Learn more about the requirements for opening a new high-tech Startup in San Marino.

The Science and Technology Park of the Republic of San Marino, renewed in San Marino Innovation, (www.sanmarinoinnovation.com) was established in order to determine favorable conditions for the birth and development of high-tech companies, with the aim of creating the best conditions for the operation and management of the company itself, depending on the characteristics and peculiarities of the individual investment sector, implementing measures have been introduced aimed at:  

1. define the requirements according to which a company can be classified as a High-Tech Company;
2. introduce more favorable provisions, also in derogation of Law 23 February 2006 n.47 and subsequent amendments;
3. introduce specific tax breaks and incentives;
4. regulate specific types of employment contracts, in derogation and in addition to Law 29 September 2005 n. 131 and subsequent amendments;
5. provide for particular types of residence and stay permits for members and/or directors, as well as for those who work for the companies referred to in paragraph 1, even in derogation from Law 28 June 2010 n. 118 and subsequent amendments;
6. provide for special forms of investment and risk capital collection;
7. introduce particular types of licenses, even in derogation from Law 31 March 2014 n. 40 and subsequent amendments.

Requirements for the classification of High-tech Enterprises

The company that intends to obtain the status of “High-tech Enterprise” and obtain registration in the appropriate Register must possess the following requirements:

1. having obtained certification of the highly innovative nature of the enterprise by San Marino Innovation S.p.A.;
2. be a company under Sammarinese law established as a joint-stock company, newly established or established less than 12 months ago;
3. be the holder of an industrial or service license as the main activity pursuant to Law no. 40 of 31 March 2014. The license must be withdrawn within 30 days of the company’s registration in the Register, under penalty of losing the status of High-Tech Enterprise;
4. not have holdings through a fiduciary mandate.

Certification of the highly innovative nature of the company

The certification of the highly innovative nature of the company is issued by San Marino Innovation S.p.A., following a specific request by the promoting members or, in the case of an already established company, by the legal representative, who demonstrate that they have an innovative idea for a product, service, process, technology, organization or business model. 

The certification of the highly innovative nature of the company determines access to the benefits.

Procedures for registration in the Register of High-Technology Companies 

The Register of High-Technology Companies is established at the Office of Economic Activities. Registration in this Register allows access to the benefits provided for High-Technology Companies and guarantees maximum publicity and transparency of the companies admitted to the special regime of this regulation.  

The company in possession of the requirements must request registration in the Register of High-Technology Companies within 90 current days from the issue of the certification by San Marino Innovation S.p.A., forthe forfeiture of the status of High-Tech Enterprise. 

The Register of High-Tech Enterprises contains the same data as those reported in the Register of Companies, as required by the provisions in force on the matter. 

The Register contains the following wording for each High-Tech Enterprise, based on the subsidized period in which it is located:  

1. SUT I;
2. SUT II;
3. SAT.

Classification of high-tech companies

High-tech companies are classified as follows:  

1. First Level Technological Start Up (SUT I);
2. Second Level Technological Start Up (SUT II);
3. Highly Technological Company (SAT).

Companies in possession of the requirements classified in one of the points above have access to a simplified corporate regime, in derogation of Law 23 February 2006 n. 47 and subsequent amendments. 

The First Level Technological Start Up (SUT I) must possess the requirements. 

The First Level Technological Start Up status has a total duration of three years from registration in the Register. 

Second Level Technological Start Ups (SUT II) are companies having one of the following requirements: 

1. The First Level Technological Start Up (SUT I) that have exhausted the three-year term of registration in the Register;
2. the Start Up Companies that are already registered in the Register of High-Tech Start Up Companies provided for in Article 4 of the Delegated Decree of 24 July 2014 n.116, which opt to be registered in the Register of High-Technology Companies;
3. a company that meets the requirements and whose share capital is held in any capacity for no less than 50% by companies, whether foreign or under Sammarinese law, with the following characteristics:

c1) whose number of employees is equal to or greater than 25 people and less than 50 people; where employees are understood to be fixed-term and permanent employees linked to the company by contractual forms that provide for the dependency bond; 

c2) whose turnover or total assets exceed 5 million euros and are less than 10  million euros. 

In the case referred to in letter c), if the company, which holds or will hold the shares of the Second Level Technological Start Up (SUT II), is part of a group of companies, in the evaluation of the parameters, the data relating not only to this company are considered, but also the complex of data relating to the group of companies of which it is a member. part.  

In the case referred to in letter a), the transition to the Second Level Technological Start Up (SUT II) regime is carried out automatically, following a specific communication from San Marino Innovation S.p.A. to the Economic Activities Office, which will update the Register and issue a specific certification to the company concerned.  

