Open a Bank Account in Italy: Process, Documents & Costs

Thinking of launching your business in Italy? First and foremost, you will require a local bank account. Whether you’re starting a tech company in Milan, setting up a logistics firm in Rome, or expanding your e-commerce brand into the EU, having a proper financial setup is key to smooth operations and legal compliance.

In this guide, we’ll show you how to open a bank account in Italy as a foreign entrepreneur—whether you’re based locally or abroad. We cover everything from non-resident eligibility, and online banking alternatives, to the full list of required documents.

We’ll also walk you through how to set up a business bank account in Italy along with the costs and best banks there.

Why Open a Bank Account in Italy?

Italy is one of Europe’s largest economies and a strategic hub for trade, innovation, and manufacturing. Opening a bank account in Italy as a foreigner here not only supports your day-to-day operations but also:

• Enables access to credit and funding
• Allows proper tax reporting and compliance
• Facilitates payments with EU clients and suppliers
• Increases the authenticity and credibility of your business.

Types of Bank Accounts in Italy

If you’re setting up a company in Italy, you’ll need a business bank account to register for VAT, hire employees, and pay corporate taxes.

How to Open a Business Bank Account in Italy?

Opening a business bank account in Italy involves a few key steps. Below is a typical process:

1. Register Your Company

Before applying for a bank account, your company must be legally registered with the Italian Business Register (Registro delle Imprese).

2. Prepare the Documentation

Here are the usual documents required:

• Valid passport or ID of directors/owners
• Italian tax code (Codice Fiscale)
• Articles of Incorporation (Atto Costitutivo)
• Company bylaws (Statuto)
• Proof of registered office in Italy
• VAT registration (if applicable)
• Chamber of Commerce registration certificate

For foreign companies, notarized and translated versions may be required.

3. Submit Application In-Person or Online

Many traditional banks still require in-person verification, especially for corporate accounts. However, an increasing number of modern banks offer remote account opening.

4. Initial Deposit

Some banks require a minimum initial deposit ranging from €1,000–€5,000 for business accounts.

Documents to Setup a Corporate Bank Account in Italy

Here’s a recap of documents typically needed to open a business or corporate account in Italy:

• Passport or government ID
• Company formation documents
• Proof of address
• VAT registration certificate (if applicable)
• AML compliance documents

Legal Requirements for Non-Residents

Foreign entrepreneurs who are non-residents must typically provide:

• A valid passport
• Proof of legal address (home country or in Italy)
• Italian Codice Fiscale (tax code)
• Company registration documentation
• Anti-Money Laundering (AML) compliance documents

You do not need to be an Italian resident to open a business bank account, but some banks may still request a local tax representative or require a resident director.

Is it Possible to Open a Business Bank Account in Italy Remotely?

Yes, but only some banks allow full digital onboarding, especially for freelancers and startups. Options include:

• Qonto – Tailored for entrepreneurs, easy setup
• N26 – Good for freelancers or personal use
• Wise Business – Multi-currency support for global entrepreneurs

Corporate accounts for established businesses usually require manual KYC and in-person validation unless you’re using a service provider like ours.

Why You Need a Business Bank Account in Italy?

Here’s why a business bank account in Italy is a non-negotiable for foreign entrepreneurs:

• Mandatory for company registration and tax filing
• Required to deposit share capital (for SRL or SPA formations)
• Enables invoice payments and employee salaries
• Builds financial credibility with Italian authorities and partners

A corporate bank account in Italy also allows integration with accounting software and access to local business financing options.

Costs of Opening a Bank Account in Italy

Best Banks for Foreign Entrepreneurs in Italy 

If you’re unsure where to start, here are the top banking choices for foreign entrepreneurs in Italy:

1. UniCredit is a great option for established businesses looking for a solid branch network and traditional banking services. However, its online account opening process is limited.
2. Intesa Sanpaolo caters well to SMEs and mid-sized companies with strong business financing products. Like UniCredit, remote account setup may be limited.
3. Qonto is ideal for startups, especially those in the tech or digital space. It offers 100% online business banking with quick onboarding, making it perfect for remote entrepreneurs.
4. Wise Business is an excellent choice for global entrepreneurs managing international clients and payments. It supports multi-currency accounts, offers low fees, and is fully remote-friendly—ideal for freelancers, consultants, or global traders.

Conclusion

Opening a bank account in Italy doesn’t have to be overwhelming. Whether you’re an EU or non-EU entrepreneur, Italy welcomes foreign businesses with a robust banking infrastructure—if you know where to look and how to approach the process.

From choosing between a business bank account in Italy or a corporate account, to navigating remote setups and legal documentation, your banking decisions will impact everything from taxation to operations.

If you’re planning to set up your company and want help navigating Italian banks, OnDemand International can streamline the entire process for you—remote or in person.

Get in touch with us today and let our team help you set up your Italian bank account with ease and speed.