Developing a rapport is the foundation to succeeding in business in Italy. Although you will frequently see close friends in Italy greet each other with a kiss on each cheek (left cheek first, then right, and between members of either sex), this is not considered appropriate in a business context unless you have a long history of doing business with each other. How to do business in Italy. Milan has no shortage of business hotels and serviced apartments and is seen as the more “industrialized” city when compared to the history and culture of Italy’s capital. Milan and Rome have good public transport options, including bus, taxi and metro. The climate is mainly Renowned for its art, food and rich history, Italy remains an attractive economy for investment as it recovers from the global financial crisis and continues to grow steadily each year. Italy is a great partner to sell goods to as well. If you have a smattering of Italian, your efforts will be greatly appreciated – Italians are generally delighted if a foreigner can speak a few words their language, no matter how rudimentary their skill. Dos and don'ts of business in Italy. Purchase of assets 5. Both airports have great public transport connections to their respective city centers in the form of regular express trains. Privacy Policy. It’s expected that you’ll be able to make good business decisions and be full of initiative, but the sales pitch isn’t enough, Bolla says. What Are the Most Common Nutritional Deficiencies? Challenges of Doing Business in Italy. If trying to strike an important business deal in Italy, it pays to check up front if you are talking to the final decision-maker. Public transport is also a challenge and sometimes the only option for getting from A to B in these neighborhoods is to walk. It would be good to find a well-connected person who can establish the right introductions on your behalf. No longer just seen as a beautiful spot in which to take a break and indulge in some great food-fueled sightseeing, Italy is holding its own as a business destination. Get ready to be confused by ever-changing rules and a lack of clarity on what exactly is required and when. Electric Cars Cheaper Than Gas By 2027, Study Says. The assumption in most other parts of the world that business meetings should begin precisely on time (or even earlier) doesn’t necessarily apply in Italy. If that isn’t enticing enough, the Italian government is offering incentives to foreign investors, including tax cuts and investments in Italy’s infrastructure. Similarly, moving away if you feel someone is invading your personal space (see above) can be viewed as unfriendly. For... Read More, The economy is bouncing back, but not quite as expected The unemployment rate in the U.S. currently sits at 6.1%, certainly an improvement from last April’s level of 14.8% –... Read More, Digital Ink Accounting and audit requirements 12 6. Italy’s long standing reputation for intricate bureaucracy is slowly fading. With the Decree of the President of the Council of Ministers (DPCM – Decreto del Presidente del Consiglio dei Ministri) issued last Friday on April 10 th, 2020 the Italian government has provided guidelines for people who are required to travel to, or through, Italy for business purposes. Zilch wins UK regulatory support for BNPL industry, The impact of technology on buyer’s online shopping experience. Uber exists in Italy but the outcry from taxi drivers in both cities when the service was launched means it can only be used to book the more expensive limousine option. Italy is a peninsula covering 301,401 km2, and surrounded by the Mediterranean Sea. The exchange of business cards is common in Italy and it’s a good idea to have it translated into Italian on the reverse. In this article, we’ll run through the basics of doing business in Italy and examine the unspoken rules of Italian business etiquette and best business practice. Establishing a representative office in Italy (local office) 5 2. The Country Commercial Guide (CCG) is a comprehensive annual review of Italy’s commercial, economic, and political environment. Personal relationships Bologna and Turin are renowned for the efficiency of their transport options, while despite the perennial Italian issue of where to park, Modena is the kind of city where driving is almost de rigeur. The challenges of doing business in Italy. Given the frequently gridlocked traffic in both cities, we recommend opting for the train over a taxi when traveling between either airport and the center. Join the Veem Beta program and access exclusive new features and tools. The Italian business mentality. However, if there is a strict deadline in place for a particular project, this should be communicated clearly and frequently from the outset. Meetings will usually begin late, meaning they run over the allocated time – but those in the know will have already factored this into their plans. According to Varenna, Italians are “very risk averse,” so one won’t find as many gusty entrepreneurs as they would stateside. We have discovered the modus operandi of the... Read More, Comedy producer operates behind the scenes to create comedic success Building a successful comedy career generally means spending years perfecting comedic timing and seeking loyal fans and the bright lights... Read More, Zilch positioned to be major player in BNPL space The buy-now-pay-later phenomenon, or BNPL, offers many important benefits for young consumers strapped by the pandemic-related shutdowns. Tips for traveling and doing business in Italy Italy may not be the first place that springs to mind when thinking of countries that nurture a spirit of entrepreneurship, but... October 17, 2019 by BOSS Editorial Team 1 Comment. Business cards in Italy will usually include a person’s professional title and educational qualifications. However, exchanging business cards is commonplace. If you should find yourself in smaller business centers such as Turin, Modena, or Bologna, bear in mind that these cities are usually relatively small and walkable, so don’t feel geographically limited in your choice of accommodation – stay in the nicest place, not the nearest. It’s the eighth-largest economy and an export powerhouse as well. The 3 step guide to starting a business in Italy. Italy is famous for its strong cultural heritage and this also extends into its business customs and etiquette. Doing Business in Italy. For a limited liability company or the S.r.l., the minimum share capital is … First off, prepare for the bureaucracy. Business cards in Italy will usually include a person’s professional title and educational qualifications. Italy is a relatively new country made up of a conglomeration of regions that have proud and distinct ancient histories. As with all stereotypes, these should be taken with a recognition of the prejudices they inherently contain, and thus a huge pinch of salt – but when doing business in the country, it is good to temper the generalizations we’ve given above with some prior research into the culture and practices of the region in which you’ll be doing business. – Ensure that your Italian counterparts like and trust you. Visitors should remember that ministries and most public offices close at 1300 and it is not possible to see officials in the afternoon, except by special appointment. Here history and modernity combine, with Italy’s largest church (because Rome’s St Peter’s Basilica is actually in the Vatican City) adjacent to the flagship stores of world-renowned fashion houses and art museums nestling next to hip bars and the city’s trendiest restaurants. This means a lot of the facilities and amenities you would take for granted in other locations (such as an elevator) may be lacking. If you only have a few days in the city, you may want to base yourself near the beautiful Piazza del Duomo in the heart of Milan, where you can enjoy the best of both worlds. In order to set up a business in Italy, you’ll also need to have a legal permit to live and work in Italy. Share this! The first steps to business success in Italy. If Yes, here are 50 best profitable small business ideas & investment opportunities in Italy. 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According to the 2011 Index of Economic Freedom (The Heritage Foundation and The Wall Street Journal), Italy is only the 87th freest economy in the world. Italy’s industrial triangle (Milan, Turin, Genova) is favourably positioned near other rich areas such as the Rhone-Alpes and the European core of the heavy industry: the Rhine-Ruhr region. Middleby Food Processing Group – See What’s Cooking? What Threat Does Overfishing Pose to the U.S.? The fact that things do not always work as expected is part of the unique charm of doing business in Italy, where the rewards will nearly always outweigh the challenges. Italy’s love affair with good food means a professional meeting will nearly always involve a meal, either during or after business talks. If you purchase Italian products, your business will have no problem finding buyers.
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