Company Formation in San Marino
Company Formation in San Marino – General Information
Despite being small in geographical size, San Marino is an autonomous state surrounded by Italy from all the sides. Foreign investors in the country are represented by the civil law of Enclave situated on one of the ridges Apennines giving them more opportunities for optimization and development of business. San Marino joined the UN as a member in early 90th of the 20 century and has completed a lot of agreements with Italy and other states of the EU and World Bank. This country uses euros as its national currency.
The government of San Marino has put in place adequate measures to support the investment of foreign entrepreneurs. Provision of suitable conditions for external investments not only help boost business but also vital in strengthening the reputation of the country and improvement on its ratings. San Marino has been able to keep information about gain acquirers despite being an offshore country with traditional kinds of jurisdictions rules of taxation. Again, the level of credibility to Enclave has grown gradually due to bank reforms and actions of the authorities.
Company in San Marino – Main Advantages
- Offshores companies are liable to 17% of the standard rate and a simplified scheme of 6.5%. Thus, they are exempted from taxes.
- The system of grants in place encourages prospective entrepreneurship.
- Compiling annual reports and keeping records is not a mandatory requirement. Hence the decision will depend on the sole discretion of the entrepreneurs.
- Beneficiaries’ data are not disclosed.
- The beneficiaries may include both individuals and firms as there are not requirements for their residency.
- The Company must have at least one shareholder(s) or director(s)
- The Company may choose not to hire a secretary and instead use nominal service and so on.
- There is a high chance to make decent profits as the country does not impose VAT on business.
Company Formation in San Marino – Types of Companies
Any foreign investor who wants to start a business in San Marino can either choose international commercial companies or joint-stock companies which are the most common forms. Two types of AO-sp have a minimum capital of 256,000 euros and s.p.a which has a minimum of 77,000 euros. The investors must pay half of the amount within a period not exceeding 60 days after the end of registration while the remaining amount should be paid within the next three years. All funds can only be transferred within two months if the Company is a sole shareholder.
The registration of companies in the form of LLC (s.r.l) in San Marino requires a minimum capital of 25.5 thousand euros. However, this can be introduced in two parts- these include one half for two months and the other for three years. The Company is allowed to hire one director and focus the property in the hands of the sole shareholder.
The following are necessary stages that involve the opening of the Company in San Marino
- Check the Company’s name for admissibility and repetition
- Establish a legal address
- Create a charter and memorandum of the association and submit documents identifying the owners and directors to the registering authority
- Pay for the statutory fee to the treasury
Therefore, after handing over all the documents, they will be checked, verified, and the decision made according to the stipulated rule of the registration process. The entire process takes up to one and a half months to complete.
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