In the cases referred to in letters b) and c), the attribution of the Second Level Technological Start Up (SUT II) status is carried out by San Marino Innovation S.p.A., at the same time as the issue of the certification.  

The Second Level Technological Start Up status has a total duration of four years.

Regulation applicable to First Level Start Ups – SUT I and to Start Ups of Second Level – SUT II

The following regime applies to First Level Technological Start Ups and Second Level Technological Start Ups, in derogation of Law 23 February 2006 n. 47 and subsequent amendments: 

The amount of share capital in the case of limited liability companies: 

a1) For First Level Start Ups (SUT I) it must not be less than €1.00  per share; 

a2) For Second Level Start Ups (SUT II) it must not be less than €10,000.00.  

I contributions of share capital must be made in cash, up to the minimum amount provided for in this delegated decree and must be paid into a credit institution of the Republic of San Marino according to the following methods:  

b1) half of the share capital must be paid within 60 days of acquiring the status of, respectively, First Level Technological Start Up (SUT I) and Second Level Technological Start Up (SUT II);  

b2) the remaining half of the share capital must be paid within 3 years of acquiring the same status.  

Corporate shareholdings can be differentiated by categories previously identified in the articles of association and the bylaws. If different categories of shares are created, the company may freely determine their content, but all shares belonging to the same category must confer equal rights. 

The company has the right to subscribe to its own shares, in an amount not exceeding 30% of the share capital, to be allocated to third parties, exclusively according to the methods and for the purposes envisaged.  

The attribution of the First and Second Level Technological Start Up Status determines:  

1. exemption from paying the operating license fee;
2. payment of the registration tax on all corporate deeds and on deeds of transfer of company shares in the fixed amount of Euro 70.00

Highly Technological Company – SAT

A Highly Technological Company (SAT) is a company that has one of the following requirements: 

1. companies under Sammarinese law established as joint-stock companies that have exhausted the period of permanence in the SUT II regime;
2. companies in possession of the requirements, whose share capital is held in any capacity for no less than 50% by companies, whether foreign or under Sammarinese law, with the following characteristics:

b1) whose number of employees is equal to or greater than 50 people; where employees are defined as fixed-term and permanent employees linked to the company by contractual forms that provide for the dependency bond; 

b2) whose turnover or total assets exceed 10 million euros. 

In the case referred to in letter b), if the company, which holds or will hold the shares of the Second Level Technological Start Up (SUT II), is part of a group of companies, in the evaluation of the parameters referred to in this article, the data relating not only to this company, but also the complex of data relating to the group of companies to which it belongs, are considered.  

In the case referred to in letter a), the transition to the Highly Technological Company (SAT) regime is carried out automatically, following a specific communication from San Marino Innovation S.p.A. to the Economic Activities Office, which will update the Register and issue a specific certification to the company concerned.  

In the case referred to in letter b), the attribution of the Highly Technological Company (SAT) status is carried outby San Marino Innovation S.p.A., at the same time as the certification is issued.  

The following regime applies to Highly Technological Companies, in derogation of Law no. 47 of 23 February 2006 and subsequent amendments: 

The amount of the share capital must not be less than Euro 20,000.00= in the case of limited liability companies;  

Contributions of the share capital must be made in cash up to the minimum amount provided for in this delegated decree and must be paid into a credit institution of the Republic of San Marino according to the following procedures:  

b1) half of the share capital must be paid within 60 days of acquiring the status of Highly Technological Company (SAT);  

b2) the remaining half of the share capital must be paid within 3 years of acquiring the same status.  

Corporate shareholdings may be differentiated by categories previously identified in the articles of association and bylaws. If different categories of shareholdings are created, the company may freely determine their content, but all shareholdings belonging to the same category must confer equal rights; 

The company has the right to subscribe to its own shareholdings, in an amount not exceeding 30% of the share capital, to be allocated to third parties, exclusively according to the methods provided for. 

Exemptions from the General Income Tax

The income of First Level Technology Start Ups (SUT I) is exempt from the General Income Tax provided for by Law 16 December 2013 n.166 and subsequent amendments. 

Second Level Technological Start Ups are required to pay the General Income Tax provided for by Law 16 December 2013 n.166 and subsequent amendments, the rate of which is set at 4%.

Highly Technological Companies (SAT) are required to pay the General Income Tax provided for by Law 16 December 2013 n.166 and subsequent amendments, the rate of which is set at 8% for the first 5 years. 

After the deadline referred to in paragraph 3, the Companies Highly Technological Enterprises are required to pay the General Income Tax provided for by Law 16 December 2013 n.166 and subsequent amendments, the rate of which is set at the ordinary rate provided for by law. 

