COREDO > Financial Licence in Italy

Financial Licence in Italy

Italy is a major EU economy and G7 member with a strategic position in the Mediterranean. The market covers 60+ million consumers, with the option to passport financial services across the entire EEA. The country is actively developing its fintech sector: a committee under the Ministry of Economy and Finance (2019), the Bank of Italy’s Fintech Hub (2020), and a regulatory sandbox (2021). Milan serves as the financial hub, with a thriving startup ecosystem.

COREDO has been guiding clients through the financial licensing process in Italy since 2016 — from business plan to registration with Banca d’Italia or CONSOB.

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Cost of the service
from 80 000 EUR

Regulatory Framework

Italy’s financial market is regulated by several authorities, each responsible for a specific segment:

Banca d'Italia

(Bank of Italy) — the country’s central bank, which supervises banks, payment institutions (PI), and electronic money institutions (EMI). Banca d’Italia is responsible for issuing PI and EMI licences, monitoring the stability of the financial system, and maintaining the corresponding registries of licensed organisations.

CONSOB

(Commissione Nazionale per le Società e la Borsa) — the national commission for companies and the stock exchange, established in 1974. CONSOB is authorised to license investment firms, supervise the securities market, and ensure transparency of trading on financial markets.

IVASS

(Istituto per la Vigilanza sulle Assicurazioni) — the insurance supervisory authority, overseeing insurance companies and intermediaries.

Key European directives implemented into Italian legislation:

Directive PSD2 (EU 2015/2366) was transposed through Legislative Decree 218/2017, amending the Testo Unico Bancario (TUB) — Italy’s Consolidated Banking Law. The amendments came into effect on 1 January 2020 and regulate the activities of payment institutions.
Directive EMD2 (2009/110/EC) establishes requirements for electronic money institutions, including a minimum share capital of EUR 350,000.
Directive MiFID II (2014/65/EU) regulates investment activities, securities trading, and foreign exchange operations. MiFID II implementation in Italy was carried out through updates to CONSOB regulatory acts.
Directive CRD IV (2013/36/EU) and Regulation CRR (EU 575/2013) define prudential requirements for banking activities.

Types of Financial Licences in Italy

Italy offers a wide range of financial licences depending on the type of activity. Below is a summary table of the main types:

Licence Type	Regulator	Description	Min. Capital	Processing Time
EMI (Electronic Money Institution)	Banca d’Italia	Issuance of electronic money, payment operations, e-wallets	EUR 350,000	6–12 months
PI (Payment Institution) — full range	Banca d’Italia	Payment services: transfers, payment acceptance, acquiring	EUR 125,000	4–9 months
PI — payment initiation (PIS)	Banca d’Italia	Initiating payments on behalf of clients	EUR 50,000	4–9 months
PI — money remittance	Banca d’Italia	Money remittance services	EUR 20,000	4–9 months
Investment Firm (SIM)	CONSOB	Investment services and securities trading under MiFID II	EUR 50,000–730,000	Up to 6 months
Banking Licence	Banca d’Italia / ECB	Full range of banking operations: accepting deposits, lending	EUR 5,000,000	12–18 months
CASP (Crypto-Asset Service Provider)	CONSOB / Banca d’Italia	Crypto-asset services under MiCA	EUR 50,000–150,000	6–12 months

All listed minimum share capital amounts are regulatory requirements and do not include the cost of COREDO’s consulting services.

Advantages of the Jurisdiction

Italy offers a number of significant advantages for financial companies:

EEA Licence Passporting:

EU and EEA membership provides the ability to passport EMI, PI, and investment firm licences to all countries of the European Economic Area without the need to obtain a separate licence in each country.

Largest domestic market:

Italy is the third-largest economy in the eurozone with GDP exceeding EUR 2 trillion and a population of over 60 million people, providing a substantial client base.

Developed financial infrastructure:

Milan is one of Europe’s leading financial centres, home to major banks, insurance companies, and the Borsa Italiana exchange (part of the Euronext group).

Support for innovation:

the presence of a regulatory sandbox, the Fintech Hub at the Bank of Italy, and the fintech committee at the Ministry of Economy and Finance demonstrate a pro-innovation approach by regulators.

Strategic location:

Italy provides convenient access to the markets of Southern Europe, North Africa, and the Middle East, which is important for companies planning international expansion.

Mature legal system:

legislation is based on the civil law tradition with clear regulation of financial services through TUB (Testo Unico Bancario) and TUF (Testo Unico della Finanza).

