Italy Introduced a Special Visa Program for Startups

If you've a startup idea and want to establish your business in Europe, Italy could just be the right place to go. In June 2014, Italy introduced a special visa program for entrepreneurs from non-European countries.

Italy is inviting foreign entrepreneurs with innovative business ideas to come and set up their business there. It is encouraging people from non-European countries to start a business for a contribution to the job market and Italian economy.

The special visa program introduced last year is now also expanded to foreign students in Italy. It allows them to stay in the country if they start a business and are backed by a certified Italian incubator.

Italy's GDP has been on a decline in 2014, therefore, it is looking for all possible economic driven opportunities. It has kept the requirement to as low as €50,000, from an angel investor, compared to other countries offering similar opportunity to entrepreneurs - Spain, Ireland, Canada, and the UK.

Candidates with enough funds and a business idea can submit their application directly with Italy's Ministry of Economic Development. The visa application will be processed in a month's time. However, the time may vary from one application to another.

A work permit for 2 years will be granted at first, which can be renewed before 60 days of expiry.