Options for registering companies in San Marino
San Marino is a European microstate governed by its own corporate and tax framework, operating independently while maintaining close economic integration with Italy. The jurisdiction provides a structured legal environment for business establishment.
Business entities are incorporated under national company law and registered with the relevant authorities. Foreign investors may establish and operate companies subject to local regulatory, licensing and compliance requirements.
San Marino offers international investors the following legal structures for establishing a local presence:
Limited liability company (Società a responsabilità limitata - SRL)
- A limited liability company is an incorporated entity with separate legal personality and shareholders' liability is limited to the value of their subscribed capital. Personal assets remain legally distinct from company obligations.
- This structure supports commercial and operational activities across permitted sectors and is commonly used for trading and service activities. It enables contracting, invoicing and holding assets within the jurisdiction.
- A minimum share capital of €25,500 is required for incorporation and must be subscribed according to statutory rules. Payment schedules are defined in formation documents and must be met within required timelines.
- Corporate income tax applies at 18%, temporarily increased from 17% for the 2026-2030 tax periods, with a reduced rate of 8.5% available for qualifying startups during their first five years. Companies must maintain accounting records and meet annual filing obligations.
- This structure requires full incorporation and ongoing regulatory compliance and it is not designed for non-operational presence. It must maintain registered office and management within San Marino.
- Where the company is foreign-owned, a local agent is required. This does not require the appointment of a local director.
Branch office (Succursale)
- A branch operates as an extension of a foreign parent company and does not have separate legal personality, meaning liabilities and obligations attach directly to the parent entity. It acts as a permanent establishment.
- This structure supports carrying out commercial activities in San Marino under the control of the foreign entity. It is used where operations remain centrally managed but require a registered local presence.
- No minimum share capital applies, as the branch is funded directly through the parent company’s capital allocations. Operational funding levels are determined through internal financing arrangements.
- Corporate income tax applies at 18%, temporarily increased from 17% for the 2026-2030 tax periods, on profits attributable to the branch’s activities within San Marino. The branch must maintain local records and comply with registration and reporting requirements.
- This structure does not provide liability separation from the parent company and is not suitable where risk isolation is required. All commercial exposure remains with the foreign parent entity.
- Where the company is foreign-owned, a local agent is required. This does not require the appointment of a local director.
Corporation (Società per azioni - SpA)
- A corporation is a share capital company with separate legal personality, where shareholder liability is limited to their capital contribution. It is structured for larger-scale or multi-shareholder operations.
- This structure supports more complex or capital-intensive activities and can accommodate broader ownership structures. It is commonly used for larger commercial or investment-led operations.
- A minimum share capital of €77,000 is required for incorporation and must be formally subscribed in accordance with company law. Payment timing follows statutory capital contribution rules.
- Corporate income tax applies at 18%, temporarily increased from 17% for the 2026-2030 tax periods, with a reduced rate of 8.5% available for qualifying startups during the initial five-year period. Full accounting, reporting and governance obligations apply.
- This structure involves higher capitalisation and compliance requirements and is not suited to small-scale operations with minimal capital commitments. It requires formal governance and corporate oversight.
- Where the company is foreign-owned, a local agent is required. This does not require the appointment of a local director.
To help you choose the right structure, we have created an 'at a glance' summary table for the common company types that outlines key differences in formation processes, requirements and timelines. It serves as a valuable resource for foreign companies looking to set up or expand a business in San Marino.
Comparison of the common types of companies in San Marino
Information verified against San Marino Economic Development Agency - Chamber of Commerce
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