Carlo Biagioli S.r.l. - How to start your company in San Marino!

Introduction

Business profit is one of the discernments for deciding to invest as It pays the investors and it favors the self-financing. The Fiscal flexibility of the Republic of San Marino certainly stimulates the production sites togheter with the considerable advantages of transport routes, of areas and of adequate facilities, of relations with the institutions and of workforce availability. In addition, the possibility given by law to hire "cross-border" employees and people with special skills for management and highly professional positions is another factor that spots the convenience to choose San Marino for starting business activities. Among other things for entrepreneur and managers there is the opportunity to take up residence by living in the Republic, which would improve the net income from any kind of job, despite the substantial equivalence classes for wage positions with neighboring Italy. The entry of San Marino in the "white list" has defined the normality of the relations and initiated procedures for the entry in the European Community Economic Area which will favor further commercial trades. The following information are incentive to spot the convenience for investing in business activities in the Republic of San Marino.

San Marino system

S.p.A.

The minimum share capital amounts to € 77,000.00 and the half of it must be deposited, in a bank of San Marino, within 120 days of the enrolment in the Register of Companies. The remaining 50% must be paid within three years. If the Limited Company is the sole shareholder, however, the share capital must be paid in a single instalment within 120 days from the day of entry in the register of companies. It is mandatory to appoint a Unique Auditor and if two consecutive financial years reach the volume of sales or services exceeding the value of 7.3 million euro, the establishment of a Board of Auditors (composed of at least three members) is required.The majority of the Board of Auditors must have the actual place of residence in the Republic of San Marino. The average cost for setting up a S.p.A. (Deed, stamp duties, taxes and commercial registration) is approximately € 7,000.00.

S.R.L. (limited liability company)

The minimum share capital amounts to € 25,500.00 and 50% of it shall be deposited in a bank of San Marino within 120 days from the enrolment in the Register of Companies. The remaining 50% shall be paid within three years from the enrolment. If the Srl is the sole shareholder, share capital shall be paid in a single instalment within 120 days from the enrolment in the Register of Companies. A Single Auditor should be appointed when capital is equal to or greater than € 77,000.00 or if during two consecutive financial years the volume of sales or services exceeded the 2 million euro. The Board of Auditors (at least composed of three members) is required when for two consecutive years the volume of sales or performance exceeded the value of 7.3 million Euros. The majority of members of the Board of Auditors must be effectively resident in San Marino. Average cost for setting up a limited liability company (notarial deed, stamp duties, taxes and company registration) is approximately € 5,000.00.

S.n.c.

It is not required a minimum share capital. Shareholders have unlimited liability of the company's debts. S.n.c are escluded from the double taxation agreement.

Members and Directors Requirements

A member, director or member of the Board of Directors must be a natural person from San Marino or other countries and shall not meet the following conditions:

a) He/she has been convicted by final judgement , in the Republic of San Marino or abroad, to sentences involving deprivation of liberty for a period exceeding two years, for crimes against property, against public faith, against the public economy or for drug smuggling, over the last fifteen years or of a judgment or criminal res judicata, of corruption, use of invoices for non-existent transactions, tax fraud, usury, fraudulent bankruptcy or money laundering, for crimes committed over the last fifteen years; or has been convicted also not definitive or has been prosecuted as part of an ongoing criminal investigation, criminal association for mold gangster or terrorist financing;

b) In the twenty-four months preceding the establishment of the Company or at the time of the purchase of the company’ shares or at the time of appointment of company’s posts, he/she has been a member or having had the powers of representation referred to in Article 52 Law 47 of 23 February 2006, or in a society withdrawn by measure of Congresso di Stato referred to in Article 52 of Law 47 of February 23, 2006 and subsequent amendments must be contextual to the occurrence of the actions which led to the adoption of the resolution to revoke the license. This provision shall not apply where the administrative appeal against the act of refusal of registering as a shareholder or director in the register of companies, because of the revocation suffered, the member or administrator proves to have adopted a diligent behavior and have no responsibility for the decisions or activities of the company that led to the revocation of the license;

c) In the twenty-four months preceding the establishment of the Company or at the time of the purchase of the company’ shares or at the time of appointment of company’s posts, he/she has had the licensed revoked by decision of the Congresso di Stato;

d) He/she is subject also as sole director, concurrently with the establishment of the company or at the time of purchase of the shares at the time of appointment or at corporate offices, in a contest of creditors or a equivalent court procedure in foreign legal systems;

e) He/she is the subject of enforcement actions by the Department of Esattoria of Banca Centrale of San Marino, of under Title II of the law 25 May 2004 n . 70, aiming to recovering amounts due to the Public Administration or to public sector entities which are not disputed or have not entered into an agreement for the payment by installments strained extinction of the slopes;

f) He/she is resident in the "Countries under monitoring" as identified by the Financial Intelligence.

A legal person could be member but shall not meet the following conditions:

  1. It is engaged in a legal procedure judicial contest of creditors (a failure) or forced liquidation or insolvency procedures equivalent in foreign legal systems;
  2. It is under voluntary liquidation following the occurrence of a cause of dissolution;
  3. In the twenty-four months preceding the establishment of the Company or at the time of the purchase of the company’ shares, it has been a partner in a company terminated behind the measure of the Congresso di Stato. Membership must be contextual to the occurrence of the actions which led to the adoption of the resolution to revoke the license. This provision shall not apply where the administrative appeal against the act of refusing registration as a shareholder in the register of companies as a result of the revocation suffered, the member proves that has acted diligently and not to have any responsibility for the decisions or activities of the company that led to the revocation of the license;
  4. It is the subject of enforcement actions by the Department Esattoria of Banca Centrale della Repubblica di San Marino, pursuant to Title II of the law 25 May 2004 n. 70, aimed at recovering amounts due from the Public Administration or public sector entities which are not disputed or have not entered into an agreement for the payment by installments strained extinction of the slopes.

The type of managing (individual or collective) is up to the Shareholders. Sherholders decide also the powers of the Manager, putting an economic limit for the ordinary and extraordinary administrative operations.

Self-certifications of pendig charges cannot be allowed for the foreign citizens, it must be original and valid (within six month of the issue date) translated and certificated in Italian with a consular compliance certificate.

The company certificate (or an equivalent certification, translated and certificated in Italian), must be original or in a true copy and valid, issued at least six months before and it is necessary for legal people.

