Legal personality: A branch is “an extension” of the parent company and doesn’t have its own legal personality.  A subsidiary is a new company and has its own independent legal personality (it is subject to the rights and obligations it contracts, independently from the ones undertaken by its parent company).  Minimum share capital:  A branch does not require a share capital or economic allocation at the time of its establishment.  A subsidiary does require a share capital: the parent company owns more than 50% of the capital. (The amount of the company’s capital is set by the status of a company).  Establishment formalities and registration:  Common formalities:  Registration at the RCS (Trade and Companies Register) at the place of domiciliation.  Translated status of the foreign company;   Different formalities: For the establishment of a subsidiary it will be required a statement and a publication in a newspaper.  Subsidiary: in the case of SAS (Simplified Joint Stock Company), it is mandatory to submit a publication announcement in a certified legal bulletin.  Branch: It is not necessary to carry out a formality of publication of a legal announcement during the constitution of a branch