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 Banca d'Italia decision, including banking and payment rails.
Get an EMI license in Italy.
59 million consumers and a state-led digitisation wave: Banca d'Italia authorises istituti di moneta elettronica under the TUB, with €350,000 capital and entry in the Albo IMEL. We build the Italian file end to end, and know its unwritten rules.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Italy in brief
Europe's third-largest market, mid-digitisation.
Italy authorises e-money institutions - istituti di moneta elettronica, IMEL - through Banca d'Italia under the Testo Unico Bancario, with registration in the Albo IMEL under article 114-quater. The requirements are exact and supervised like the banking rules they descend from: €350,000 minimum capital paid in and evidenced by the depositary bank's own certificate, supporting documents no older than six months at filing, mandatory participation in the out-of-court dispute-resolution system, professional indemnity cover where initiation or account-information services are in scope, and a rule founders underestimate: the authorisation lapses if the institution has not begun operating within twelve months (extendable by six for justified reasons). Payment institutions run in parallel at €20,000-€125,000.
The market argument writes itself: 59 million consumers in the EU's third-largest economy, historically cash-heavy and now moving - card and mobile acceptance mandates, PagoPA rails digitising public-sector payments, and an e-commerce base still adding share every year. That combination - big market, late digitisation, serious supervisor - rewards licensed entrants who arrive properly built. Realistic end-to-end timelines run 9-15 months; the file is in Italian, and we draft it natively from our Milan office.
Banca d'Italia authorises IMELs under the TUB: €350,000 bank-certified capital, Albo registration, six-month document freshness, operations within twelve months - bank-grade review throughout.
The market: 59M consumers mid-digitisation, PagoPA rails, acceptance mandates. We draft the Italian file natively.
The two routes
IMEL - or the istituto di pagamento tier.
One supervisor, two entries: the IMEL at €350,000 with the full services list, or payment-institution licences from €20,000. We fix the scope first, then build once.
IMEL at €350,000 - or IP tiers from €20,000 into a market mid-digitisation.
01 - ISTITUTO DI MONETA ELETTRONICA
IMEL licence
The flagship Banca d'Italia authorisation: e-money issuance plus the payment-services list, €350,000 paid-in capital, Albo IMEL registration and EU/EEA passporting from Europe's third-largest market.
The flagship Banca d'Italia authorisation: e-money issuance plus the payment-services list, €350,000 paid-in capital, Albo IMEL registration and EU/EEA passporting from Europe's third-largest market.
- ✓E-money issuance and distribution
- ✓Full PSD2 payment-services list
- ✓€350,000 capital · bank-certified deposit
- ✓Albo IMEL registration
- ✓EU/EEA passport on notification
- ✓Operations within 12 months - or lapse
02 - ISTITUTO DI PAGAMENTO ROUTES
PagoPA-era marketPayment institution routes
Payment-institution licences run €20,000-€125,000 by service. Remittance to acquiring. With indemnity-backed PIS/AIS routes for open-banking models entering a market mid-digitisation.
IP licences €20k-€125k; PIS/AIS with indemnity; upgrade path to the IMEL.
- ✓IP licences - €20k / €50k / €125k by service
- ✓Acquiring for Italy's e-commerce wave
- ✓PIS/AIS with professional indemnity
- ✓Money remittance and transfers
- ✓Upgrade path to the IMEL
- ✓Same Banca d'Italia supervision
Costs and timelines are confirmed for your case before any work begins. Banca d'Italia's supervisory provisions set the file's schemas; capital, safeguarding and substance costs are itemised in your quote.
Why Italy
A big market that finally moved.
The framework is EMD2/PSD2 under a bank-grade supervisor. Attached to a 59-million-consumer economy in the middle of its payments transition.
✓
59 million consumers
The EU's third-largest economy, and its largest still-digitising payments market, where acceptance mandates and habit change are adding electronic volume every quarter.Biggest still-digitising EU market.
✓
The PagoPA wave
Italy digitised public-sector payments at national scale. Rails, habits and expectations that pull private-sector volumes along with them.State rails pulling private volume.
✓
A bank-grade supervisor
Banca d'Italia supervises IMELs with banking-descended rigour. The Albo entry carries weight with Italian banks, PSPs and enterprise counterparties.The Albo entry carries weight.
✓
Codified expectations
The supervisory provisions publish schemas for the business plan and organisational report, documents carry a six-month freshness rule, and the twelve-month launch deadline is written. Knowable, if demanding.Schemas, freshness, launch window.
✓
EU passport
One authorisation notifies into every EU/EEA state. The single market from Milan, with Italy's own volumes as the home base.Single market from Milan.
✓
PSD3-ready files
With PSD3/PSR close to adoption, e-money folds into the unified payment-institution regime. We structure Italian files to convert rather than be rebuilt.Built to convert, not rebuild.
How it compares
How Italy differs from other routes.
Italy trades process speed for market size and supervisory weight. The comparison is below.