Tax incentives for investments made by legal entities in High-Tech Enterprises

Without prejudice to higher-level rules that provide limits on the tax exemption of income deriving from intangible assets, for legal entities resident in the territory of the Republic of San Marino who make contributions, in cash or in kind, to High-Tech Enterprises, a deduction from taxable income is recognized, identified in the amount that follows: 

1. to the extent of 60 percent of the relevant contributions made to Start Up

First Level Technological, for an amount not exceeding Euro 2,000,000.00; 

1. to the extent of 30 percent of the contributions significant contributions made to Start Ups

Second Level Technological, for an amount not exceeding €2,000,000.00; 

2. in the amount of 15 percent of significant contributions made to Highly Technological Companies, for an amount not exceeding €2,000,000.00.

The concessions provided for by this rule apply to cash contributions entered under the share capital andshare premium reserve or quotas of high-tech companies or joint-stock companies that invest mainly in high-tech companies, including following the conversion of convertible bonds into newly issued shares or quotas.  

The offsetting of credits at the time of subscription of capital increases is also considered to be cash contributions, with the exception of credits resulting from the sale of goods or the provision of services. 

In order to identify whether the investment falls within a tax-advantaged period, the contributions are relevant in the tax period in progress on the date of filing for registration in the Companies Register of the articles of association or the resolution to increase the share capital. Contributions deriving from the conversion of bonds are relevant, however, in the tax period in progress on the date on which the conversion takes effect.  

The benefits provided for are available on condition that the investors receive and retain a copy of the investment plan of the High-Tech Enterprise, containing detailed information on the object of the planned activity, on the related products, as well as on the current and expected trend of sales. 

The right to the benefits lapses if, within two years from the date on which the investment is relevant, the transfer (even partial) for consideration of the shares received in exchange for the subsidized investments occurs, including the acts for consideration that imply the constitution or transfer of real rights of enjoyment, the contributions made in innovative Start Ups.  

Tax deduction for equity capital for legal entities investing in high-tech companies

The taxable persons referred to in Title III of Law no. 166 of 16 December 2013 who make contributions, in cash or in kind, to high-tech companies, may deduct from their taxable income, determined according to the rules set forth in the same Title, a share of 20 percent corresponding to the increase in equity capital, net of the current financial year result, in each tax period.  

The provisions are intended as an exception to Article 74 of Law 16 December 2013 n. 166.

Tax deductions for private investors

Without prejudice to higher-ranking rules that provide limits to the tax exemption of income from intangible assets, for natural persons resident in the territory of the Republic of San Marino who make contributions, in cash or in kind, to high-content companies, a deduction from the General Income Tax provided for by Law no. 166 of 16 December 2013 is recognized in the following amount: 

1. in the amount of 80 percent of the relevant contributions made to SUT I, for an amount not exceeding €1,000,000.00;
2. in the amount of 60 percent of the relevant contributions made to SUT II, ​​for an amount not exceeding €1,000,000.00;
3. in the amount of 20 percent of the relevant contributions made to SAT, for an amount not exceeding €1,000,000.00.

For partnerships, the amount for which the deduction is due is determined in the hands of the individual partners in proportion to their respective shares of participation in the profits, as resulting from a public deed or authenticated private agreement. The above limit of €1,000,000.00 applies with reference to the contribution made by the partnership to High-Tech Enterprises.  

Any amount exceeding the recognized deduction may be carried forward as a tax credit in the following three tax periods.  

The benefits provided apply to cash contributions entered under the share capital and share premium reserve of High-Tech Enterprises or scapital companies that invest mainly in high-tech companies, including following the conversion of convertible bonds into newly issued shares or quotas. The offsetting of credits upon subscription of capital increases are also considered cash contributions, except for credits resulting from the sale of goods or the provision of services.  

In order to identify whether the investment falls within a tax-advantaged period, the contributions are relevant in the tax period in progress on the date of filing for registration in the Companies Register of the articles of association or the resolution to increase the share capital. Contributions deriving from the conversion of bonds are relevant, however, in the tax period in progress on the date on which the conversion takes effect.  

The benefits provided for are available on condition that the investors receive and retain a copy of the investment plan of the high-tech Start Up, containing detailed information on the object of the planned activity, on the related products, as well as on the current and expected trend of sales. 

The right to the benefits lapses if, within two years from the date on which the investment is relevant, the transfer, even partial, for consideration of the shareholdings received in exchange for the subsidized investments occurs, including the acts for consideration that imply the establishment or transfer of real rights of enjoyment, the contributions made in high-tech companies.  