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General Requirements for Obtaining a Financial Licence

To obtain a financial licence in Italy, an applicant must meet a number of mandatory requirements:

Legal form.

The company must be registered in one of the permissible Italian forms: S.p.A. (joint-stock company), S.a.p.a. (limited partnership with shares), S.r.l. (limited liability company), or cooperative. The registered office and head office must be located in Italy.

Minimum share capital.

The amount depends on the licence type: from EUR 20,000 for PI (money remittance) to EUR 5,000,000 for a banking licence. The capital must be fully paid up at the time of application.

Qualifying shareholders.

Banca d’Italia assesses the suitability of qualifying shareholders (holding 10% or more of shares or voting rights). Shareholders must have an impeccable reputation, confirmed integrity, adequate knowledge, and financial soundness.

Management team.

Directors and senior management must possess relevant education, professional experience in the financial sector, and an impeccable business reputation. At least part of the management must be based in Italy.

AML/KYC procedures.

The company is required to develop and implement an anti-money laundering and counter-terrorist financing programme in accordance with Italian legislation (Legislative Decree 231/2007) and the EU AML Regulation (EU 2024/1624, applicable from 10.07.2027).

IT infrastructure.

Reliable information systems must be in place for transaction processing, client data protection, and operational resilience in accordance with DORA requirements (EU 2022/2554).

Compliance function.

The company must have a dedicated internal control (compliance) function, as well as risk management and internal audit functions.

Cost of COREDO Services

The cost of comprehensive support for the financial licensing procedure in Italy depends on the licence type and project complexity:

Service	Cost
Financial licence EMI/PSP in Italy	from EUR 80,000 + VAT

The stated cost includes preparation of the full document package, development of a business plan, preparation of internal policies (AML, compliance, IT security), submission of the application to Banca d’Italia, and support through to licence issuance. The cost of each specific project is determined individually following an analysis of the client’s needs.

COREDO’s service fees do not include regulatory fees, government duties, notarial expenses, or share capital costs, which are determined by the regulator.

Payment Terms

Payment for COREDO’s services is made in stages:

First stage

40% of the total cost. Payable upon signing the contract and commencement of work on the project. At this stage, preparation of incorporation documents, the business plan, and analysis of regulatory requirements begins.

Second stage

40% of the total cost. Payable upon completion of the full document package and before submission of the application to Banca d’Italia or CONSOB.

Third stage

20% of the total cost. Payable upon receipt of a positive decision from the regulator and issuance of the licence.

This payment scheme (40-40-20) ensures cost transparency and links payments to specific deliverables at each stage.

Document Checklist

To submit an application for a financial licence in Italy, the following document package must be prepared:

Incorporation documents of the company (atto costitutivo and statuto) in the appropriate legal form — S.p.A., S.r.l., or another permissible form.

A business plan, including a multi-year commercial forecast, a description of the proposed services, target markets, and a financial model.

Proof of payment of share capital in the amount corresponding to the requested licence type.

Documents confirming the identity and qualifications of the company’s managers and directors (passports, CVs, diplomas, certificates).

Information on qualifying shareholders (holding 10% or more), including confirmation of the source of funds, business reputation, and financial soundness.

A description of the company’s organisational structure, indicating key departments: compliance, risk management, internal audit, AML.

Internal policies and procedures: AML/KYC policy, information security policy, risk management policy, business continuity plan (BCP).

A description of the IT systems, software, and technical infrastructure for transaction processing and client data protection.

Bank statements confirming the availability of funds in the company’s accounts.

Documents confirming the registered office and office premises in Italy.

Criminal record certificates for all key persons of the company (casellario giudiziale).

A description of the internal control and regulatory reporting system.

Power of attorney for the representative (if submitted through an authorised person).

Documents for submission to Banca d’Italia are sent via certified electronic mail (PEC) or the banking supervision portal.

Licensing Procedure

The procedure for obtaining a financial licence in Italy comprises several key stages:

Preliminary preparation and consultations (1–2 months).

COREDO conducts an analysis of the client’s business model, determines the optimal licence type, and holds preliminary consultations. Based on the results, a project roadmap is developed. At this stage, it is recommended to hold pre-application discussions with Banca d’Italia, which help to better understand the regulator’s expectations.

01

Company registration and document preparation (2–4 months).

Registration of an Italian company in the appropriate legal form, payment of share capital, preparation of the full document package (business plan, internal policies, IT systems description, AML procedures).

02

Application submission to the regulator.

Formal submission of the document package to Banca d’Italia (for PI/EMI) or CONSOB (for investment firms). The licensing procedure begins only after the regulator receives a correct and complete application. If the application is incomplete, the procedure is not initiated, and the applicant receives notification of the reasons.

