Bulgaria
LatviaNikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the CONSOB decision, including banking and payment rails.
Get an investment license in Italy.
An investment license in Italy is authorisation as a SIM, a società di intermediazione mobiliare, which CONSOB grants after hearing the Banca d'Italia; both then supervise it. Capital follows the EU tiers: €75,000 for advice, portfolio management, order handling and placing without a firm commitment where the by-laws bar holding client money and instruments, €750,000 once dealing on own account or firm-commitment underwriting enters, €150,000 in every other case. Effective tax is about 28%, IRES plus IRAP. Italy is the eurozone's third market.
30 yrs
of experienceof experience
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
Italy in brief
Investment license in Italy: household savings measured in trillions.
Italy authorises investment firms as SIMs. Art. 19(1)(d) of the TUF requires paid-in capital no lower than the amount the Banca d'Italia sets, and its Regulation on the supervision of SIMs of 23 December 2022 applies the amounts of IFD art. 9. A SIM that provides only reception and transmission of orders, execution for clients, portfolio management, investment advice or placing without a firm commitment, and holds no client money or financial instruments, needs €75,000; the by-laws must state that limitation expressly. A SIM that deals on own account, or underwrites or places on a firm-commitment basis, needs €750,000. Every other SIM needs €150,000: the same agency services with client assets, or a multilateral trading facility. Supervision is shared: CONSOB for conduct and transparency, Banca d'Italia for capital and risk.
The commercial case is the savings pool. Italian households hold one of Europe's deepest stocks of private financial wealth, historically parked in government bonds and bank deposits and steadily migrating toward managed products and advisory relationships. The advisory profession is regulated, organised and large; distribution networks are real institutions. A €75,000 or €150,000 SIM is an affordable way in, with the EU passport attached. Corporate tax runs at 24% IRES plus roughly 3.9% IRAP - near 28% effective - against a 100+ treaty network. For advisory firms, wealth managers and boutiques targeting Italian savings, we build the SIM file end to end from Milan.
The eurozone's third market: authorisation as a SIM - €75,000 for agency services without client assets, €150,000 in every other case, €750,000 for dealing on own account and firm-commitment underwriting.
The €75,000 tier holds only while the by-laws bar client money and instruments. CONSOB on conduct, Banca d'Italia on capital. ≈28% effective tax, 100+ treaties.
The three tiers
Agency at €75,000 or €150,000 - dealing at €750,000.
The Italian ladder is precise, and the by-laws matter as much as the numbers: permission to hold client money or instruments moves a SIM from €75,000 to €150,000, and dealing on own account moves it to €750,000. We scope before we file.
The €75k/€150k agency SIM - or the €750k dealer.
01 - AGENCY SIM
The agency firm
Advice, portfolio management, reception and transmission, execution for clients and placing without a firm commitment: €75,000 where the by-laws bar holding client money and instruments, €150,000 where the SIM holds them or runs a multilateral trading facility.
Advice, portfolio management, reception and transmission, execution for clients and placing without a firm commitment: €75,000 where the by-laws bar holding client money and instruments, €150,000 where the SIM holds them or runs a multilateral trading facility.
- ✓Investment advice and portfolio management
- ✓Reception, transmission and execution of orders
- ✓Placing without firm commitment
- ✓€75,000 - by-laws bar client assets
- ✓€150,000 - client assets or an MTF
- ✓EU passport into the other 29 states
02 - THE FULL SIM
The dealing firm
Dealing on own account, or underwriting and placing on a firm-commitment basis: €750,000 initial capital and the full prudential frame, whatever else the SIM does.
Own-account dealing or firm-commitment underwriting and placing at €750,000. The full prudential frame under both supervisors.
- ✓Dealing on own account
- ✓Underwriting with firm commitment
- ✓Placing on a firm-commitment basis
- ✓Agency services under the same capital
- ✓€750,000 minimum capital
- ✓Full CONSOB + Banca d'Italia frame
Tiers per the Banca d'Italia Regulation on the supervision of SIMs of 23 December 2022, which applies the IFD art. 9 amounts. The €75,000 tier holds only while the by-laws bar client money and instruments. We design to that clause explicitly.
Why Italy
Six reasons firms license in Italy.
✓
The savings pool
Among Europe's deepest stocks of household financial wealth, migrating steadily from deposits into managed and advised products.Europe's deepest stock.
✓
A graded ladder
€75,000, €150,000, €750,000. The capital matches the risk taken, so an advisory firm is not priced like a dealer.Capital matches risk.
✓
Advice is a profession
Italy's advisory sector is regulated, organised and large. Distribution partners are institutions, not improvisations.Real distribution networks.
✓
Two regulators, clear roles
CONSOB on conduct, Banca d'Italia on prudential. Divided expectations are easier to satisfy than blurred ones.Conduct and prudential.
✓
Eurozone scale
The third-largest economy in the euro area, with the passport attached. Domestic depth and union reach in one licence.Depth plus passport.
✓
Treaties 100+
One of the world's widest networks. Cross-border mandates and group flows route with relief.Relief-routed flows.