Financial statements

S.r.l., S.p.a. and S.n.c. are required to approve the annual financial report within 5 months after the end of the financial year. The approval of the budget is presented during the shareholders' meeting and a copy of both the resolution and the annual financial report shall be deposited at the Economical Activities Office of the Republic of San Marino.

Items Social non-liberalized

In the Republic of San Marino economic initiative is free, except for certain commodities sectors and/or business, whose goodwill is subject to prior authorization by the Congress of State (the Council of Ministers of San Marino). The business objectives expressed in the articles of incorporation should be lawful, feasible and consistent.

The following activities are instead tied to the authorization of the Congresso di Stato:

  • medical profession and indipendent workers in general;
  • wholesale of jewellery;
  • all business that are set in the Agreement of the 7th May 1997, ratified with the Decree 21st July 1997 n.73 and later modifications, between the Repubblic of San Marino and Italy, regarding the Mutual Regulation of International Transport;
  • business regarding printing and commodities, numismatics and philatelics;
  • business of roads construction when their purpose is to build up secondary roads related to primary projects;
  • energy, water, gas supplies, telecommunications, call traficand phone cards business;
  • waste treatment and disposal business, including scrup iron business;
  • business of private security also using technologies and private investigation;
  • wholesales of jewellery in which the wholesale of wathces is not included;
  • business where special laws allow its authorization.

WHOLESALE
For the activities of trade wholesale it is not required a majority of corporate shares held by residents. The only constraint is the number of holdings with fiduciary mandate.

RETAIL
Retail business is free and can be a company composed also by non resident members, with exception of business in the historical centers.

The obligation of the registered office

Companies must have their registered office in the Republic of San Marino and they should provide appropriate work spaces, used exclusively for the purpose of the company.

The rent per square meter for the registered office of approximately 100 square meters varies from a minimum of € 60.00/sqm to a maximum of € 70.00/sqm per year.

The rent of the areas designated to production or to warehouse varies from a minimum of € 35.00/sqm to a maximum of € 45.00/sqm per year.

Real estate leasing: in the Republic of San Marino property leasing is very used tool and from the fiscal point of view allows the tax deductibility of both the share capital and the interest.

TRANSFER OF REGISTERED OFFICE OF A FOREIGN COMPANY

  • 1. The disposal of the article 26 of the Decree-Law 26th October 2010, n.172 related to the operation of transfer of the registered office from a foreign country into the territory of the Republic of San Marino, works with the following conditions:
    1. the provenance rules of the company do not forbid this transfer;
    2. the transfer of the registered office set all the action to respect the provenance rules and the sammarinese law.
  • 2. What is arranged at letter b) of the previous clause, includes the respect by the involved individuals, the professionals and the Public Administration on its whole, of the fulfillment of the following points:
  • adoption of a deliberation about the transfer of the registered office of the foreign company must be:
    1. drown up in a certified copy according to the rules of the State of origin;
    2. accepted by the authority in charge and under the procedure disposed by the law relevant for the company which registered office is meant to be transferred in the territory of the Republic of San Marino;
    3. accompanied with the Italian translation and, if necessary, of legalization or Apostille;
    4. deposited in advance to a sammarinese notary, accompanied with the necessary documents of the company;
  • editing of the statute of the transferred company, that has to be registered in the Register of Society, and has to include instructions in compliance with the mandatory laws of the sammarinese set of rules;
  • supervision of legality by a sammarinese notary, who will provide, if necessary, the integration to adjust the company with the sammarinese set of rules.

Tax Profiles

Legal Person

Legal Person

Taxation of Income

Income tax of legal persons proportional;

Corporate income tax exemption for the first 5 years of 50% equal to the 8,5% if:
None of the shareholders has performed business related to the activity for which they ask the abovementioned benefits the year prior to the application date. The company hires at least one employee within six months from the issue of the business license, and another two employees within 24 months (including the administrator).

Two advances to be paid by July 31 and November 30, 35% the first and 55% the second, on the previous year taxation.
The faculty to postpone the effective date of the exemption period shall not get further the third period following the issue sets

Profit Distribution

The profits from 1 January 2014 paid to individuals by corporation are subject to a withholding tax.

License Fee

Company (for companies are also provided € 350 annual tax corporate documents):

1.700,00

Ltd.

Renewal € 650,00
2.440,00

Insurance
Financial

Renewal € 2.440,00
170,00

Associations
legal entities

Renewal € 80,00

Exsemption


Note: Tax exemption for the first business license issued and for the next three fiscal years. Exemption from costs of issuing and renewing of the license for a second, third or fourth license.
Tax exemptions from licensing fee/annual renewing of the license if:

- none of the shareholders has performed activities related to the activity for which they ask the aforementioned benefits in the year prior to the application date.
, - the company hires at least one employee within 6 months from the issuance of the business licence and another one within 24 months (including the administrator)

Minimum Tax

Special tax on income (payment before March 31):

2.000,00

The amounts are doubled if the revenue from ordinary activities in the previous year exceeded EUR 300,000. Fron 2019, the tax will be reduced to 75% and 50% in 2020, and then becoming extinct from 2021.

Exsemption


Note. Exemption for the first 6 exercises.
Tax exemptions from licensing fee/annual renewing of the license if:

- none of the shareholders has performed activities related to the activity for which they ask the aforementioned benefits in the year prior to the application date.
, - the company hires at least one employee within 6 months from the issuance of the business licence and another one within 24 months (including the administrator)

taxes on imports

Ordinary Rate

Food

Animals and Meat



Capital Equipment

Unit value exceeding € 250 (covered trucks but also need specific certification on the book).

halved tax rates
car
for used goods

The vehicles usually have reduced rate, except when: are convertible, have less than 5 seats, maximum displacement 3,000 cc diesel, 2000 cc petrol.

halved tax rates for used goods


Other Taxes

ADDITIONAL TAX ON SERVICES TO INDIVIDUALS

STAMP DUTY ON SERVICES OF ADVERTISING 'AND DATA PROCESSING

STAMP DUTY ON SERVICES AGENCY REPRESENTATION AND SELLING GOODS THIRD

STAMP DUTY ON SERVICES AGENCY REPRESENTATION AND SELLING YOUR PROPERTY

Withholding

Withholding on Interest Income

Withholding on gross Compensation to not resident third parties

Separate

Separate

15% ISS + 4% FondISS

On € 24.876,94 (2018)
Social security contributions required for the Sole Director or for the Chairman and, if appointed, for the CEO (2018 data)
S.n.c. excluded.

