Financial Requirements for Nautical Schools: What You Need to Know In the October 16, 2023 edition of the Official Gazette, Decree No. 142 dated August 30 was published, introducing regulations pertaining to nautical educational institutions.
This regulation will be operational from October 31, 2023.
The world of nautical schools is a continuously growing sector, with increasing numbers of navigation enthusiasts eager to acquire the skills necessary to master the seas.
However, opening and running a nautical school requires more than a deep understanding of waters.
You also need to meet certain financial requirements established by Decree No. 142 of August 20, 2023. In this article, we will delve into Article 4 of this decree, addressing the minimum equity or financial capacity requirements.
Positive customer reviews are tangible proof of our excellence. Click here to see what people who have experienced our services have to say. Equity Capacity: 50,000 Euros To start and run a business like a nautical school, it’s essential to demonstrate a solid financial base.
Equity Capacity: 50,000 Euros
To start and run a business like a nautical school, it’s essential to demonstrate a solid financial base.
According to the first point of Article 4, a nautical school must have an equity capacity of no less than 50,000 euros.
This requirement can be met by presenting a certification issued by a legal auditor registered in the legal auditors’ registry, as set out by the Legislative Decree of January 27, 2010, No. 39.
Alternative Financial Capacity: 50,000 Euros
However, the decree also offers an alternative to meet this financial requirement.
According to the second point of Article 4, a nautical school can prove a financial capacity of no less than 50,000 euros by presenting a creditworthiness certification issued by companies or credit institutions, or financial companies as per Article 106 of the Legislative Decree of September 1, 1993, No. 385.
Financial Capacity Model for Nautical Schools
This can be achieved using the form in Annex I, which is an integral part of the regulation.
10-16-2023 OFFICIAL GAZETTE OF THE ITALIAN REPUBLIC General Series – No. 242 ANNEX I (Article 4)
LETTERHEAD (of the company, credit institution, or financial company with a share capital of not less than € 2,500,000.00)
CERTIFICATION Upon request of the concerned party, we certify that this institute (or company) has granted Mr./Company ___________________ VAT/Tax ID _____________________________ in the technical form of ________________________________________________________ a credit of euro ______________________________ (_______)
_____________________, on ______________ Signature ___________________
We are Agents of the only financial company authorized to issue Guarantees and Financial Capacity certifications for the operation of Nautical Schools.
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Exception for Public Technical Institutes
An essential point to note is that the requirements of Article 4 do not apply to technical institutes as per Article 49-septies, paragraph 9 of the code since they are considered public administrations. This means that nautical schools run by public technical institutes are exempt from the financial requirements established by the decree.
Opening and running a nautical school can be a rewarding opportunity for those who love the sea and wish to share their knowledge with others. However, it’s vital to be aware of the financial requirements set by Decree No. 142 of August 20, 2023.
Meeting these financial requirements is crucial to ensure the financial stability and quality of the education provided by the nautical school.
Before starting a nautical school, it’s advisable to consult the decree and ensure you can meet these requirements.
Which documents are required to obtain the Financial Capability Certification for Nautical Schools?
For individual firms:
- Updated Chamber of Commerce report dated no more than 3 months ago;
- ID, Tax Code, and single model;
- Completed and signed privacy and anti-money laundering form (Provided by us).
- Last filed Balance Sheet, including attachments and receipt of presentation and provisional situation of the current year;
- Chamber of Commerce report not older than 3 months and Administrator document;
- ID and single model for all partners.
How long does it take to receive the Financial Capability Certification for Nautical Schools?
The issuance of the Financial Capability Certification for nautical schools is subject to evaluation by the financial company, and the issuance time is approximately 3 working days.
Regarding the teaching staff, they are allowed to practice their profession both in the main branch and in secondary branches of the same institution or affiliated institutions or within consortia.
Furthermore, nautical schools can employ teachers from technical institutes specialized in transport and logistics, particularly in the operation of naval vessels and the management of marine devices and installations, as specified in Article 49-septies, paragraph 12 of the code.
The training program is structured through modules that include both theoretical lessons and practical exercises, following the specifications outlined in Annex II. Each training session cannot exceed four hours per day.
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What are the general requirements to open a nautical school?
Requirements to Open a Nautical School
Professional Guide Opening a nautical school is an activity that requires attention to a set of requirements and regulations established by the competent authorities. These requirements are essential to ensure the safety and quality of the education offered to aspiring navigators.
The decree provides a clear guideline for nautical schools in terms of financial capacity, and it’s essential for all institutions to strictly adhere to these regulations. Not only does it protect the students, but it also guarantees a level of credibility and reputation for the school in question.
What is the mission of a nautical school?
Nautical schools aim to provide high-quality education and training to individuals passionate about navigating the waters. These institutions are tasked with producing well-trained, competent individuals who can safely and efficiently navigate the vast expanse of the seas.
By adhering to the set regulations and ensuring their operations are above board, nautical schools can continue to produce graduates who are not only skilled but also uphold the values and ethics of the maritime community.
For more information or inquiries about the financial requirements and regulations for nautical schools, please get in touch with our team.