The global startup scene was all-thumbs-up when Italy pushed through aggressive reforms to promote innovation in the Italian economy and reduce bureaucratic red tape. Thanks to an initiative called Restart Italia!, a startup can now be registered for 50 EUR through self-certification with the Chamber of Commerce and new crowdfunding laws for equity give Italian startups a wide range of funding options in diverse capital markets. The Italian government is tilting the playing field in favor of nimble, innovative startups who can reap the upside in the bel paese.
That’s all well and good, but are any companies actually capitalizing on this new opportunity? I’m happy to say that, yes indeed, there are compelling case studies about startups right now growing in Italian soil thanks to these new rules. Today, courtesy of Italy24, we’ll take a look at a Russian entrepreneur named Alexander Barinov who obtained a startup visa and picked Tuscany as a base. Here is an except from the in-depth article:
What convinced Barinov to choose Italy?
Above all, the market: “As a result of regulatory reforms, Italy has a competitive market in telecom and electric utilities,” he explains, “and regulation and competition motivates electrical utilities to introduce smart tariffs, which make smart metering relevant to consumers.”
His business is based on the solution of “dynamic tariffs and pricing, real-time billing of consumption data, instant visualization of consumption values, energy costs and prices via Web portal, Han system and mobile devices.”
Above all, Barinov hopes to tap into top players, like Enel, Terna, Eni and telephone companies, but his ambition for the future is to implement them “at any local market around the world.”
And it wasn’t only the market conditions that convinced him of this, but, surprisingly, even the Italian business environment.“New policies and law 221/2012, known in Italy as the ‘Start Up Act,’ created a positive environment for the investors like me,” points out Barinov, who points to, “the easy process of the new business set-ups, the new possibilities of tax relief for start-up investments, the modern models of remuneration and employees’ motivation make Italy an attractive place for new investments.”
His personal experience with the procedures necessary to obtain the visa was “extremely positive. I can state,” he continues, “that the extra support of external consultants or lawyers was not needed at all. All that you need are innovative ideas, business plans and resources to implement them. It’s as simple as this.”
This fast-track visa for start-ups was created by Italy for foreigners wanting to invest in Italy. The procedure is straightforward. You first apply by direct application or through a certified Italian incubator to obtain a certificate of no impediment from the Ministry for Economic Development, which will be granted within 30 days. Second, once you have obtained your certificate, you then apply for the visa through your local Consulate. If you are in San Francisco, you would do that by clicking here.
For all the documents you’ll need for this process, click here. And, in case you were wondering, here are 10 Reasons Why Italy is Ideal for Startups.