Taking Over Business Rome

Taking over a business in Rome

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The acquisition of an existing business in Rome presents various advantages as opposed to setting up a new one. The entrepreneur acquiring the business can, for example, keep the market share of the previous enterprise, develop a simpler business plan based on already existing data and avoid administrative procedures. The entrepreneur taking over an existing business can also benefit from the previous entrepreneur's experience and therefore better calculate the risks, count on an established client network, and have better overall knowledge of the business sector.

Before taking over a business in Rome it is important to know its value and have all the necessary information available from the Chamber of Commerce of Rome.

In order to take over an existing business the entrepreneur must get all the necessary authorisations. In some cases these can be simply bought from the previous owner (for example for taxis and tobacconists). In other cases it is necessary to have completed a specific course or have a specific work background (in the case of hairdressers and beauty parlours). Getting professional help is almost mandatory to deal with the complex bureaucracy system

If the business is a sole proprietorship it is necessary to apply for a new VAT (Value Added Tax) registration at the Revenue Agency. Companies can continue to use the VAT number of the previous owner.

Entrepreneurs who acquire and sell a business must formalise the transfer to a notary, who then deposits the contract in the Business register of Rome.

If the entrepreneur taking over the business is a relative of the previous one, the Government agency for taxes provides the necessary information regarding the succession procedures.

Submitting the forms to the Business register and the Revenue Agency follows the same procedures as company start-ups.

Tax relief is available for the setting-up of new businesses as well as for the expansion of existing ones. Financing consists of forgivable loans and subsidised mortgages aimed at supporting investment, management, training and technical assistance. The National agency for inward investment promotion and enterprise development provides consulting services and helps businesses explore the various financing opportunities available.

Lastly, the Chamber of Commerce of Rome assists entrepreneurs during the administrative procedures necessary for taking over a business.
 

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