Opening a Business Bank Account with Foreign Shareholders in Rome: A Practical KYC Guide

In a nutshell

An Italian company needs a bank account in the company's own name — not in the name of individual shareholders. When one or more shareholders are foreign nationals, the bank applies enhanced scrutiny: it needs to know who they are, where the money comes from, and who ultimately controls the business. This procedure is called adeguata verifica antiriciclaggio — the Italian term for KYC (Know Your Customer) due diligence — and it is mandatory across the entire European Union.

At a glance

Cost	Free to open or €50–200 administration fee (traditional banks) — monthly fee €0–30
Timeline	1–5 days (online banks, EU shareholders) — 15–45 days (non-EU shareholders)
Where in Rome	Any bank branch with a business desk — or online business banks (Qonto, Finom, Revolut Business)
Documents needed	Company registry extract, articles of incorporation, ID documents of shareholders and director, Italian Codice Fiscale for everyone

Why a corporate account is mandatory

An SRL, SRLS, SpA, SAS or SNC is a legal entity separate from its shareholders: it has its own Codice Fiscale (Italian tax ID — your personal 16-character code, used for almost everything), its own Partita IVA (Italian VAT number — required to invoice as a business), and its own assets. Using a shareholder's or director's personal account for company transactions is a violation that can trigger tax investigations and personal liability for the directors.

The corporate account is needed to receive customer payments, pay suppliers and employees, settle taxes via F24 (the universal Italian payment form for taxes and contributions) to Agenzia delle Entrate (Italy's tax-revenue agency), and issue electronic invoices showing the correct IBAN. The company IBAN must be notified to the Agenzia delle Entrate within 30 days of opening the account, using Modello AA7/10. Without this notification you cannot set up F24 direct debits or receive VAT refunds into that account.

Who gets identified

When a company opens an account, the bank does not only verify the legal representative. It identifies and checks four distinct parties.

The company itself: name, registered address, Codice Fiscale, Partita IVA, business purpose, share capital. The legal representative: the person authorised to sign on the account. The shareholders: who holds the shares. The beneficial owner (titolare effettivo): the natural person who ultimately owns or controls the company.

The beneficial owner is anyone who holds more than 25% of the share capital, directly or through other companies. If your SRL is controlled by a foreign holding company, the bank must trace back through the ownership chain to the natural person at the top — what is known as "look-through." If no single shareholder exceeds 25%, the beneficial owner defaults to the legal representative.

Since 2023 Italy has a Registro dei Titolari Effettivi (Beneficial Owners Register) held at the Camera di Commercio (Italy's chamber of commerce). Under DM 55/2022, all Italian companies must file their beneficial owners via PEC (certified email — legally valid in Italy) with a digital signature, and update the data every time there is a change. The bank consults this register during its checks. Failing to file carries a fine of €103 to €1,032 per director.

Documents you need

Almost every bank will ask for the following package:

For the company: an up-to-date company registry extract (visura camerale, no older than 6 months) from the Camera di Commercio di Roma; the original articles of incorporation (atto costitutivo) and current bylaws (statuto vigente); the certificate of Partita IVA assignment; the filing confirming beneficial ownership with the chamber of commerce. If there are multiple directors, you will also need the board resolution specifying who has signing authority on the account.

For the legal representative: valid photo ID and Italian Codice Fiscale. For non-EU foreigners: passport plus valid Permesso di soggiorno (residence permit for non-EU citizens). If the person opening the account is not the director, you will need a notarised power of attorney.

For each shareholder who is a natural person: photo ID, Italian Codice Fiscale, and a declaration of tax residency. For foreign shareholders, also the tax identification number from their country of residence (TIN, NIF, SSN or equivalent) — used for automatic exchange of tax information under CRS/FATCA frameworks.

For shareholders that are foreign companies: a company registry extract or certificate from the foreign country, the foreign company's bylaws, ID of that company's legal representative, and a beneficial ownership declaration. All documents issued abroad require either an apostille (for countries party to the 1961 Hague Convention) or consular legalisation, plus a sworn Italian translation.