Italy vs other jurisdictions
| Feature |  Italy | Other jurisdictions |
|---|---|---|
| Regulatory regime | TUB - Banca d'Italia | Same directives, other desks |
| Home market | 59M consumers, digitising | Mostly passport-dependent |
| Launch rule | Operate within 12 months | Rarely codified |
| Timeline | 9-15 months realistic | 6-12 at specialised desks |
Regulatory regime
ItalyTUB - Banca d'Italia
Other jurisdictionsSame directives, other desks
Home market
Italy59M consumers, digitising
Other jurisdictionsMostly passport-dependent
Launch rule
ItalyOperate within 12 months
Other jurisdictionsRarely codified
Timeline
Italy9-15 months realistic
Other jurisdictions6-12 at specialised desks
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Italy | IMEL (Banca d'Italia) | IRES 24% + IRAP | Italian file, bank-grade review |
 Lithuania | EMI (Bank of Lithuania) | 17% CIT (2026) | CENTROlink, specialised desk |
 Germany | EMI (BaFin) | ~30-33% effective | German file, dual supervision |
 Spain | EMI (Banco de España) | 25% CIT · new 15% | Spanish file, SEPBLAC report |
ItalyLicense typeIMEL (Banca d'Italia)
TaxationIRES 24% + IRAP
RequirementsItalian file, bank-grade review
LithuaniaLicense typeEMI (Bank of Lithuania)
Taxation17% CIT (2026)
RequirementsCENTROlink, specialised desk
GermanyLicense typeEMI (BaFin)
Taxation~30-33% effective
RequirementsGerman file, dual supervision
SpainLicense typeEMI (Banco de España)
Taxation25% CIT · new 15%
RequirementsSpanish file, SEPBLAC report
Before you apply
Requirements for the Banca d'Italia authorisation.Requirements for the authorisation.
The supervisory provisions publish the schemas. The craft is a file that reads like a bank wrote it. The checklist below is what a passing application contains.
01
Italian entity. An S.p.A. or S.r.l. with its registered office and management in Italy.
02
Initial capital - €350,000 paid in, evidenced by the depositary bank's general-management certificate.
03
Document freshness. Fitness, soundness and ownership papers no older than six months at filing.
04
Fit and proper management and holders. Competence, clean records and ownership transparent to UBOs.
05
Programme of operations. The published business-plan schema: services, volumes, three-year financials.
06
Safeguarding. Segregated client-fund accounts or insurance, with documented reconciliation.
07
AML/CFT framework. KYC, monitoring and UIF reporting with a resident compliance officer.
08
Dispute resolution. Mandatory participation in the out-of-court system before launch.
09
Professional indemnity. Where payment-initiation or account-information services are in scope.
10
IT, governance and outsourcing. DORA-grade documentation per the supervisory schemas.
11
Launch readiness. Operations must begin within twelve months of authorisation, or it lapses.
01
Italian S.r.l./S.p.A., managed locally.
02
€350,000 capital, bank-certified.
03
Documents ≤ 6 months old at filing.
04
Fit & proper holders to UBOs.
05
Schema-compliant business plan.
06
Safeguarding with reconciliation.
07
AML with resident officer (UIF).
08
Dispute-system membership.
09
Indemnity for PIS/AIS scope.
10
Launch within 12 months - or lapse.
Reflects the TUB, Banca d'Italia's supervisory provisions for IP/IMEL and its published FAQ as of 2026.TUB + supervisory provisions + FAQ, as of 2026.
How it works
From first call to the Albo IMEL.
01
Route and strategy
IMEL or IP tier. We fix the scope, capital and timeline in writing before any drafting.IMEL or IP - in writing.
02
Italian company and people
Company formation, the certified capital deposit and the resident officers the supervisor vets.Formation, certified deposit, officers.
03
The application file
Business plan and organisational report to the schemas, in Italian, documents inside their six-month window. Complete before filing.To the schemas, inside the freshness window.
04
Banca d'Italia review
Bank-grade scrutiny, question rounds answered - 9-15 months realistic end to end.Rounds answered; 9-15 realistic.
05
Albo entry and launch
Registration, passport notifications, dispute-system membership, and operations live inside the twelve-month window.Registered, passported, live in 12.
Quick facts
RegulatorBanca d'Italia
IMEL capital€350,000 · certified
IP tiers€20k / €50k / €125k
RegisterAlbo IMEL · art. 114-quater
Document freshness≤ 6 months at filing
Launch deadline12 months · +6 possible
Realistic timeline9-15 months
PassportEU/EEA on notification
Banca d'Italia reviews like the bank supervisor it is. The file must read like one a bank wrote. That is our job.
On the ground in Italy
Run from our Milan office.
Prifinance - Italy
Milan · Italy
Milan, Italy
01
Italian company formation
S.r.l. or S.p.A. incorporation, capital deposit with the bank certificate Banca d'Italia expects. Structured for the licence from day one.S.r.l. + certified capital deposit.
