Business entities in San Marino in 2024
Healy Consultants will assist our Clients with incorporating the optimal corporate structure for their company. There are several ways of doing business in San Marino, the most common being through the setup of a San Marino LLC. San Marino PLC is an interesting option, for our Clients able to afford the higher capital requirement of €77,000. Alternatively, foreign companies can also register a San Marino branch or a local representative office.
The San Marino limited liability company (SRL)
This is the most common type of business entity in San Marino. Business formation requires minimum paid up capital of €25,500 for incorporation. Only one shareholder and one director is required for the incorporation process to be completed;
The San Marino joint stock company (SPA)
The San Marino SPA/PLC requires minimum paid-up capital of €77,000 to incorporate. The full amount must be deposited into a corporate bank account prior to incorporation of the company in San Marino. After business setup, it is possible to list the entity on a stock exchange, for instance on the Milan stock exchange.
The San Marino branch
The parent company is responsible for the business activities of the branch office. There is no minimum paid-up capital requirement for registration of a branch office in San Marino. Taxes are however to be filed every fiscal year just like any other business entity.
Different types of business entities in San Marino
| Compare different San Marino entities | LLC | PLC | Branch |
|---|---|---|---|
| Also known as | SRL | SPA | Branch |
| How long to set the company up? | 6 weeks | 8 weeks | 6 weeks |
| How long to open company bank account? | 4 weeks | 4 weeks | 4 weeks |
| Legal liability? | Limited | Limited | Unlimited |
| Wholly foreign owned? | Yes | Yes | Yes |
| Minimum paid-up share capital? | €25,500 | €77,000 | N/A |
| File annual tax return? | Yes | Yes | Yes |
| Tax registration certificate required? | Yes | Yes | Yes |
| Recommended corporate bank account? | Banca di San Marino | CARISP | Banca di San Marino |
| Does our Client need to travel? | No | No | No |
| Resident director or representative required? | No | No | Yes |
| Resident shareholder required? | No | No | No |
| Minimum directors allowed? | 1 | 1 | N/A |
| Minimum shareholders? | 1 | 1 | N/A |
| Corporate shareholders allowed? | Yes | Yes | N/A |
| Corporate director(s) allowed? | No | No | N/A |
| Statutory audit required? | No | Yes | Yes |
| San Marino corporate tax rate? | 17% | 17% | 17% |
| Annual financial statements required? | Yes | Yes | Yes |
| Allowed to issue sales invoices? | Yes | Yes | Yes |
| Allowed to sign contracts? | Yes | Yes | Yes |
| Allowed to import and export goods? | Yes | Yes | Yes |
| Can rent office space in San Marino? | Yes | Yes | Yes |
| Can buy real estate property? | Yes | Yes | Yes |
| Total San Marino business setup costs in yr. 1? | €17,150 | €16,950 | €18,250 |
| Subsequent annual costs (incl. accounting and tax fee)? | €7,250 | €9,250 | €8,900 |
| Sample engagement invoice? | View invoice PDF | View invoice PDF | View invoice PDF |
