Italy – Visa – The Italian Startup VISA
What is the Startup Visa or the Extraordinary Start-up Visa?
The Italian Startup Visa (or Extraordinary Start-up Visa) is a residence visa that allows foreign founders and investors to start and manage a business in Italy. It was introduced in 2015, and it works as an extension of the Italian business visa, granted to people wanting to carry out business activities in Italy. It was created to help attract the most talented people into the Italian economy, who can contribute to the country’s growth. Specifically, it is aimed at entrepreneurs and investors from outside the Italian borders.
How does the Italian Startup Visa work?
The Italian Startup Visa system works in two phases: the first phase is the development of a business plan and the second phase is where the visa is granted (or not). The first phase involves the applicant developing a business plan, which must be approved by the Italian Ministry of Economic Development. If the business plan is approved, the applicant can apply for the second phase, where they will undergo a selection process. During this stage, the applicant must submit their business plan, documents and financial requirements, which the Ministry of Economic Development will assess. If the applicant is successful, then they will be granted the Italian Startup Visa.
What are the benefits of the Italian Startup Visa?
The Italian Startup Visa offers many benefits to entrepreneurs and investors, including:
- No language requirements
- No minimum or maximum required capital
- Greater flexibility in terms of business activities
- Easy access to financial resources
- Access to innovative technologies
- Fast-track process for obtaining Italian citizenship
- Access to the European Union’s Single Market
- Tax incentives and subsidies available
- Access to a large and highly qualified workforce
- Network of established Italian entrepreneurs
- Access to world-class research and development centers
What are the requirements for the Italian Startup Visa?
In order to be eligible for the Italian Startup Visa, applicants must meet the following criteria:
- Have an approved business plan (by the Italian Ministry of Economic Development)
- Have capital of at least €50,000 for a two-year residence visa (which can be extended to three years)
- Have a minimum of €250,000 for a five-year residence visa (which can be extended to six years)
- Be able to demonstrate a valid source of income (e.g. salary, investments, etc)
- Not have a criminal record (in Italy or elsewhere)
- Have a valid passport
- Provide proof of health insurance
How do I apply for an Italian Startup Visa?
The process for applying for an Italian Startup Visa is relatively straight-forward, but it can take some time, as there are several stages to the process. Here is an overview of the process:
- Develop a viable business plan, approved by the Italian Ministry of Economic Development
- Make a formal application for the Italian Startup Visa
- Provide all the necessary documents, such as proof of capital, financial means, etc.
- If approved, the applicant will receive an Offer of Residence document, which is valid for six months
- Submit all the necessary documents to the Italian Prefecture and undergo an interview
- The visa will be issued and is valid for one or two years, depending on the applicant’s business plan
FAQs – Italy – Visa – The Italian Startup VISA
Q. How long is the Italian Startup Visa valid for?
A. The Italian Startup Visa is valid for one or two years, depending on the applicant’s business plan.
Q. Does the Italian Startup Visa allow me to work in other countries?
A. The Italian Startup Visa does not grant the holder the right to work in other countries. However, it does grant them the right to reside in Italy for a period of up to two years.
Q. What happens if my business plan is rejected?
A. If your business plan is rejected, you will not be able to apply for the Italian Startup Visa. You may, however, be eligible for the Italian Business Visa which is designed for people wanting to carry out business activities in Italy.
Q. Can I enter Italy on the Italian Startup Visa?
A. You will not be able to enter Italy on the Italian Startup Visa. You will need to apply for the relevant visa or permit at the Italian embassy or consulate in your home country.
Q. What documents do I need to apply for the Italian Startup Visa?
A. To apply for the Italian Startup Visa, you will need to provide the following documents: an approved business plan, proof of capital, financial means, and proof of health insurance.
Conclusion – Italy – Visa – The Italian Startup VISA
The Italian Startup Visa is an initiative to attract entrepreneurs and investors from outside Italy who can bring innovative ideas and contribute to the country’s growth. It offers many benefits, including access to innovative technologies, fast-tracking of Italian citizenship, access to the European Union’s single market and a wide range of tax incentives. However, applicants must meet certain requirements and provide certain documents in order to be eligible for the visa, and the process for applying for the visa can take some time.