Anyone preparing to start a company in Italy may have wondered if opening a business account was necessary.
Until a few months ago, there were no particular provisions in this regard, therefore it was possible to use a private account also for the management of one’s business. However, with the introduction of the new tax decree provided for by the Italian Budget Law 2020, the opening of an account entirely dedicated to the company’s activities becomes mandatory.
Until 2006, the year in which the D.L. n.112 / 2008 foreseen by the Bersani Law was repealed, the business account was an obligation for anyone who had a company. Before the decree of 2020, the provisions were limited: the dedicated account was necessary only for the enterprises that recorded a turnover above 400 thousand euros per year. For SMEs there was an obligation to have an account to carry out certain operations, but it was not specified whether it should be private or owned by the company.
The new economic decree
With the introduction of the Budget Law 2020, in Italy the opening of a company account is also planned for small businesses and professionals with VAT numbers. The decree also provides that it is not used for transactions related to the private sphere, but only for business needs. Startups are exempt from the obligation, but only for the first year of activity.
What are the advantages of a corporate account?
There are numerous advantages linked to company accounts, primarily the possibility of carrying out a greater number of operations than those envisaged in the personal account. Another plus is definitely the opportunity to manage the company’s accounting in a smarter and more efficient way.
Our business options also allow you to transfer money abroad quickly and safely thanks to SWIFT payments, even outside the EU. Discover our solutions for an advanced and easy to manage business account, or contact us to request more information on the services offered by Trustcom Financial.