Deductibility of the Costs

Deductibility of all cost as long as inherent to the achievement of revenues or income that form the business income , with the exception of certain types of costs that can be deducted from the value in percentage of revenues for sales and services (advertising and sponsorships to the limit of 8%, data processing and market research to the maximum limit of 10%, expenses up to a maximum of 5%).

Full deduction for the first financial year regardless of the month of the year in which the property could have been used, with the possibility of an early amortization (excluding property) for the first two years (up to 20%).

Lease finance: possibility of deduction based on the duration of the contract (also for fixed assets tax depreciation allowed is 3%). Minimum duration of lease Financial: 24 months for movables, 48 months for fixed assets (tax, however, the minimum duration of the contract is assumed to 8 years).

Individuals

tax rates


tax rates and tax brackets taxation of income of individuals.

Income brackets Tax rates
Up to € 10.000,00 9%
From € 10.000,01 to € 18.000,00 13%
From € 18.000,01 to € 28.000,00 17%
From € 28.000,01 to € 38.000,00 21%
From € 38.000,01 to € 50.000,00 25%
From € 50.000,01 to € 65.000,00 28%
From € 65.000,01 to € 80.000,00 31%
More than € 80.000,00 35%

(the brackets are adjusted every two years according to the increase of the cost of living)

COMPANY CAPITAL LAW SAMMARINESE

Withholding applied on the profit distributed.

COMPANY OF FOREIGN CAPITAL

On the profit rate applied to the border, to separate taxation.

Deduction possibilities

From the total income of the person (if an employee or retiree) expenses are deducted for the purchase of goods and services (tracked with electronic systems) conducted in the territory up to € 9,000;

From the total income of all individuals are deduced, possibly in addition to those mentioned above different types of expenses including

  • diagnostic consultation, cures and medicine not prescribable,for maximum 2.500 €;
  • school fees for secondary school and university (maximum 5.000 €);
  • rent expenses for schools out of the territory (maximum 3.500 €);
  • 50% (80% in case of the age is less than 35 y.o.) of the rent of civil house,;
  • psycotherapy expenses (maximum 1.500 €);
  • funeral expences (maximum 3.000 €);
  • life or injury insurance premium for a period over 5 years (maximum 1.500 €);
  • periodic alimonies;
  • making donation to the State or pubblic sammarinese institutions (fully deductible);
  • making donation to the State deductible of the 200% on the total amount of money or on the goods value or on the service aimed to the donation (only if they concern projects in favor of the Historical Center and the Titano Mountain which relevance is under protection);
  • making donation to the church or associations (maximum € 1.600);
  • volounteering previdential dues (maximum € 4.000);
  • expenses for babysitting, up to the trird year of the baby (maximum € 2.000);
  • dental prosthesis and medical expenses (maximum € 1.600);
  • expenses related to environment sustenability, sismic manteinance works and improvement ofthe energy class (totally);
  • expenses aimed to reduce water consumptions;
  • purchase and installation of photovoltaic, eolic, solar thermal, geothermical and cogeneration systems;
  • tax deduction to natural people for dependents, and more deduction if the dependents are more than two.
  • interests payable on loans granted (totally) by the State;
  • interests payable on loans granted by lien (maximum € 1.600);
  • kindergarten expenses (totally refound with the eventually net FSS reimbursement);
  • family assistance to permanent infermity (set amount € 5.000);
  • pre-adoption custody also for international adoption (set amount € 2.000 each parent);
  • donations for film production, cultural promotion regarding places and turism in the Repubblic (totally);
  • expenses for interventions to real estates in order to prevent someoneelse's unlawfull acts (maximum € 2.000).

Incentives

INCENTIVES: LAW No. 115 OF 29.09.2017 and further modifications

Incentives for tax Gains

Retained earlnings for investment in capital goods in the same enterprise are exempled.

Technological advancements to improve
products or production processes

€ 50.000,00

  • ADVANTAGE PERIOD: 6 years (from the start of the project) eight years for investments in excess of 7 million euro;
  • AMOUNT REDUCTION: 60% up to the maximum competition of the investment;

Construction Acquisitions Real Estate Restructuring

€ 300.000,00

  • ADVANTAGE PERIOD: 6 years (starting from the first year of the project) 8 years for investments exeeding 7 million euro;
  • AMOUNT REDUCTION: 40% up to the maximum of the investment;
  • TIES: Having at least 1 permanent employee.

Machinery and Equipment for Energy Saving

€ 20.000,00

reducing pollution
  • ADVANTAGE PERIOD: 6 years (starting from the first year of the project) 8 years for investments exceeding 7 million euro;
  • AMOUNT REDUCTION: up to the maximum of the investment;
  • TIES: Having at least five permanent employees (or three if residents).

Incentives for employing

Reduction of the tax base for economic operators that increase the average number of workers.
Requirement: having already at least five permanent employees, or three residents, (10 units if industrial production).
Two deductions, recognized also for the two years following the year in which the increase has taken place:

TAX INCENTIVES

Of the due tax for each increasing unit if the average number of permanent employees of the previous year was greater than or equal to 5;

HIRING INCENTIVES

Of the due tax for each increasing unit if the average number of permanent employees of the previous year was less than 5 employees;

However, tax credit cannot exceed 25% of the amount of due tax

Tax credit for hiring the unemployed

  • A further 5% up to 40% tax credit of the due tax if hiring unemployed workers for at least 3 months and who don't receive unemployment compensation;
  • Unemployed workers for at least one month aged 50 or more and who don't receive unemployment compensation;
  • Exemption of 50% (8.5% tax) for the first 6 years from paying business income taxes or self-employment taxes;
  • Women reintegration into workforce after maternity leave.
  • Workes with disabilities of 40% or more;

Tax credit IGR for educational activity

  • 25% of the costs incurred in any tax period up to a maxium of € 5.000,00 and for maximum 2 fiscal years over a 4 year period;
  • 40% for new sectors or for those sectors which are considered to be strategic for the economic development.

Tax incentives for internationalisation initiative

TAX CREDIT IGR

expenditure incurred for attending business initiatives events, missions, participation in trade fairs and other initiatives aimed at the research of new markets

TAX REDUCTION FOR INTANGIBLES

Decree Law n.123 of 25/09/2018
The owner of a business income can benefit of it, but not companies under bankruptcy procedures. The benefits concern the income originated by intangibles such as industrial patents, drawings and prototypes juridically protected, software protected by copyright.
The conditions of use can be:

a) the right to use (indirect use)
b) the direct use of the intangibles

SQ:STxRT=RQ

SQ=expenses for the development of the good through partnership agreements,from other companies, also different start-up out of those which control the company.
ST= expenses to develop the good without any increase, experimental research, applied research, preventive research.
RT= net income deriving from the use of the intangible.
RQ= income on which can be applied the tax benefit.
In case the option caused a loss, it would be considered in the determination of the company income of that period.

