Nikolai 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.
The eurozone's third market, licensed properly: authorisation as a SIM - società di intermediazione mobiliare - with minimum capital of €120,000 for advice-only firms, €385,000 for portfolio management and order handling that hold no client assets, and €1,000,000 where dealing, execution or underwriting enter, supervised by CONSOB and Banca d'Italia together.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Italy in brief
Household savings measured in trillions.
Italy authorises investment firms as SIMs, and the capital ladder is unusually well graded. Under the Banca d'Italia regulation on minimum capital, a SIM providing only investment advice - holding no client money or securities, even temporarily, and taking no proprietary risk - needs €120,000. A SIM doing placement without firm commitment, portfolio management or reception and transmission of orders, still without holding client assets or proprietary risk, needs €385,000 - the same figure if advice is added. Everything else - execution for clients, dealing on own account, underwriting with firm commitment, operating a multilateral system, or any of the above without those restrictions - requires €1,000,000. 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 SIM at the €120,000 or €385,000 tier is a genuinely affordable way into that pool, 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 - €120,000 for advice-only firms, €385,000 for portfolio management, order handling and non-firm-commitment placement, €1,000,000 for execution, dealing and underwriting.
The lower tiers hold only while the firm holds no client assets and takes no proprietary risk. CONSOB on conduct, Banca d'Italia on capital. ≈28% effective tax, 100+ treaties.
The three tiers
Advice at €120,000 - management at €385,000 - dealing at €1 million.
The Italian ladder is precise, and the restrictions matter as much as the numbers: holding client assets or taking proprietary risk moves you a tier. We scope before we file.
The €120k/€385k asset-side SIM - or the €1M full firm.
01 - ADVISORY · MANAGEMENT SIM
The asset-side firm
Advice at €120,000 where no client assets are held and no proprietary risk is taken; portfolio management, order handling and non-firm-commitment placement at €385,000 on the same restrictions.
Advice at €120,000 where no client assets are held and no proprietary risk is taken; portfolio management, order handling and non-firm-commitment placement at €385,000 on the same restrictions.
- ✓Investment advice - €120,000
- ✓Portfolio management - €385,000
- ✓Reception and transmission of orders
- ✓Placement without firm commitment
- ✓No client assets, no own risk
- ✓EU passport into 30 states
02 - THE FULL SIM
The dealing firm
Execution for clients, dealing on own account, firm-commitment underwriting or running a multilateral trading facility - €1,000,000 minimum capital and the full prudential frame.
Execution, own-account dealing, firm-commitment underwriting or an MTF at €1,000,000. The full prudential frame under both supervisors.
- ✓Execution of client orders
- ✓Dealing on own account
- ✓Underwriting with firm commitment
- ✓Multilateral trading systems
- ✓€1,000,000 minimum capital
- ✓Full CONSOB + Banca d'Italia frame
Tiers per the Banca d'Italia regulation on minimum capital for SIMs. The no-client-assets and no-proprietary-risk conditions are what hold the lower tiers. We design to them 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
€120,000, €385,000, €1,000,000. 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 | €120k / €385k / €1M | €75k-€750k 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€120k / €385k / €1M
Other jurisdictions€75k-€750k 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 | €120k / €385k / €1M |
 Cyprus | CIF - CySEC | 12.5% · 15% large | 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€120k / €385k / €1M
CyprusLicense typeCIF - CySEC
Taxation12.5% · 15% large
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
Before you apply
Requirements for the Italian licence.Requirements for the licence.
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 - €120,000, €385,000 or €1,000,000, matched to the exact service set.
03
The tier conditions - no client assets and no proprietary risk where the lower tiers apply, 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 minimum-capital regulation and CONSOB rules as of 2026.TUF + Banca d'Italia capital regulation, 2026.
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
Advice only€120,000
Management · RTO€385,000
Dealing · execution€1,000,000
Tier conditionsNo client assets, no own risk
Realistic timeline9-15 months
Effective tax≈28%
The tier conditions are the design decision: one line of business that touches client assets moves an entire firm from €385,000 to €1,000,000.
On the ground in Italy
Run from our Milan office.
Prifinance - Italy
Milan · Italy
Milan, Italy
01
Tier design
The service set mapped to €120k, €385k or €1M. With the client-asset and proprietary-risk conditions built in 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
Tallinn
Estonia
Roseni 13
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.
Follow Prifinance
Active across our channels.
Italy · CONSOB
Launch your investment firm in Italy with expert support.
Full-service assistance - from tier design and company formation to SIM authorisation and distribution - run through our Milan office.
Get a consultation →Free legal opinion
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?+
€120,000 for a SIM providing only investment advice; €385,000 for placement without firm commitment, portfolio management or reception and transmission of orders; €1,000,000 for execution, dealing on own account, firm-commitment underwriting or operating a multilateral system.
What holds the lower tiers?+
Two conditions: the firm must not hold client funds or securities, even temporarily, and must not assume proprietary risk. Breach either and the €1,000,000 tier applies, which is why the perimeter is a capital decision, not a paperwork one.
Can advice be added to the €385,000 tier?+
Yes - the regulation applies the same €385,000 figure where advisory services are provided alongside placement, management or order handling under the same restrictions.
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 licensing 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 €120,000 or €385,000 where the model allows, and a file built for two supervisors at once - from our Milan office.
What licence?+
SIM - CONSOB + BdI.
Capital?+
€120k / €385k / €1M.
Lower tiers?+
No client assets, no own risk.
Advice added?+
Same €385,000.
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
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
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Get a free legal opinion on 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.Free legal opinion: which Italian tier fits your project and what it will cost.
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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.