Author: Lorenzo Princivalle

What are SME Srls in Italy?

Posted on by Lorenzo Princivalle

When Srls qualify as SMEs?

Limited Liability Companies (Srl – società a responsabilità limitata) may qualify also  as Small and Medium-sized Enterprises (SME).

As of the date of this article, the requirements for a business to be classified as an SME are as follows:

  1. employing fewer than 250 employees, and
  2. having an annual turnover not exceeding EUR 50 million, or
  3. having an annual balance sheet total not exceeding EUR 43 million.

What are the advantages of SME Srls?

The Italian law grants several exemptions to SME Srls compared to the codified discipline of limited liability companies. Among these, we recall:

  • the possibility to issue special categories of shares (quotas) with different rights, the determination of which – quite open, subject to the non-derogable limits of the law, such as the leonine pact – is left to the articles of association
  • the possibility to issue “standardized” shares, meaning shares of equal value (divided into units of measurement like the shares of joint stock companies) and conferring equal rights among them
  • the possibility to carry out transactions on its own quotas, provided they are framed within the scope of plans to incentivize the company’s collaborators that envisage the allocation to them of shares of capital
  • the possibility to carry out public offerings of quotas also through equity crowdfunding portals
  • the possibility to dematerialize the quotas, provided they are standardized quotas and the shareholders’ register is kept

This last possibility was introduced by the “legge capitaliw” (act of 5 March 2024, no. 21, art. 3) which amended art. 26 of the decree of 18 October 2012, no. 179, converted, with amendments, by the act of 17 December 2012, no. 221.

In essence, it will be possible for SME Srls to issue dematerialized and therefore electronic quotas and manage them through a centralized management system, exactly as is the case for listed joint stock companies.

Italian companies’ law: division by separation

Posted on by Lorenzo Princivalle

Transposition of the Directive (EU) 2019/2121 in Italy

Italy has recently transposed the Directive (EU) 2019/2121 of 27 November 2019 (amending Directive (EU) 2017/1132 as regards cross-border conversions, mergers and divisions), setting forth, inter alia, the rules governing the division by separation (scissione mediante scorporo).

Forms of company division available before the transposition

Until the transposition of Directive (EU) 2019/2121, the Italian law regulated only two kinds of company division:

  • Full division
  • Partial division

In case of a full division (scissione totale), a company, on – usually – being dissolved without going into liquidation, transfers all its assets and liabilities to two or more recipient companies, in exchange for the issue to the members of the company being divided of securities or shares in the recipient companies.

In case of a partial division (scissione parziale), a company transfers part of its assets and liabilities to one or more recipient companies, in exchange for the issue to the members of the company being divided of securities or shares in the recipient companies, and, under certain circumstances, in the company being divided or in both the recipient companies and the company being divided.

Division by separation

When a division by separation (scissione mediante scorporo) occurs, a company being divided transfers part of its assets and liabilities to one or more newly formed recipient companies, in exchange for the issue to the company being divided of securities or shares in the recipient companies.

More in details, the new rules have been enacted by implementing the Italian Civil Code with article 2506.1, headed ‘Scissione mediante scorporo’.

Furthermore, it has been discussed whether the company being divided can assign all of its assets and liabilities to the recipient company(ies). The prevalent opinion is that only part of the assets and liabilities can be assigned, thus sticking to the literal meaning of article 2506.1: if all the assets and liabilities were transferred, the transaction should be considered a contribution in kind (conferimento).

In addition, it is important to note that recipient company(ies) have to be newly formed and cannot pre-exist the division.

Kinds of companies in Italy

Posted on by Lorenzo Princivalle

There are several kind of companies by which you can carry out a business in Italy and we thought that it could be useful for a foreign reader to find some initial information about that. Please consider that this short note is only meant to provide a very limited set of basic information that we will be glad to discuss with you in more details in case of interest.

Ways to carry out a business in Italy

In Italy, businesses can be carried out either by one person (who is known as an imprenditore individuale, a sole trader) or by two or more persons putting resources together with the view of profit (società). There are several kinds of companies in Italy, but let us start from the beginning…

When two or more persons agree to carry out a business by putting resources together, they are starting either:

  • a partnership (società di persone) or
  • a company (società di capitali).

Partnerships (società di persone)

As a general rule, with limited exceptions concerning only the società in accomandita, partners in a partnership do not enjoy limited liability and therefore are jointly and severally liable with the partnership for its obligations. Although very unusual, partnerships can be set up by oral agreement and there is no minimum amount of money or assets required to start them.

Companies (società di capitali)

In order to enjoy limited liability, the partners have to set up either:

  • a società a responsabilità limitata (srl, a private limited company) or
  • a società per azioni (spa, a public limited company).

The srl is a multi-purpose vehicle that can fit the needs of SMEs in most cases. It easier to run than a spa, which is the model company generally used to run larger businesses.

Both srls and spas, as a general rule with some limited exceptions, have to be set up by means of a notarial deed.

While srls can be started with as little as one-euro initial corporate capital, the minimum amount required to start a spa is euro 50.000.

It is important to add that the law allows to start companies in Italy with a sole shareholder, who still enjoys limited liability.

For more information about the kinds of companies in Italy, visit this link or contact us at this link.

Gli istituti di pagamento

Posted on by Lorenzo Princivalle

Cosa sono gli istituti di pagamento?

Gli istituti di pagamento costituiscono una categoria di soggetti vigilati dalla Banca d’Italia talvolta poco conosciuta ai più. Si tratta di entità autorizzate alla prestazione di uno o più servizi di pagamento, i quali, semplificando un po’, si può dire abbiano ricevuto la loro prima organica regolamentazione nella direttiva PSD1, poi sostituita dalla direttiva PSD2.

 

La regolamentazione

La regolamentazione degli istituti di pagamento in Italia è ora principalmente recepita nel Testo Unico Bancario (TUB), cui si affiancano un certo numero di regolamenti attuativi e le Istruzioni di vigilanza e altri provvedimenti emanati dalla Banca d’Italia.

Sebbene i testi sopra citati costituiscano un’ottima base per comprendere le norme alla base di queste entità, siamo di fronte senza dubbio a un complesso normativo molto corposo e suddivisa in tanti provvedimenti che può spesso apparire difficile da padroneggiare.

 

Il processo autorizzativo

Il processo autorizzativo di un istituto di pagamento, in sé lineare, è reso complesso dalla necessità di fornire alla Vigilanza informazioni dettagliate e accurate da raccogliersi in un articolato programma di attività.
Requisiti specifici sono richiesti in capo ai soci dell’istituto e in capo a coloro che svolgono funzioni di amministrazione, direzione e controllo.
Qualche semplificazione organizzativa e autorizzativa è prevista solo per gli istituti che intendano prestare i servizi di disposizione di ordini di pagamento (PIS, payment initiation services) o di informazione sui conti (AIS, account information services).