SAN MARINO INNOVATION

HIGH TECHNOLOGICAL CONTENT COMPANIES

Companies with high technological content can can ask for the certification as said in the art.3 if of new foundation (less than 12 months) to the certifying body San Marino Innovation S.p.A.

SUT

1st and 2nd Level

TECHNOLOGICAL STARTUP 1st LEVEL (SUT I):

1st LEVEL
    DURATION 3 YEARS
    MINIMUM 1 EURO each nominal capital share

TECHNOLOGICAL STARTUP 2nd LEVEL (SUT II):

2ND LEVEL
    duration 4 years
    is accessible after the first period of 3 years of SAT I
    or
    can access directly certified companies which already are of high technological content
    or
    can access directly certified companies with not less than 50% participation, which have between 25 and 50 employees and an income between 5 and 10 millions of Euros.

FINANCIAL ADVANTAGES

    • exemption of the company license tax
    • fixed registration duty on: company deeds and transfer deeds

HIGH TECNOLOGICAL COMPANIES (SAT)

SAT

is accessible after the 4 years of SUT II
or
can access directly companies held by Corporations with more than 50 employees and with a turnover over 10 millions of Euro

CAPITAL SHARE

20.000 €

  • possibility to hire employees with permanent contract up to 36 months and for maximum 8 employees (also Extra EU)
  • possibility to hire freelancer up to 18 months for maximum 24 contracts.
  • Special residence permit for employees or freelances of the SUT (family included)
  • residence for administrators and executive directors

INCENTIVES

sut 1st Level

exemption of the income tax (3 YEARS)

Limited companies:

deduction of 60% of the provision (maximum 2 millions)

Natural Person

deduction of 80% of the provision (maximum 1 million)

sut 2nd Level

Income tax of 4% (4 YEARS)

Limited companies:

deduction of 30% of the provision (maximum 2 millions)

Natural Person

deduction of 60% of the provision (maximum 1 million)

sat

Income tax of 8% (for the first 5 YEARS)

Limited companies:

deduction of 15% of the provision (maximum 2 millions)

Natural Person

deduction of 20% of the provision (maximum 1 million)

Exemption of 100% of capital gain if within 2 years it will be reinvested in SUT or SAT or without reinvestment of 50%.

blockchain

PEOPLE INVOLVED

Blockchain
a Distributed Register composed by blocks of validated and confirmed transactions, organized in a sequential chain to which only new blocks can be added through connection based on cryptographic functions of hash or similar technologies, projected to be able to overcome alterations and to give an unchangeable archive of the registered transactions.

Professional Clients

When we speak about professional clients we refer to:

  1. 1) authorized subjects who can carry out one ore more confidential activities;
  2. 2) foreign subjects who carry out in his home country, thanking to the effective law there, the same activities as point 1;
  3. 3) companies issuing financial tools valued in regulated marketplace;
  4. 4) companies that satisfy at least two of the following requirements:
    • the total of the profit over twenty million of euros;
    • the turnover is more than forty million of euros;
    • the net asset is more than two million of euros;
  5. 5) tates, central banks, international and supranational institutions;
  6. 6) natural people who clearly ask to be considered as professional clients, under condition of:
    • possess of current assets and financial tools at disposal for a total amount of over five hundreds thousand euros;
    • possess a specific knowledge of trades and financial tools;
  7. 7) legal people who clearly ask to be considered professional clients.

c) Blockchain body

They are subjects with legal status as in the art. 2, who obtained the Admission;

d) Institute

Institute for Innovation of the Republic of San Marino S.p.A. (San Marino Innovation)

ITO

Preliminary public offer of token;

Public offer

Any public offer, any type of invitation (or promoting message) for the public, aimed to sale or subscription of an investment tokeno.
N.B.
It is not a public offer, the offer which has at least one of the following characteristics:

  • 1) if it refers only to Professional Clients;
  • 2) if it refers to a number of not over 150 subject;
  • 3) if it has an amount not over 8.000.000 Euros;
  • 4) if it has a minimum 100.00 Euros of deduction.

ADMISSION

The subject with the above mentioned characteristics has to hand in the specific request with the procedure settled by the Institute.The Admission will be released by the Institute within 20 working days from the delivery of the request.
The Institute will release the reference code at the end of the Admission and it will be necessary for the inscription to the Register. A lack of answer will mean a silent refusal.

POWERS OF SUPERVISION

The Institute can exclusively supervise and has the duty to:

  • emanate sector rules and practical guidelines;
  • find violation of the rules or guidelines above;
  • monitor and supervision issuing subjects through the Institute of Register as above;
  • give assistance for the admission procedure;
  • discipline the rules, guidelines and directives;
  • specify the directives;
  • monitor the functioning and application of the laws relative to Trust and the ITO.

THE TOKEN

Tokens are voucher for the purchase of services or goods offered to the Blockchain body. They are digital assets which alternately represent, according to the below tool:

  • participatory tools of the issuer;
  • obligation instrument of the issuer.

The Blockchain bodies who want to do an ITO of investment token, have to do application for the authorization release by the Institute.

ADVANTAGES OF THE TOKEN

The token from art.7 are assimilated only for fiscal and accounting uses, to foreign currency and all the operation done through to them are under the tax and accounting discipline belonging to the assimilation.
They are assimilated only for fiscal and accounting uses, by the issuer, by participatory financial tools of the issuer or by obligation instrument of the issuer, according to the below tool, all the operation done through them, will be under the tax and accounting discipline deriving from that assimilation.
The income coming from operation done with tokens are exempt of taxes as the General Tax on the income, see Law 16 December 2013 n.166 and successive modifications.

Soft Credit

DECREE Of 04th MAy 2018 N.50 and further modifications
Purposes

  • Soft credits are aimed to new economical activities, to the certificarion, diversificarion and reinforcementof existing companies.

Exemptions:

  • Excluded from benefits: a) who carries out banking, financing and leasing activities; b) economic oprators who is domiciled in others house, except if the credit is aimed to the purchase of their own domicile; c) societies that practice real estate business only. Benefits can not be accumulated.