03

Review of the application by the regulator (4–12 months).

Banca d’Italia reviews PI applications within 120 days, EMI within 180 days. For banking licences, the final decision is made by the ECB within 180 days, but the overall timeframe may be up to 12 months. CONSOB reviews investment firm applications within 6 months. During the review process, the regulator may request additional documents and clarifications.

04

Licence issuance and registration.

Following a positive decision, the company is entered into the corresponding registry (PI registry, EMI registry, or SIM registry). The company must provide Banca d’Italia with a certificate of registration in the Italian Trade Register. From this point, the company may begin operational activities.

05

The overall timeline from the start of preparation to licence issuance averages 8–18 months, depending on the licence type and the completeness of document preparation.

Our Experts

Obtaining a financial licence in Italy is a complex process requiring in-depth knowledge of Italian and European legislation. The COREDO team possesses the necessary expertise for the successful implementation of your project.

Pavel Kos

Head of Legal at COREDO. Has been with the company since June 2017, heading the legal team since July 2020. Specialises in financial licensing, corporate law, and regulatory compliance across EU jurisdictions. Coordinates projects for obtaining EMI, PSP, and investment licences.

Basang Ungunov

Lawyer at COREDO. Has been with the team since June 2022. Holds a Master of Laws (LLM) degree. Handles the preparation of legal documentation, analysis of regulatory requirements, and legal support for licensing procedures across various EU jurisdictions.

Frequently Asked Questions

Which regulator issues financial licences in Italy?

In Italy, financial licences are issued by two main regulators. Banca d’Italia (Bank of Italy) licenses payment institutions (PI), electronic money institutions (EMI), and banks. CONSOB licenses investment firms (SIM) operating under MiFID II. The choice of regulator depends on the type of planned activity.

What is the minimum capital required for a PI licence in Italy?

The minimum initial share capital for a payment institution (PI) depends on the services provided: EUR 125,000 for the full range of payment services, EUR 50,000 for payment initiation services (PIS), and EUR 20,000 for money remittance. These requirements are established in accordance with PSD2 (EU 2015/2366).

How long does it take to obtain an EMI licence in Italy?

The process of obtaining an EMI licence in Italy takes an average of 10–16 months, including document preparation (2–4 months) and review of the application by the regulator (up to 180 days). The timeframe may vary depending on the completeness of the submitted documents and the need to provide additional information.

Can an Italian financial licence be passported to other EU countries?

Yes, EMI, PI, and investment firm (SIM) licences issued in Italy can be passported to all 30 countries of the European Economic Area. Passporting is carried out by notifying the home regulator (Banca d’Italia or CONSOB), which forwards the information to the host country regulator. This allows services to be provided in other EEA countries without obtaining an additional licence.

In which legal form must the company be registered?

To obtain a financial licence, the company must be registered in one of the following Italian forms: S.p.A. (joint-stock company), S.a.p.a. (limited partnership with shares), S.r.l. (limited liability company), or cooperative. The registered office and head office must be located in Italy, and at least part of the operations must be conducted within the country.

What AML requirements are imposed on licensed companies in Italy?

Licensed financial companies are required to comply with Italian anti-money laundering legislation (Legislative Decree 231/2007), as well as European regulations. This includes implementing customer identification procedures (KYC), transaction monitoring, appointing a designated AML officer, and filing suspicious activity reports (SAR) with the UIF (Unità di Informazione Finanziaria — the Italian financial intelligence unit at Banca d’Italia).

How can COREDO help with the licensing process?

COREDO provides a full cycle of services: analysis of the business model and selection of the optimal licence type, company registration in Italy, preparation of the business plan and internal policies, compilation of the full document package, submission of the application to the regulator, and support at all stages through to licence issuance. COREDO has been operating in the legal services market since 2016 and possesses practical experience working with European regulators.

How much do COREDO's services for obtaining a financial licence in Italy cost?

The cost of COREDO’s services for supporting the acquisition of a financial licence (EMI/PSP) in Italy starts from EUR 80,000 + VAT. The final cost is determined individually depending on the licence type, project complexity, and specific client requirements. Payment is made in stages according to the 40-40-20 scheme.

Start the Licensing Process

Obtaining a financial licence in Italy is a strategic step towards entering one of the largest markets in Europe with the ability to passport to all EEA countries. COREDO is ready to support your project at all stages — from selecting the licence type to registration in the regulator’s registry.

Contact our team for an individual consultation and assessment of your project.