The codice fiscale, before the bank
The codice fiscale is the Italian tax number, equivalent to the NIF in Spain, and no institution opens an account without it. For an EU citizen who does not reside in Italy, it is processed at the Agenzia delle Entrate through a delegate who submits the application on your behalf, or through the Italian consulate. You will also need it for the employment contract, Social Security and any procedure with the tax authorities.
It is advisable to apply for it before you start looking for a bank: having it already assigned saves you back and forth and speeds up the opening.
Documents and procedure
To open the conto per non residenti, the bank asks for a valid identity document, a passport if it considers it necessary, the codice fiscale or the application for assignment, a valid Italian address for communications and the signed opening form. The transaction is done at the branch, and some banks allow it remotely, sending the documentation by post or certified email.
The Italian address requirements are a difference compared with other countries: the bank needs an address to send notifications to, so you will have to provide your own address or that of your local adviser.
Banks that open accounts for non-residents
Not all institutions offer the product: it is a specialised account with additional anti-money laundering checks. Among those that have it are UniCredit, Crédit Agricole Italia, Fineco, Banca Etica and some BCCs (the Italian rural banks). Conditions vary quite a lot from one bank to another, so it is worth comparing before deciding.
The costs tend to be somewhat higher than those of an ordinary account, because of the greater checks: monthly maintenance, fees for international transactions and, if you operate from outside the euro area, currency exchange charges.
Your SRL's account
For the company, the bank will carry out a deeper verification: the company's partita IVA, the deed of incorporation, identification of the beneficial owners and the planned activity. The business account is used mainly to pay salaries and settle IRES, IRAP and VAT with the F24 form, which in practice requires a local account.
With the documentation complete, the opening is usually resolved within one or two weeks. If the company is not yet trading, some banks ask you to explain the business plan before activating the account.
Digital alternatives
Revolut and N26 open accounts in minutes with a European IBAN and serve as a secondary or pocket account while you set up the structure. Their limits are the usual ones: they do not accept cash, not all services accept their cards and they do not replace the local account when the bank requires it for direct debits or for procedures that require an Italian IBAN.
For the subsidiary's day-to-day operations, an account with an Italian bank that has a branch network is still the most practical option, especially if you plan to hire employees.