Requirements for the credits

  • A requirement is to be licencee of industrial, services, handcrafts and commercial active business.
  • It is granted to those who requested for a licence and committed theirself to hire 1 permanent employee, from the unemployment register, within 6 months after the inclusion on the register, or there will be the suspension of the credit.

Eligible projects for the industrial activity

Maximum soft credit

€ 1.000.000,00 for maximum 2 prject about:

  • Buying assets and goods pertinent to the business

€ 50.000,00

ties


Only if in the last year, at least 2 permanent employees have been hired in case of a society and just 1 if individual.

maximum credit lenght


The maximum loan lenght is 5 years with a contribution of 70% of the subsidized rate by the State.

  • Purchase, building or enlargement of real estates

The total amount of the purchasing devided for the square meters, with at least 50 mt for employee.

The maximum loan lenght is 10 years with a contribution of 70% of subsidized rate by the State.

  • Purchasing of intangible assets, of industrial patent, rights to use copyrights.

Minimum rate
€ 100.000,00

ties


Only if in the last year, at least 2 permanent employees have been hired in case of a society and just 1 if individual.

maximum mortgage lenght


The maximum mortgage lenght is 5 years with a contribution of 70% of the subsidized rate by the State.

    Investment

Minimum investment
€ 200.000,00

ties


Also a partial project to re-rank, modernize and/or change the object of the society at the condition to hire at least 2 permanent employees, 50% of them from the unemployment register, within 60 days after the authorization.

maximum mortgage lenght


The maximum mortgage lenght is 5 years with a contribution of 100% of the subsidized rate by the State.

Eligible projects for services

Maximum soft credit

€ 1.000.000,00 for maximum 2 projects about:

  • Buying assets and goods pertinent to the business

€ 30.000,00

ties


Only if in the last year, at least 2 permanent employees have been hired in case of a society and just 1 if it is individual.

maximum mortgage lenght


The maximum mortgage lenght is 5 years with a contribution of 70% of the subsidized rate by the State.

  • Purchase, building or enlargement of real estates

The total amount of the purchasing devided for the square meters, with at least 50 mt for employee.

The maximum loan lenght is 5 years with a contribution of 70% of subsidized rate by the State.

  • Purchasing of intangible assets, of industrial patent, rights to use copyrights.

with a minimum value of
€ 100.000,00

ties


Only if in the last year, at least 2 permanent employees have been hired in case of a society and just 1 if it is individual.

maximum mortgage lenght


The maximum mortgage lenght is 5 years with a contribution of 70% of the subsidized rate by the State.

    Investment

Minimum investment
€ 200.000,00

ties


Also a partial project to re-rank, modernize and/or change the object of the society at the condition to hire at least 2 permanent employees, 50% of them from the unemployment register, within 60 days after the authorization.

maximum mortgage lenght


The maximum mortgage lenght is 5 years with a contribution of 100% of the subsidized rate by the State.

Eligible projects for handcraft activities

Maximum soft credit

€ 500.000,00 for maximum 2 projects about:

  • PURCHASE OF SYSTEMS, EQUIPMENT AND MACHINERIES

€ 20.000,00

ties


Only if in the last year, at least 2 permanent employees have been hired in case of a society and just 1 if it is individual, or if it is an artistic handcraft activity with no employees up to € 50.000,00 of soft credit

maximum mortgage lenght


The maximum mortgage lenght is 5 years with a contribution of 70% of the subsidized rate by the State.

  • Purchase, building or enlargement of real estates

The total amount of the purchasing devided for the square meters, with at least 50 mt for employee.

The maximum mortgage lenght is 10 years with a contribution of 70% of the subsidized rate by the State.

  • Purchasing of intangible assets, of industrial patent, rights to use copyrights.

with a minimum value of
€ 100.000,00

ties


Only if in the last year, at least 2 permanent employees have been hired in case of a society and just 1 if it is individual.

maximum mortgage lenght


The maximum mortgage lenght is 5 years with a contribution of 70% of the subsidized rate by the State.

    Investment

Minimum investment
€ 100.000,00

ties


Also a partial project to re-rank, modernize and/or change the object of the society at the condition to hire at least 2 permanent employees, 50% of them from the unemployment register, within 60 days after the authorization.

maximum mortgage lenght


The maximum mortgage lenght is 10 years with a contribution of 100% of the subsidized rate by the State.

Eligible projects for commercial activities

Maximum soft credit

€ 500.000,00 for maximum 2 projects about:

  • PURCHASE OF SYSTEMS, EQUIPMENT AND MACHINERIES

€ 30.000,00

ties


Only if in the last year, at least 2 permanent employees have been hired in case of a society and just 1 if it is individual, or if it is an artistic handcraft activity with no employees up to € 50.000,00 of soft credit.

maximum mortgage lenght


The maximum mortgage lenght is 5 years with a contribution of 70% of the subsidized rate by the State.

  • Purchase, building or enlargement of real estates

The total amount of the purchasing devided for the square meters, with at least 50 mt for employee.

The maximum mortgage lenght is 10 years with a contribution of 70% of the subsidized rate by the State.

  • Purchasing of intangible assets, of industrial patent, rights to use copyrights.

with a minimum value of
€ 100.000,00

ties


Only if in the last year, at least 2 permanent employees have been hired in case of a society and just 1 if it is individual.

maximum mortgage lenght


The maximum mortgage lenght is 5 years with a contribution of 70% of the subsidized rate by the State.

    Investment

Minimum investment
€ 100.000,00

ties


Also a partial project to re-rank, modernize and/or change the object of the society at the condition to hire at least 2 permanent employees, 50% of them from the unemployment register, within 60 days after the authorization.

maximum mortgage lenght


The maximum mortgage lenght is 5 years with a contribution of 100% of the subsidized rate by the State.

Eligible projects for accommodation services

Maximum soft credit

For managers of hotel facilities, open-air structures, houses and flats for turistic rent, rural turism (art. 14,15,16,17,18 law 27 January 2006 n. 22) and for logistics, transport storage, the parameter of proportion sqm/nr. of Employees is not applied, but the maximum credit is € 1.000.000,00.

maximum mortgage lenght


The maximum mortgage lenght is 10 years with a contribution of 70% of the subsidized rate by the State. It is possible to get within 2 years.

