The city of Milan is the industrial and financial capital of Italy, with a population of 1.3 million people. The city's economy is focused on finance, fashion and tourism. It is also one of Italy's leading tourist destinations. Milan is an important economic hub in Italy, as well as being one of the world's most important fashion capitals. The city has everything to offer a startup business: from culture to food and accommodation, you will certainly find something for you. There are plenty of opportunities to work here too - whether that be at an established business or starting your own venture! We've put together some useful information on what it takes to open up shop here in Milan, so read on if this sounds like something for you!
Doing business in Italy
- Milan is among the top 10 most visited cities in Europe.
- Companies from all over the world have their headquarters in Milan. It's an important economic center, and it has a large and well-developed business community.
- Milan is a major transport hub, with excellent rail connections to Rome and other parts of Italy as well as to neighbouring countries such as Austria, Switzerland, France and Germany (via the Eurotunnel). Air travel options include flights from many cities across Europe on low-cost airlines such as Ryanair or EasyJet; these airlines also offer flights from other parts of Italy (e.g., Naples) that are closer than those available at Malpensa airport near Milan itself but which charge higher fares because they're farther away from central areas within town limits compared with Milano Centrale station where prices tend towards standard rates despite being located very close together geographically speaking relative terms!
İlayda Birol
Why Milan? The economy!
The economy of Milan is driven by services, and the city is the financial capital of Italy. The city has a gross domestic product (GDP) of over €100 billion ($117 billion as of 2013). It also has a high-tech industrial sector that produces research and development (R&D)-intensive goods such as pharmaceuticals, aircraft and automobiles. In addition, it hosts some big companies in fashion design, construction industry and publishing.
Business opportunities
Milan is the most important city in Italy for business. The city has a good reputation in the international business world and is an important economic centre in Europe, which makes it a big market for new businesses.
Advantages of opening business in Milan
The city is the financial capital of Italy and has a large international airport. It also boasts large numbers of universities, including the Bocconi University, which is one of Europe’s top business schools. These factors make Milan an attractive location for setting up a business:
Drawbacks of doing business in Italy
- Bureaucracy: Italians love to complain about bureaucracy and red tape. The entire country is run on regulations and laws, which may seem like a good thing in theory, but it can end up being an enormous pain to deal with. In Italy there are laws for everything, including how long your hair can be (long) or what kind of food you can eat (vegan).
- Taxes: Italy has some of the highest taxes in Europe. Most businesses have to pay VAT at 22 percent on top of other fees and charges that add up quickly when you're trying to make ends meet as an entrepreneur.
- Lack Of Transparency: You could say that this is two things rolled into one—but it's worth mentioning separately because transparency is key when doing business anywhere in the world. If people don't trust their government they will get frustrated and leave their country—and this has happened recently with thousands fleeing Italy due to economic hardship related issues such as high unemployment rates (10 percent)
Taxation in Italy
Taxation in Italy is high. If you plan to open a business in Italy, you must be aware of the fact that your company will be responsible for paying taxes on its income. You must also take into account that there are different tax rules depending on whether your business is based in Italy or abroad. For example, if you establish your company outside of Europe and then transfer it to an EU country like Italy, this can have an impact on your tax liability.
It's very important for new businesses to find out how much they will owe in terms of taxation before opening up shop; otherwise they risk being blindsided by unexpected costs later on down the line—something no entrepreneur wants!
How to register a company in Italy
- Choose a name for your business that is easy to remember, spell and pronounce.
- Make sure the name is not already taken.
- To register in Italy you need an accountant who will help with all the paperwork (it does not necessarily have to be an Italian).
Laine Redpath
Open a business account in Milan
If you have established a company in Milan, you need a business account. If you want to avoid the hassle of paperwork and the drudgery of red tape - you can open a business account with wamo totally online in just 10 minutes. We hope these tips will help you with your startup or when you are looking for a new business venture. There are many advantages to starting up in Milan, but it is also important that you understand the drawbacks before making any decisions.
