products, and one of the most demanded products is the Italian parmesan cheese, most notably known as Parmigiano Reggiano. The production of parmesan cheese reached a new record in 2017, when the local companies managed to produce approximately 147,000 tonnes of parmesan, which generated EUR 2.2 billion in sales. Our team of Italian lawyers can provide in-depth advice on the business permits available for companies handling products of animal origin.
Italy and Belarus entered a set of cooperation relations related to green economy and free economic zones. The representatives of the two countries met in Belarus at the Belarus- Italy Busines Forum on Green Economy, which reunited more than 200 companies and organizations operating in both countries. Italy is an important provider of cutting-edge technology and equipment related to green economy for Belarus and Italian companies can find suitable investment opportunities on this market. The purpose of the forum was to further develop the relations of the two countries on green economy and our team of lawyers in Italy can offer assistance on the bilateral cooperation established between the two jurisdictions.
The representatives of Italy and Armenia have recently met to further promote the relations between the two countries, carried out on multiple levels, such as political, cultural and economic. Related to the latter, Italy has completed several investments in Armenia, with a total amount of $ 200 million. Italian investors who are considering expanding their business activities in Armenia should know that the rate of Italian companies operating on this market is increasing. Italy will further invest in a heat power plant that will be built in Armenia and our team of Italian lawyers can provide in-depth assistance on the agreements established between the countries regarding economic matters.
The tourism sector is one of the major industries in Italy. At the level of 2016, the tourism sector represented the most important provider for the Italian economy, as the country offers numerous attractive sites. Italy is one of the top touristic destination at a global level, being the 5th global economy in terms of tourism arrivals. Investors who want to set up a business in Italy must know that this state has 51 UNESCO (United Nations Educational, Scientific and Cultural Organization) sites, which represents the highest number of protected cultural sites at a global level. Our team of lawyers in Italy can advise businessmen on how to start a company in this sector and may assist investors with advice on the business permits that can be required in this case.
The International Monetary Fund (IMF) presented in a working paper a set of proposals on the tax measures that could sustain economic growth in Italy. The working paper states that the Italian tax burden should be shifted towards consumption and property, instead of labor taxes. In this sense, the IMF recommends Italy to reduce the social security contributions and to provide a larger tax base on the valued added tax (VAT). Our law firm in Italy can assist local investors with information on the current taxation system available in this country, for both natural persons and legal entities.
The Italian gross domestic product (GDP) registered the highest growth rate since 2010. Italy represents one of the top European economies and the recent data shows that the country managed to resolve numerous issues that followed the economic crisis which had a negative impact on most of the European member states. The GDP for 2018 was recently revised at a growth rate of 1.5%, compared to the previous estimates of 1.4%, as revealed by the country’s statistics institution, ITSAT. Our team of Italian lawyers can advise foreign businessmen on the legislation concerning investments in this country.
Italy and Pakistan have recently signed new agreements on cooperation for specific economic activities. At the Pak-Italy Joint Economic Commission, the parties signed three letters of intent for cooperation in the fields of textiles, footware and stone. For the latter business activity, the parties also concluded a memorandum of understanding, set up between the institutions regulating this field of operations. Our team of lawyers in Italy can assist businessmen with advice on other agreements signed in this country.
A recent study - Green Italy 2017 - revealed that the Italian companies have become more interested in investing in green technology. At the moment, more than 355,000 companies in Italy have already implemented green technologies, in the attempt to reduce the environmental impact of industrial activities. This takes into account saving energy and reducing the overall emmissions of greenhouse gases. Our team of lawyers in Italy can advise businessmen operating in this country on the legislation related to this subject.
The gross domestic product (GPD) of Italy was recently revised by the Italian Central Bank, estimating a growth rate of 1.4% for 2018. The Bank of Italy increased the macro-economic forecast for this year by 0.1% compared to the previous estimates issued by the European Commission. At the same time, the estimates on the Italian economy show positive effects on the employment market, which will increase by 4% between 2017 and 2020. Our team of lawyers in Italy can advise businessmen who want to set up a company here on the types of employment contracts available under the local legislation.
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.