LOSS OF BENEFITS

Benefits are lost when:
a) companies did not start or complete the financed projects by the deadline;
b) companies did not respect the whole or just a part of the required working conditions, for the real estate it is referred to the minimum number that is required for the mortgage;
c) companies did not communicated to the Evaluation Committee significant variations of previsions;
d) companies, after the approval of the application, find themselves in an unacceptable situation as said in the article 4, excluding the last condition, referring to the executive action by the Tax Office according to the law n.70/2004 and further modifications;
e) companies sell goods that are object of the investment as said in the projects accepted for the loan, violating the disposals;
f) lcompanies did not respect the loan contract conditions about the reimbursement of the financed amount within twelve months according to the agreed reimbursement plan;
g) companies did not provide, according to the requests of the Evaluation Committee or the Office of Economical Activities, documents and/or information aimed to verify the continuity of requirements and the unfoundedness of decay causes, after the loan supply;
h) in case of article 17, comma 3.

Distribution of Dividends

Distribution of dividends under the Convention San Marino - Italy

DIVIDEND DISTRIBUTION IN FAVOUR OF ITALIAN TRADERS

Taxes in San MArino

according to the art.10

the Convention
Italia-San Marino
  • None
    None if participation is held by a limited company (at least 10% of capital ) at least 12 months old

  • Tax of 5%
    In all other cases
Taxes in Italy

according to the art.10

the Convention
Italy-San Marino
  • TAX of 1,20%
    plus tax credit
    if the share is held by an Italian company.

  • THE TAXABLE ASSESSMENT IS 58,14%
    plus tax credit
    if the share is held by an Italian S.n.c.

DIVIDEND DISTRIBUTION IN FAVOUR OF ITALIAN NATURAL PERSONS

Taxes in San Marino

fixed at 5%

Taxes in Italy

  • tax of 26% on the gains from 01/01/2018

Examples of dividend distribution

GROSS PROFIT € 100.000,00

Holding SpA or
Srl ITA in RSM = 10% held
for at least 12 months

€ 100.000 to 8,5% (I.G.R. is RSM taxes) = € 91.500
Italian company profit 10% = € 9.150
R.S.M. tax= 0
Italian tax 1,20% (5% of 24% IRES) = € 109,80 + tax credit

GROSS PROFIT € 100.000,00

SpA or Srl ITA
in RSM company 10%
detained for less than 12 months

€ 100.000 to 8,5% (I.G.R. is RSM taxes) = € 91.500
share italian 8% = € 7.320
tax R.S.M. 5% = € 1.098
Italian tax 1,20% (5% del 24% IRES) = € 87,84 + tax credit

GROSS PROFIT € 100.000,00

Partecipation S.n.c. o D.I. ITA
in company R.S.M. per qualsiasi %
no time threshold

€ 100.000 to 8,5% (I.G.R. is RSM taxes) = € 91.500
share participation natural person profit 100%
Tax R.S.M. 15% = € 13.725
725 imposed on Italy 49.72% amounting to € 45,493.80 =
income tax bracket tax credit

GROSS PROFIT € 100.000,00

Investment of a natural
person who resides in Italy
in a Sammarinese company
with shares >25% of the
company's share capital or
>20% voting rights

€ 100.000 - 8,5% (RSM general income tax) = € 91.500
participation of a natural person in profit sharing 100%
R.S.M. taxes 5% = € 4.575
Italian taxes of 26% equal to € 23.790,00 =
irpef tax bracket + tax credit

Italian tax brackets:

  • up to € 15.000,00 23%
  • up to € 28.000,00 27%
  • up to € 55.000,00 38%
  • up to € 75.000,00 41%
  • more than € 75.000,00 43%

List of Agreements concluded

DTA - AGREEMENTS AGAINST DOUBLE TAXATION (IN FORCE)

As of May 2020, the following jurisdictions have signed with the Republic of San Marino agreements against double taxation currently in force.

Austria, Barbados, Belgium, Cyprus, Croatia, Georgia, Greece, Italy, Lichtenstein, Luxembourg, Malaysia, Malta, Portugal, Qatar, Romania, Seychelles, St. Kitts & Nevis, Hungary, Vietnam, Azerbaijan, Singapore, Serbia, United Arab Emirates.

TEA - AGREEMENT ON THE EXCHANGE OF TAX INFORMATION (IN FORCE)

Andorra, Argentina, Australia, Bahamas, Brazil, Canada, China, Denmark, Faroes, Finland, France, Germany, Greenland, Guernsey, India, Ireland, Iceland, Monaco, Norway, New Zeland, Poland, United Kingdom, Czech Republic, Samoa, Spain, South Africa, Sweden, Swizzerland, Indonesia, Holland, Vanuatu.

Labour costs

SIMULATION of EMPLOYEE ANNUAL COST

CONTRACT: Sector INDUSTRY (Precision engineering)

paid hours per month 162,50
paid hours per week 37,50
annual paid holiday in hours 195
annual hours of permission -
Months of paid 13
paid hours per month 1.388
paid annual hours 195
leave hours per year -
ACTUAL WORKING HOURS 1.643
length of service increment 8,33%
rate ISS + company Fondi ISS 26,40%
aliquota ISS + employee Fondi ISS 8,30%
FSS rate charged to company 1,00%

Please note that the table used for simulation related to precision engineers is applied on standards

framing level

Below the simulation of an employee of 3rd level employed by a firm of San Marino.

Employee Level 3rd; level
Salary 1.847,14
Total Gross Annual Salary 22.165,68
13th; Mensiità 1.847,14
Gross Annual Salary To. A) 24.012,82
Seniority Indemnity 8,33% on A) 2.000,27
Total Cost Wages 26.013,09
Cost ISS on A) + Fondi ISS 6.289,39
Cost FSS 2% on A) 480,25
Total Cost Grants 6.769,64
Annual Cost Salaries and Contributions 32.782,73
Cost Hours Wages and Contributions 16,81
IGR load dependent 1.418,11
IGR TFR load dependent 2,5% 50,01
Withholding ISS payed by employee 1.993,06
Net pay employee 22.551,90

HIRING PEOPLE REGISTERED IN THE UNEMPLOYMENT REGISTER ART. 26 DECREE 115/2017, ART.30 DECREE 119/2017 AND ART. 1 DECREE 80/2018 (ex Art.7 Law 71/2014)

It is aimed to promote hiring of people from unemployment register. There is no minimum hiring level.

TAX WAGES:

Hired worker have the right to get 100% of wages divided as follow:

from the 1st month to the 12th: 2% in charge to Cassa Ammortizzatori, and the rest to the company (98%);

from the 13th month to the 24th: 4% in charge to Cassa Ammortizzatori, and the rest to the company (96%);

from the 25th month to the 36th: 6% in charge to Cassa Ammortizzatori, and the rest to the company (94%);

from the 37th month to the 48th: 8% in charge to Cassa Ammortizzatori, and the rest to the company (92%) if there is a third level hiring.