How it compares
How Italy differs from other routes.
The comparison that matters: domestic depth at graded capital. Inside a system that expects real local organisation.
Italy vs other jurisdictions
| Feature |  Italy | Other jurisdictions |
|---|---|---|
| Regime | SIM - CONSOB + Banca d'Italia | Single-regulator MiFID |
| Capital | €75k / €150k / €750k | Same IFD tiers |
| Market | Deep household savings | Cross-border sourced |
| Tax | ≈28% effective | 12.5%-25% elsewhere |
Regime
ItalySIM - CONSOB + Banca d'Italia
Other jurisdictionsSingle-regulator MiFID
Capital
Italy€75k / €150k / €750k
Other jurisdictionsSame IFD tiers
Market
ItalyDeep household savings
Other jurisdictionsCross-border sourced
Tax
Italy≈28% effective
Other jurisdictions12.5%-25% elsewhere
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Italy | SIM - CONSOB | ≈28% effective | €75k / €150k / €750k |
 Cyprus | CIF - CySEC | 15% | IFD tiers, EU passport |
 Luxembourg | Investment firm - CSSF | ≈23.9% aggregate | €75k-€750k, four eyes |
 Estonia | Investment firm - FI | 0% retained · 22/78 | IFD tiers, statutory clock |
ItalyLicense typeSIM - CONSOB
Taxation≈28% effective
Requirements€75k / €150k / €750k
CyprusLicense typeCIF - CySEC
Taxation15%
RequirementsIFD tiers, EU passport
LuxembourgLicense typeInvestment firm - CSSF
Taxation≈23.9% aggregate
Requirements€75k-€750k, four eyes
EstoniaLicense typeInvestment firm - FI
Taxation0% retained · 22/78
RequirementsIFD tiers, statutory clock
European Union · the MiFID regime
Investment licences in neighbouring jurisdictions
All 113 investment licence jurisdictions →
Investment license cost: capital, official fees and timelines by country →
How to get an investment license: types, requirements and process →
Asset management and fund management license: regimes compared →
Broker-dealer and securities dealer license: regimes compared →
Before you apply
Investment license requirements in Italy: what CONSOB and the Banca d'Italia check.Investment license requirements in Italy.
Two supervisors, one file. The checklist below is what a passing application contains.
01
Italian company. A joint-stock company with registered office and management in Italy.
02
Capital by tier - €75,000, €150,000 or €750,000, matched to the exact service set.
03
The tier condition - for €75,000, a by-law clause barring the SIM from holding client money and financial instruments, designed into the model.
04
Fit-and-proper officers. Directors, statutory auditors and senior managers assessed individually.
05
Qualifying shareholders. Holdings vetted to ultimate-owner level with approval on changes.
06
Business plan. Strategy, distribution and three-year projections both authorities can test.
07
Organisational structure. Compliance, risk management and internal audit functions established.
08
Conduct framework. CONSOB's transparency, suitability and reporting rules embedded.
09
Prudential machinery. Capital and reporting computations live from day one.
10
Client-asset arrangements. Where the tier permits them, segregation documented in full.
11
AML/CFT programme. Italian law compliance with a named responsible officer.
01
Italian company, run locally.
02
Capital per exact tier.
03
Tier conditions designed in.
04
Officers assessed individually.
05
Holdings vetted to UBO.
06
Testable business plan.
07
Control functions established.
08
CONSOB conduct embedded.
09
Prudential machinery live.
10
Client assets segregated.
11
AML officer named.
Reflects the Consolidated Law on Finance, the Banca d'Italia Regulation on the supervision of SIMs and CONSOB rules as of 2026.TUF + Banca d'Italia SIM regulation, 2026.
Verify it yourself
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- RegulatorBanca d'Italia - Market access authorisations: SIMs are authorised by Consob after the Bank's opinion (in Italian)bancaditalia.it
- LawLegislative Decree No. 58 of 24 February 1998 (TUF), art. 19: SIM authorisation by Consob - Normattiva (in Italian)normattiva.it
- Banca d'Italia - Regulation on the supervision of SIMs of 23 December 2022, Part One, Title I, Chapter 1: initial capital of €75,000, €150,000 or €750,000 (in Italian)bancaditalia.it
- LawDirective (EU) 2019/2034 (IFD), art. 9: initial capital of €75,000, €150,000 or €750,000 - EUR-Lexeur-lex.europa.eu
- RegisterESMA - Register of MiFID investment firms, Italian SIMs includedregisters.esma.europa.eu
How it works
From first call to the CONSOB register.
01
Tier design
Services mapped to the capital tier, and the restrictions that hold it written into the model.Perimeter is capital.
02
Company and bench
Italian joint-stock company, capital paid, directors and auditors prepared for individual assessment.Auditors prepared.
03
The application
The file addressing both supervisors. Organisation, conduct and prudential complete at submission.Both supervisors.
04
Joint review
CONSOB and Banca d'Italia questions answered on schedule, each in its own language.Each in its language.
05
Licence and launch
Register entry, distribution agreements and passporting live. Operating inside the savings pool.Inside the pool.
