A VARIED AND LIVELY ECONOMIC FABRIC
INDUSTRIES AND GROSS DOMESTIC PRODUCT
With around 5,200 economic operators, of which around 3,000 are in corporate form, and around 18,000 employees, the industries that contribute the most to generating the Gross Domestic Product (2022) are manufacturing (36.4%), services (25.6%), public administration and related services (12.1%) and trade (14.1%).
In San Marino, financial services (3.8%), construction (3.9%), transport and related services (2.1%) as well as the hotel and restaurant industry (1.9%) also contribute albeit in a minor yet significant way.
about 5,200
Economic operators
about 3,000
Companies
about 18,000
Employees
San Marino legislation envisages streamlined and automatic procedures to obtain an authorization to operate as quickly as possible. In some special areas, prior approval of the Congress of State (Government) is required.
SETTING UP A BUSINESS IN SAN MARINO
While residency is required to set up individual businesses and partnerships share capital companies are open to non-residents. Entrepreneurs and leading figures of companies are granted registered residency if they meet specific parameters.
WORKING IN SAN MARINO
San Marino boasts a highly schooled population and offers most of the skills in the various sectors of the San Marino economy, along with professionals from Italy and many countries on the various continents.
There are a large number of incentives to support employment, training and the acquisition of new skills.
The reduced tax wedge makes occupation one of the competitiveness factors of San Marino’s jurisdiction and businesses.
IMPORT-EXPORT BETWEEN SAN MARINO AND THE WORLD
The Republic of San Marino is at the heart of important flows of goods and services with the Italian economic fabric, with all EU countries and with many non-EU countries on various continents.
THE COOPERATION AND CUSTOMS UNION AGREEMENT
Imports and exports from and to San Marino are governed by the Cooperation and Customs Union Agreement between the Republic of San Marino and the European Communities.
IMPORT-EXPORT WITHIN THE EU
Goods imported or exported between San Marino and countries in the European Union other than Italy must be accompanied by Community transit customs documents and must be presented to the authorised forwarding agents for the completion of import customs formalities.
IMPORT-EXPORT WITH COUNTRIES OUTSIDE THE EU
For goods imported or exported between San Marino and non-EU countries, customs formalities must be carried out at the Italian Customs authorised for the Republic of San Marino through authorised forwarding agents.
THE BANKING AND FINANCIAL SYSTEM TO SUPPORT BUSINESSES AND THE CIVIL COMMUNITY
The activities of the San Marino banking, financial and insurance system are governed, in particular, by the Law on Companies and Banking, Financial and Insurance Services – “LISF”), as well as by the consequent implementing provisions issued by the Central Bank of the Republic of San Marino – CBSM.
The Central Bank of the Republic of San Marino – CBSM is the single Supervisory Authority for the San Marino banking, financial and insurance sector.
The Financial Intelligence Agency – AIF, the Financial Intelligence Unit (FIU) of the Republic of San Marino. It is the autonomous central anti-money laundering authority.
The San Marino jurisdiction is integrated into the Euro currency area and participates in the Single Euro Payments Area (SEPA) and the principal international payment systems.
The current Monetary Agreement between the European Union and the Republic of San Marino recognises San Marino’s right to use the Euro as its national currency.
San Marino banks operate in international payment systems by using their own BIC (Bank Identifier Code) assigned by Swift (Society for Worldwide Interbank Financial Telecommunication). They also operate in a national payment system managed, regulated and supervised by the CBSM, allowing, among other things, the channelling of domestic payment instruments in line with SEPA rules and using the IBAN (International Bank Account Number) standard.
The CBSM and San Marino banks have also joined:
- the Target2 (Trans-European Automated Real-Time Gross Settlement Express Transfer System) responsible for the settlement of transactions in real time;
- the Italian BI-Comp (Bank of Italy-Compensation) clearing system;
- the Single Euro Payments Area for the payment instruments SCT (SEPA Credit Transfer) and SDD (SEPA Direct Debit) as well as the additional optional service SEDA – AOS SEDA.
San Marino is a full member of the International Monetary Fund – IMF, it is a member of the International Bank for Reconstruction and Development (IBRD) as well as of the European Bank for Reconstruction and Development (EBRD).
Currently, the San Marino banking, financial and insurance system consists of 12 authorised parties including: 4 banks, 3 management companies, 1 financial-fiduciary company, 3 payment institutions and 1 insurance company.
DOING BUSINESS, WORKING AND LIVING IN SAN MARINO: SHORT GUIDE
Download the overview of the economic, regulatory and institutional context in San Marino. This practical document supports the strategic evaluations of entrepreneurs, investors and professionals alike.
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HERE ARE THE MAIN ASPECTS THAT OUTLINE A FAVOURABLE ECOSYSTEM FOR THE DEVELOPMENT OF YOUR BUSINESS:
International agreements and relations
Regulatory and institutional framework
Network of universities
A varied and lively economic fabric
Favourable taxation