N.B. Incentives mentioned above are halved under the second level.

TAX REDUCTION:

Tax reduction of 20% for maximum 36 months and if it is a permanent hiring. Hiring can be permanent or fixed-term contract, provided that they did not resigned (see DELEGATED DECREE N.84 23rd May 2019.

There is a bonus of 20.000€ for each hired worker and it can be used within 3 years as reimbursement of social security tax, of payroll costs and other amounts that the employer has to pay to the social security institute for that worker until the compliance of the amount. Companies that within the 31st December 2019 transform short-term contracts of at least 3 years into fixed-term contracts, can receive the bonus.

Hiring while training

Reserved to young between from compulsory schooling age to 23 years old. Granted to young people at their first job, registered on the lists of job placement, in possession of Certificate or Diploma professional qualification, diploma of higher Secondary School, Bachelor's Degree, Master's degree, specialization courses and postgraduate degree in tasks related to educational qualification. The apprenticeship period may not last more than two years. The intake is indeterminate period of time. No contributions are due.

Monthly wage

1st year 80%
2nd year 85%

incentives for the reintegration of the persons who receive unemployment benefits

To reintegrate workers registered on the lists of job placement, who receive IES or unemplyment benefits. The worker shall be hired for a job almost identical to the previous one, or similar to the job for which he/she received the allowance, or a job related to his/her professional qualification. The integration must be coducted at the same working level, or at most one lower than the previous one.

Salary

100% of the contractual remuneration distributed as follows

  • a) from the 1st month to the 12th month, 2% is paid by the State (Social Security Fund), and the remaining part is paid by the company;
  • b) from the 13th to the 24th month, 4% is paid by the State (Social Security Fund), and the remaining part is paid by the company;
  • C) from the 25th month to the 36th month, 6% is paid by the State (Social Security Fund), and the remaining part is paid by the company;
  • d) from the 36th month to the 48th month, 8% is paid by the State (Social Security Fund), and the remaining part is paid by the company (companies must offer at least a 3rd level job);

Permanent residency

The system of permanent residency in the Republic of San Marino is governed by Law no. 118/2010 which provides that the home registry in San Marino may be granted to applicants who fall into the following cases:

  1. subject conjugate with San Marino city or child of a citizen of San Marino;
  2. titular subject of ordinary residence permit for at least five continuous years (the question of residence may also include some joint);
  3. persons holding senior management positions in health care, public security, or in banks, insurance and financial, as well as the judges of the Court of First Instance;
  4. those who hold executive positions in companies under San Marino law;
  5. Those who invest capital or they have already invested in land in productive activities with guaranteed employment commitment for the purchase of industrial factories, by the production of specific business plans, in research or in areas of particular interest for the State of San Marino.

Permanent residency and residence permit can never be granted in the following cases:

  1. if there are criminal proceedings in the Republic of San Marino or abroad for non-intentional crime for which is applied the punishment of imprisonment or interdiction of more than one year or equivalent penalties abroad
  2. if there is a failure of public order and national security;
  3. if he/she was barred from the native country ten years prior to the application date;
  4. if she/he has received an exile order for not allowing police controls or because he/she earns his/her living with money deriving from criminal activities or because he/she commit criminal activities habitually;
  5. if ten years prior to the application date the permanent residency or the residence permit of the applicant was revocated for irregolarities;
  6. if the applicant has any impediment to entry, transit or stay in countries of the Schengen area, reported or well-knowed to the local police.

Residence for business

Who owns at least 51% of a company share capital can apply for permanent residency in the Republic of San Marino provided that he/she offers a "full time" job to 1 or 3 persons registered on the list of job placement, depending on the company's business sector and creating a guarantee deposit in favor of the State of Euro 75.000,00 for the first two years up to € 150.000,00 for the follwing years.
The guarantee in favour of the State may consist in a bank deposit or by bank or insurance guarantee released by a supervised entity and it can be subsequently transferred to a property (residential or industrial) of a minimum value of € 150.000,00.
Permanent residency for who owns at least 51% of a Sammarinese company share capital is extended to spouse or cohabitant as well as children up to 25 years old.

Residence permit

Who owns at least 25% of a company share capital or is the Sole Director or the Chairman of the Board of Directors and if the company operates in specific market sectors. For example:

  1. Production of technologically advanced goods and services;
  2. Green economy sector;
  3. Arts and culture sector;
  4. Management, marketing, international relations, education, research and development activities;
  5. Traditional manufacturing sectors with low environmental impact;

To apply for the residence permit for business reasons he/she must demonstrate that he/she has an accomodation and an adequate income for self-sustaining.
It is necessary to buy an appropriate insurance policy with a minimum annual coverage of € 30.000,00
Validity of the residence permit: 12 months, renewable for maximum 5 years.
The residence permit is extended to spouse, cohabitant and children up to 25 years old.

Elective residence permit

It is possible to apply for the permanent residency in the Republic of San Marino if
a) you purchase a property (for residential or industrial use) worthing € 500.000,00 or more;
or
b) invest in a certificate of deposit for 10 years of at least € 600.000,00. In this case, the State requires one-time payment of € 10.000,00 when issuing the permanent residency.
The permanent residency can be extended to spouse, cohabitant and children up to 25 years old and for each relative it is required a one-time fee of € 20.000,00.

registered residence permit

Business projects aimed at the realization of one or more investments in the Republic of San Marino allow to highly skilled employees as well as to their relatives the access to the simplified procedure for obtaining the permanent residency.
However, in order to access the aforementioned simplified scheme, the applicant must:

  1. set up a new company;
  2. present a comprehensive and substantiated CV of all investors;
  3. present a five-year business plan;
  4. hire at least 5 residents;
  5. purchase a property worthing at least € 300.000,00, or sign a financial lease (with an initial payment of at least € 300.00,00). In both cases it is being provided a special privilege on the propriety in favor of the State as a guarantee of the reimbursement of the economic benefits (taxes, contributions, credits, employees) granted.

Permanent residency - startup

Managers and shareholders who are employees of companies which get qualified, under Decree 116/2014 and subsequent amendments and additions, as "High-tech Start Up" can obtain the residence permit for themselves and their relatives.