02
The IMEL file - in Italian
Business plan and organisational report to the published schemas, safeguarding design, AML pack and IT documentation. Drafted natively with Italian counsel and defended through the rounds.To the schemas, drafted natively.
03
Freshness and sequencing
The six-month document rule and the twelve-month launch deadline turn timing into strategy. We sequence filings so nothing expires and nothing lapses.Nothing expires, nothing lapses.
04
Substance and staffing
Resident directors, compliance officer and MLRO from Milan's deep financial-services talent pool. Real substance the supervisor recognises.Milan talent, real local ops.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in Italy.
Two layers. IRES 24% plus regional IRAP around 3.9%. With VAT-exempt payment services and a market whose growth pays for the difference.
IRES 24%
The national corporate rate on an EMI's fee and float income. With ACE-style equity incentives and group regimes that model well for funded businesses.Plus equity and group incentives.
IRAP ~3.9%
The regional production tax adds roughly 3.9% (varying by region and sector). The seat is a modelling decision, and financial-sector rates differ.Regional. The seat matters.
VAT-exempt payment services
Payment and e-money services are VAT-exempt financial services; the 22% standard rate touches only ordinary supplies.Paid for by market growth.
Dividends 26%
26% withholding on outbound dividends, reduced by treaties and eliminated intra-EU under the Parent-Subsidiary Directive for qualifying holdings.22% only on ordinary supplies.
Inbound-worker regimes
Italy's impatriate rules can cut personal taxable income sharply for relocating executives. Founder-level outcomes we model alongside the corporate plan.Treaty and EU-directive relief.
Treaty network 100+
One of the world's largest treaty networks. Group structures above the Italian entity model cleanly.World-scale network.
Tax summary
IRES24%
IRAP (regional)~3.9%
Effective total~28%
VAT on payment servicesExempt
Standard VAT22%
Dividend withholding26% · treaty/EU relief
Tax treaties100+
*Figures as of 2026 per the Agenzia delle Entrate. IRAP varies by region and sector. We model the seat before you commit.
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 S.r.l., 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, registered institution.
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Italy · Banca d'Italia
Launch your payment project in Italy with expert support.
Full-service assistance - from company registration to the Albo IMEL entry, passporting and ongoing compliance.
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 IMEL licence: quick answers.
What licence does an e-money business need in Italy?+
An IMEL authorisation from Banca d'Italia under the TUB, with registration in the Albo IMEL (art. 114-quater) - €350,000 paid-in capital, safeguarding and EU/EEA passporting. Payment-institution licences at €20,000-€125,000 sit alongside.
How is the capital evidenced?+
Paid in and certified by the depositary bank's general management - Banca d'Italia wants the bank's own certificate, not a screenshot. We sequence the deposit so the certificate is fresh at filing.
What is the six-month document rule?+
Fitness, soundness and ownership documents must be no older than six months when the application is filed, which turns file assembly into a timing exercise. We build the file so nothing expires mid-process.
What happens after authorisation?+
Operations must begin within twelve months or the authorisation lapses - extendable by up to six months for justified reasons. We plan banking, systems and staffing so launch lands inside the window.
How long does licensing take?+
Bank-grade review with question rounds, realistically 9-15 months end to end. The published schemas make expectations knowable; meeting them completely the first time is the speed lever.
What substance is expected?+
An Italian company effectively managed in Italy, resident compliance and AML officers reporting to the UIF, real safeguarding arrangements, dispute-system membership and DORA-grade systems documentation.
How are payment companies taxed?+
IRES at 24% plus regional IRAP around 3.9% - roughly 28% combined - with VAT-exempt payment services and 26% dividend withholding subject to treaty and EU relief.
Does the licence passport across the EU?+
Yes - the authorisation notifies into every EU/EEA state. Most groups run the single market from Milan while the Italian home market supplies the base volumes.
What changes under PSD3?+
PSD3 and the PSR - provisionally agreed in November 2025 and close to formal adoption - fold e-money institutions into a unified payment-institution regime. Files we build now are structured to convert.
Why Italy rather than Lithuania?+
Lithuania wins on speed and CENTROlink; Italy wins on the market itself - 59 million consumers still adding electronic-payment share every year, plus a supervisor whose stamp Italian counterparties trust. Models that need Italian distribution belong here.
What licence is needed?+
Banca d'Italia IMEL - €350k; IP €20k-€125k.
Capital proof?+
The depositary bank's own certificate.
Document rule?+
≤ 6 months old at filing.
After approval?+
Operate within 12 months or lapse.
How long?+
9-15 months realistic.
Substance?+
Resident officers, UIF reporting, real ops.
Taxes?+
IRES 24% + IRAP ~3.9%; VAT-exempt.
Passport?+
EU/EEA on notification.
PSD3?+
Agreed Nov 2025 - files convert.
Vs Lithuania?+
Their speed; Italy's market. Model decides.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
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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 Banca d'Italia or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.