Starting a business in San Marino: foreigner's guide (2026)

Both shareholders and directors may be foreign citizens, and 100% foreign ownership is permitted. However, non-residents and non-citizens may only incorporate as an S.r.l. (LLC) or S.p.A. (corporation); sole proprietorships are not available to them.

An S.r.l. requires minimum capital of €25,500; an S.p.A. requires €77,000. At least 50% of the initial capital must be deposited in cash with a Sammarinese credit institution within 120 days of registration; the remainder is due within three years.

The process involves: (1) checking company name availability with the Ufficio Attività Economiche; (2) executing articles of incorporation by public deed before a San Marino notary; (3) registering in the Registro delle Società at the Court Registry; (4) obtaining a business licence from the Ufficio Industria, Artigianato e Commercio; (5) receiving an Economic Operator Code.

The full bureaucratic formation process is typically completed in approximately 20 days once all documentation is in order, according to the Chamber of Commerce 2025 Country Profile.

Any individual or legal entity — including foreign-owned — must obtain a special licence (autorizzazione) from the Industry, Crafts and Trade Office before commencing activity; additional due-diligence documentation is required for foreign shareholders or directors.

Foreign companies conducting economic activity in San Marino for more than 180 days must set up a permanent establishment and are treated as Sammarinese economic operators, requiring full local registration.