Tax-advantaged residence

Who earns income outside of the Republic of San Marino, can apply for residency (in the Republic of San Marino) taking advantage of the unique tax rate of 7% of cross-border tax (with a minimum tax amount of € 10,000.00 and a maximum of € 100,000.00). The Revenue Agency’s financial requirement is € 1,000.00, the applicant must provide evi¬dence showing economic sufficiency; also regarding family members living together. Furthermore, the applicant must possess ownership of a home or rented property within the territory of San Marino. The residency application will be assessed within 60 days of submission. Those who benefit from the residency cannot be employed in the public sector and must have health insurance coverage.

Retiree Residency

People who benefit social pension treatment without producing any income within the Sammarinese territory, can apply for residency in the Republic of San Marino provided that they produce annual incomes exceeding € 50,000.00 or possess movable assets of no less than € 300,000.00.

The retired resident will be subject to a taxation of 6%, without prejudice to any taxation applied by the country providing the pension.

The Revenue Agency’s financial requirement is € 1,000.00, and the applicant must provide evidence showing economic sufficiency; also regarding family members living together.

Furthermore, the applicant must possess ownership of a home or rented property within the territory of San Marino.

The residency application will be assessed within 60 days of submission.

Those who benefit from the residency cannot be employed in the public sector and must have health insurance coverage.

Address to us

Please contact Carlo Biagioli Srl.

Carlo Biagioli Srl is available to support and a assisting having the advantage of talking to a single office.

Registered Office

Carlo Biagioli S.r.l. is in contact with a wide network of brokers that will satisfy the needs of every business in order to be established on the territory the Republic of San Marino

Costitution Society

Carlo Biagioli S.r.l. through the professional collaboration guarantees a "turnkey" for the performance of all the paperwork and administrative provisions necessary for the establishment of any type of company.

Tax Consulting

Carlo Biagioli S.r.l. through the collaboration of trusted professionals can assist the new company in the process of startup, accompanying the customer in the new tax dimension of the Republic of San Marino.

Recruitment

Carlo Biagioli S.r.l. provides a recruiting service for various business needs from the simple worker to the engineer.

Loans and
financing

Carlo Biagioli S.r.l. through the extensive experience gained by its employees in the financial sector is able to provide support in finding credit and funding by the banks of the Republic of San Marino, to get the best conditions offered by the financial market.
Carlo Biagioli S.r.l.
(sole sharholder)
Via Piana, 7
47890 - San Marino City
Repubblica di San Marino
C.O.E. SM19163
Mobile phone
(+39) 366 1947818
Website
carlobiagioli.com
Email
info@carlobiagioli.com
whatsapp
+ 39 366 194 7818

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Privacy Policy

Dear Consumer,
according to the European Regulation (UE) 2016/679 (since now GDPR) and the Law 171/2018 adopted by the Republic of San Marino, regarding personal data you gave to Carlo Biagioli S.r.l, we hereby communicate what follows:

Data Controller and Data Protection Manager

The Data Controller is Carlo Biagioli S.r.l. in person of its legal representative Carlo Biagioli currently in San Marino (RSM) in Via Piana,7 . The Data Controller may be contacted by phone at (+39) 366 1947818 or by mail at the following address carlobiagioli@carlobiagioli.com Carlo Biagioli S.r.l. Did not appoint a Data Protection Manager.

Scope of knowledge of your data

Your personal data are collected in order to correctly and completely accomplish to the received task. They will also be used with the scope of:

  • fulfil the obligations regarding taxation and accounting;
  • respect all the obligations related the mandate received and provided by the law.
    Your personal data may be treated by paper or electronic archives (including laptops, notebooks and electronic devices, mobile phones or mass storage) and will be strictly used only for the above mentioned scopes.
Juridical basis for the processing of your personal data

Carlo Biagioli S.r.l. processes your personal data according to the law, where the process:

  • is necessary to evaluate the assuming and the subsequent execution of the mandate of a contract in which you are part of, or to the execution of pre-contractual measures to take under specific request;
  • is necessary to fulfil a legal obligation against the Society;
  • is required for any other useful activity connected to the received mandate or any other option for which you consented your data.
Consequences of the non-communication of personal data

The failure to provide your personal data may not allow the execution of the required service.

Storing data

Your personal data, for the use above described will be stored for the same period as the contract and later, for the time in which Carlo Biagioli S.r.l. Will have be committed to keep them for financial obligations or for other aims including the commercial/publicity material in order to inform the Customer about promotional initiative of interest.

Communication of personal data

Your personal data may be communicated to:

  • consultants and accountants or lawyers who will cooperate to the above mentioned scopes;
  • banks and insurance companies which will cooperate to the above mentioned scopes;
  • technicians who elaborate data fulfilling specific obligations according to the law;
  • Juridical or administrative authorities in order to fulfil obligations according to the law.
Profiling and distribution of personal data

Your personal data are not spread and neither are under automatized decisional process, including profiling.

Rights of the Client

Your rights include:

  • ask Carlo Biagioli S.r.l. The access to your personal data and to their related informations; the rectification of inaccurate data or to integrate those incomplete; the erasure of personal data; the restriction of processing;
  • ask and obtain – in case the juridical basis of the processing is the contract or the consent and it has been done with automatized system – your personal data in a structured and readable format on an automatic device, also with the aim to communicate those data to another controller of the processing ( so-called right to data portability);
  • object in any time the processing of your personal data as consequence of your particular situations;
  • revoke your consent at any time, limited to cases in which the processing is based on your consent for one or more specific aims and is about common personal data (for example date and venue of birth or place of residence) or specific categories of data (for example data about racial origins, political opinions, religious belief, health or sexual orientation).
  • The processing based on your consent and realized before its revocation maintain, anyway, its legality. for any complaint you can contact the controller (Data Protection Supervisor of the Republic of San Marino).

Legal notes

The site aprireunaimpresasanmarino.com The site aprireunaimpresasanmarino.com has informational purposes only major economic administrative aspects related to the business activities in San Marino and therefore does not constitute a direct offer to the public and can not be considered a scientific platform. The information and examples are taken from laws, decrees, publications and experience at January 2021 (except for errors, inaccuracies, deficiencies and subsequent law additions) and are not intended to substitute professional advice or legal, tax, financial or administrative, being mere publicity campaign.
The information furnished by Carlo Biagioli Srl, owner of this site, are not intended to promote any kind of crime, in particular fiscal or financial.
The displayed information, examples, simulations and services, are aiming to encouraging the establishment of real companies in San Marino, but can not be considered exhaustive for the start and management of a company in San Marino.

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