The bank will also ask for documentation on the origin of the funds used for the initial capital injection: the director's personal bank statements, financial statements of the foreign company providing the capital, notarial deeds, tax returns.

How the process works

Choose the right bank. In Rome, the main banks with dedicated business desks include Intesa Sanpaolo, UniCredit, BNL-BNP Paribas, Banco BPM, MPS, Crédit Agricole Italia, and Banca Sella. For online business banking: Qonto, Finom, Revolut Business. Traditional banks are slower but offer POS terminals, financing and a dedicated account manager. Online banks open accounts in 1–5 days but some automatically reject companies with non-EU shareholders from countries flagged as higher-risk. Always check whether the IBAN issued starts with IT (Italian) or is foreign: both are legally equivalent within the SEPA area, but Italian public-administration systems and F24 payments sometimes have compatibility issues with foreign IBANs.

Book an appointment with the corporate or business desk in advance. Never walk into a branch unannounced if you have foreign shareholders — you need a dedicated manager to handle the application.

The bank will ask you to fill in an AML questionnaire: you will describe the company's expected activity (sectors, counterparty countries, projected volumes) and sign a PEP declaration (Politically Exposed Person) confirming whether you or close family members hold significant public positions (MPs, ministers, senior party officials, generals, directors of public companies).

Once the documents are submitted, the bank runs checks against international sanctions lists (EU, UN, OFAC), PEP databases, anti-money-laundering registers, and the Italian companies register. If the review passes, the account is activated and you receive an Italian IBAN.

Mistakes to avoid

1. Using a personal account for company transactions. Even as a temporary measure, this exposes the director to tax investigations. Open the corporate account before making any business transaction.

2. Depositing cash above €5,000. This has been prohibited since 2023 (Legge 197/2022 art. 1 comma 384). Banks are required to report suspicious transactions to the UIF (Unità di Informazione Finanziaria — the Financial Intelligence Unit of the Bank of Italy).

3. Providing false information on the KYC questionnaire. Giving false information to a bank is a criminal offence under art. 55 of D.Lgs. 231/2007, carrying a sentence of up to 3 years' imprisonment. The bank has the right to close the account at any time if it discovers that the information provided was false.

Special cases

If a shareholder is non-EU and resident abroad, some banks require an in-person branch visit (few accept video identification). You may also need a bank reference letter from the country of residence and bank statements covering the last 3–12 months. For countries on the FATF high-risk list or subject to international sanctions, many traditional banks will decline without further review — in that situation, consider specialist private banking institutions or consult a lawyer.

If you are an EU shareholder resident in another EU country, the process is simpler: a European photo ID, an Italian Codice Fiscale and a self-declaration of tax residency. No apostille is needed because EU documents circulate freely across member states.

If this is a single-shareholder SRL (unipersonale) with a foreign shareholder, that sole shareholder is automatically the 100% beneficial owner. The bank will pay close attention to the origin of the share capital (minimum €1 for an SRLS, minimum €10,000 for a standard SRL).

If the bank refuses, it must inform you in writing — although the reason can be generic for operational confidentiality reasons. You can file a written complaint with the bank's complaints office (they must respond within 60 days) and, if still unsatisfied, escalate to the Arbitro Bancario Finanziario (the Bank of Italy's banking dispute resolution body).

Official sources

• Bank of Italy — Customer due diligence rules
• UIF — Financial Intelligence Unit
• Beneficial Owners Register — InfoCamere
• ABI — Italian Banking Association
• Arbitro Bancario Finanziario
• Camera di Commercio di Roma

Legal references: D.Lgs. 231/2007, D.Lgs. 90/2017, D.Lgs. 125/2019, DM 55/2022 (Beneficial Owners Register), Bank of Italy Provision 30/07/2019, EU Regulation 2015/847, Legge 197/2022 art. 1 comma 384.