DOING BUSINESS IN SAN MARINO IN 2021
Since 2003, Healy Consultants Group PLC has assisted our Clients with starting their business in San Marino. Our services include i) San Marino business registration ii) business license registration iii) corporate bank account opening services in San Marino and abroad iv) immigration-related solutions v) office space solutions in San Marino and Italy and vi) employment strategies.
|Compare different San Marino entities||LLC||Corporation||High-technology start-up company||Turnkey company||Branch office|
|Also known as||Società a responsabilità limitata||Società||Azienda start-up di alta tecnologia||Azienda chiavi in mano||Filiale|
|Best use of company?||All products and services||All products and services||Technological and innovation activities||Close a business deal now||Specific projects|
|How soon can you invoice Clients/sign sales contracts?||6 weeks||8 weeks||6 weeks||2 weeks||6 weeks|
|How soon can you hire staff?||6 weeks||8 weeks||6 weeks||2 weeks||6 weeks|
|How soon can you sign a lease agreement?||1 week||1 week||1 week||1 week||1 week|
|How long to supply corporate bank account numbers?||2 months||2 months||2 months||1 week||2 months|
|How long to supply company registration / tax numbers?||6 weeks||8 weeks||6 weeks||2 weeks||6 weeks|
|Corporate tax rate on annual net profits?||17%||17%||0% for up to 5 years||17%||17%|
|Limited liability entity?||Yes||Yes||Yes||Yes||No|
|Government grants / incentives available?||Yes||Yes||Yes||Yes||Yes|
|Government approval required for foreign owners?||No||No||No||No||No|
|Resident director/partner/manager/ legal representative required?||No||No||No||No||Yes|
|Minimum paid up share capital?||€ 25,500||€ 77,000||€ 25,500||€ 25,500||None|
|Can bid for Government contracts?||Yes||Yes||Yes||Yes||Yes|
|Corporate bank account location?||Banca di San Marino||CARISP||Banca Agricola Commerciale Istituto Bancario Sammarinese||Banca Commerciale Sammarinese||Banca Partner|
|Can secure trade finance?||Yes||Yes||Yes||Yes||Yes|
|VAT payable on sales to local customers?||0%||0%||0%||0%||0%|
|Average total business set up engagement costs?||€17,150||€16,950||Request a proposal||Request a proposal||€18,250|
|Average total engagement period?||4 months||4 months||4 months||3 weeks||4 months|
San Marino business setup summary
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Advantages of San Marino company registration
- It is possible to form a company in San Marino with only i) one director and ii) one shareholder. The minimum paid-up capital required is €25,500 and it takes six weeks to complete company formation procedures in San Marino, without our Client travelling to this country;
- Companies registered in San Marino are subject to corporate tax at a rate of only 8.5%, a much lower percentage compared to other Western European countries notably i) Italy ii) France iii) Belgium or iv) Germany.
- San Marino is an excellent jurisdiction for tourism companies due to the following government efforts:
- Relaunching of San Marino as a tourist destination in 2019 by an investment of €150 million for approximately 30,000 sqm of commercial area. Further, this effort attracts more than 2 million tourists in the country per year;
- Building of a new San Marino mega outlet hosting about 130 fashion brands along with numerous food and wine outlets covering 1200 sqm of area. this is one of the most promising opportunities for tourism businesses in the country.
Disadvantages of San Marino company registration
- San Marino is not a good place to form a trading company because i) the city-State’s population is only recorded at 31,000 inhabitants and ii) the country is not a member of the European Union, which means that our Clients can potentially face customs tariffs when exporting their products to the EU;
- While registering a company in San Marino used to be a way to obtain residency in this State and hence legally reduce income tax payable, such strategy now confer much reduced benefits to EU citizens due to the recent signature of a tax agreement. The local authorities have also made it much harder to obtain residency permits for foreign nationals;
- San Marino’s official language is Italian therefore all business documents must be translated into Italian before San Marino company formation can be completed. English-speaking investors will also face communications issues when dealing with their local business partners.
- San Marino’s banking and financial sector was deeply affected after the international financial crisis in 2010. Most of the banks in the country are still repaying and recovering from their bad debts. Further, the banking sector suffers from a negative reputation due to unveiling of several money-laundering scandals post 2008 financial crisis.
- Time to incorporate: Six weeks
- Cost to set up: €17,150
- Minimum capital: €25,500
- Physical office required: No
- Shareholders: 1
- Directors: 1
- Company secretary: No
- Resident director: No
- Corporate tax rate: 17%
- Corporate tax base: Worldwide
- Shelf companies: No
- Main company type: S.R.L.
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