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Innovative startups, doors open in Italy

As per measure 44 of the Destinazione Italia Plan and Law no. 221/2012, a new type of visa now facilitates the attraction of talent and innovation to Italy. The procedure for issuance of the visa is simple and streamlined, in accordance with the laws in force, and are contained, along with all requirements and conditions, in a document outlined by the authorised State administrations.

Issuance of the visa

Visas issuance is on the basis of a simplified electronic procedure and assessment of the startup initiative’s merit by a technical committee set up at the Ministry of Industry and Economic Development. Also considered are the reception services offered by certified incubators that host and support business ideas considered to have a high potential for economic return.

Requirements

Among the requirements for obtaining the entry visa for startups, foreign entrepreneurs must prove they have no less than €50,000 in available financial resources, obtained through venture capital funding or other investors, portals for the collection of capital for innovative startups, Italian or foreign government and non-government funding or a combination of any of the aforementioned. Special facilitation is possible for foreign citizens that have secured the support of a certified incubator. With the implementation of these new provisions, Italy joins a limited number of countries offering an entry visa specifically dedicated to startup businesses (others include Canada, Chile and the Netherlands)

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