Quick facts
RegulatorsCONSOB + Banca d'Italia
LicenceSIM
No client assets€75,000
General tier€150,000
Dealing · underwriting€750,000
Tier conditionBy-laws bar client assets
Realistic timeline9-15 months
Effective tax≈28%
The by-law clause is the design decision: one line of business that needs client money moves the whole firm from €75,000 to €150,000, and a dealing book moves it to €750,000.
On the ground in Italy
Run from our Milan office.
Prifinance - Italy
Milan · Italy
Milan, Italy
01
Tier design
The service set mapped to €75k, €150k or €750k. With the client-asset clause written into the by-laws deliberately.Conditions built in.
02
The joint file
One application, two supervisors. Conduct for CONSOB, prudential for Banca d'Italia, both answered properly.Two supervisors, one story.
03
Bench and organisation
Directors, auditors and control functions assembled to Italian standards. Assessed individually, prepared accordingly.Italian standards met.
04
Distribution and launch
Advisory networks, banking and passporting sequenced. The firm selling into Italian savings.Networks and passport.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in Italy.
Two corporate layers near 28% combined. With a treaty network that few systems match.
IRES at 24%
The national corporate income tax on profits. The primary layer for a SIM.The national layer.
IRAP around 3.9%
The regional production tax, computed on a different base and varying by region. The second layer.Regional, other base.
≈28% effective
The combined operating rate a Milan firm actually pays. The price of the pool it sells into.The Milan reality.
Financial services VAT-exempt
Core investment services sit outside VAT; the 22% standard rate touches overheads only.22% on overheads.
Dividend withholding 26%
Reduced under treaties and the EU parent-subsidiary regime. The holding layer is designed around it.Treaty and EU relief.
Treaties 100+
One of the widest networks in the world. Cross-border fee flows and group dividends route with relief.Among the widest.
Tax summary
IRES24%
IRAP (regional)~3.9%
Effective total~28%
VAT on servicesExempt core · 22%
Dividend withholding26% · treaty/EU relief
*Figures as of 2026 per the Agenzia delle Entrate. Regional IRAP rates and group outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Italian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed SIM.
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Italy · CONSOB
Get your investment license in Italy with expert support.
Full-service assistance - from tier design and company formation to SIM authorisation and distribution - run through our Milan office.
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Is Italy the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Italian investment licence: quick answers.
What licence does an investment firm need in Italy?+
Authorisation as a SIM - società di intermediazione mobiliare - the Italian investment firm, supervised by CONSOB for conduct and Banca d'Italia for prudential matters.
What capital is required?+
€75,000 for a SIM that provides only reception and transmission of orders, execution for clients, portfolio management, investment advice or placing without a firm commitment and may not hold client money or financial instruments; €750,000 for dealing on own account or underwriting and placing on a firm-commitment basis; €150,000 in every other case. The Banca d'Italia's SIM regulation sets these amounts in line with IFD art. 9.
What holds the €75,000 tier?+
One condition, written into the by-laws: the SIM may not hold client money or financial instruments. A SIM that needs them moves to €150,000, and one that deals on own account or underwrites on a firm-commitment basis moves to €750,000, which is why the perimeter is a capital decision, not a paperwork one.
Can services be combined in the €75,000 tier?+
Yes - advice, portfolio management, reception and transmission, execution and placing without a firm commitment can sit together at €75,000 while the by-laws bar client assets. One service from the €750,000 list lifts the whole SIM to €750,000.
Who supervises a SIM?+
Both authorities, by subject: CONSOB for transparency, conduct and investor protection, Banca d'Italia for capital adequacy, risk containment and prudential stability. The application addresses both, and the file must speak each language.
How long does an investment license in Italy take?+
Realistically 9-15 months including preparation - an Italian file rewards organisational completeness and punishes drafts.
How are Italian investment firms taxed?+
24% IRES plus roughly 3.9% IRAP - near 28% effective - with core financial services VAT-exempt against a 22% standard rate, 26% dividend withholding reduced by treaties and EU relief, and a 100+ treaty network.
Why license in Italy rather than passport in?+
Because Italian distribution runs through Italian relationships. A domestic SIM is a counterparty that networks, banks and advisers work with as one of their own - passporting in reaches the market on paper, not in practice.
Italy or Cyprus for an EU licence?+
Cyprus is faster and cheaper with the same passport; Italy is the market itself - a deep savings pool that rewards being local. If Italian clients are the plan, license in Italy. We model both.
Why Prifinance for Italy?+
Tier design that keeps you at €75,000 or €150,000 where the model allows, and a file built for two supervisors at once - from our Milan office.
What licence?+
SIM - CONSOB + BdI.
Capital?+
€75k / €150k / €750k.
€75,000 tier?+
By-laws bar client assets.
Combine services?+
Yes, without client assets.
Who supervises?+
Both, by subject.
How long?+
9-15 months realistic.
Taxes?+
≈28% effective.
Why not passport?+
Distribution is local.
Or Cyprus?+
Market vs speed.
Why you?+
Tier kept low, file dual.
Client notes
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of CONSOB or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.