Exemption of capital gains arising from the sale of shareholdings

Capital gains arising from the sale of shareholdings, both qualified and non-qualified, in high-tech companies do not contribute to the formation of the income of the natural person to the following extent: 

1. at 100% of their value if they are reinvested in companies that carry out the same activity within two years of their achievement;
2. at 50% of their value in all other cases other than that provided for in letter a).

The exemption also applies to capital gains arising from the sale of participating financial instruments or equivalent participation association contracts relating to the same companies.  

The relief regime applies when the following conditions occur:  

1. the company to which the shareholdings refer is a high-tech company;
2. the exemption cannot in any case exceed five times the cost incurred by the company whose shares are the subject of the transfer, in the five years prior to the transfer, for the acquisition or construction of depreciable tangible assets, other than real estate, depreciable intangible assets, as well as for research and development expenses.

Employment contract for employees of high-tech companies

In order to support the start-up of high-tech companies with tools that comply with the flexibility requirements dictated by the particular activity carried out in terms of innovative projects, the employment contract is established fixed-term for high-tech companies with the following characteristics:  

1. has a maximum duration of thirty-six months and can also be part-time;
2. can only be used by First Level Technological Start Ups (SUT I) or Second Level Technological Start Ups (SUT II). Use of this contract during one of the two facilitated periods excludes its use in the other period, without prejudice to the fact that the employment relationship started in one of the two facilitated periods based on this legislation may also continue in the subsequent period until its natural exhaustion;
3. can be used by the company for up to eight employees started and does not startfrom the Work Placement Lists. The limit of eight employees refers to the simultaneous presence of personnel with this type of contract.

The prior nominative communication of hiring with a fixed-term employment contract for high-tech companies, signed by the employer and the employee and accompanied by the documentation necessary to certify the existence of all the required requirements, is forwarded to the Economic Activities Office which must respond within two working days of receiving the communication exclusively regarding whether or not the requirements are met. People who are not domiciled or resident in Italy may also be hired provided that, if they come from countries not included in the Schengen area, they have entry visas for that area, if this is provided for by the Schengen Agreement; in this case, the people hired must request and obtain a residence permit within thirty working days of the hiring, under penalty of nullity of the employment contract and loss of the requirements of the High-Tech Enterprise related to the hiring itself. 

At the end of the fixed-term employment contract for employees of High-Tech Enterprises, the enterprise has the right to continue, even part-time as long as it is less than 25 hours per week, the employment relationship with the employee who has used this form of contract for the maximum period foreseen, with one of the common forms of hiring provided for by the San Marino legislation. 

Employees started from the Work Placement Lists can also benefit from the incentives referred to in Law no. 29 April 2014. 71 and subsequent amendments and additions. 

Coordinated and Continuous Project Collaboration Relationships

In order to support the start-up of high-tech companies with tools that comply with the flexibility needs dictated by the particular activity carried out in terms of innovative projects, high-tech companies can make use of coordinated and continuous project collaboration relationships, in compliance with the following limits. 

First-Level Technological Start-ups (SUT I) and Second-Level Technological Start-ups (SUT II) can stipulate up to a maximum number of 4 contracts for coordinated and continuous collaboration on a project basis, regardless of the number of employees employed in the company, in derogation of Article 18, paragraph 1 of Law 29 September 2005 n. 131 as amended by Article 5 of Law 5 October 2011 n. 156. 

The coordinated and continuous collaboration on a project basis stipulated between the commissioning Technological Start Up and the collaborator may be renewed or extended provided that the overall duration of the relationship does not exceed 18 months, even if not continuous. At the end of the 18 months, if the company intends to proceed with hiring the collaborator on a project basis, only permanent hiring is permitted.  

Occasional and ancillary work

For those who work in the activities of Technological Start Ups, a single limit of one hundred and twenty days per year applies.

Special residence permit for employees of high-tech companies

The special residence permit for employees of high-tech companies is issued to foreigners employed under the type of contract for employees of high-tech companies who intend to stay in the Republic of San Marino. 

The residence permit may be further extended even if the employment relationship continues. 

The duration of the residence permit is one year and is renewable annually. The termination of the contract determines the expiry of the residence permit. 

A foreigner who intends to apply for a special residence permit for high-tech companies is required to produce documentation certifying the availability of sufficient means for their subsistence and adequate accommodation for the entire durationa of the stay. 

Workers from countries not included in the Schengen area must have entry visas for that area, if this is provided for by the Schengen Agreement. 

The applicant for the special residence permit because he or she holds a fixed-term employment contract for high-tech companies must submit a specific written request to the Gendarmerie – Foreigners’ Office, showing a passport or equivalent document deemed valid by the Gendarmerie and attaching the following documents:  

• copy of identity document;
• 4 passport photos;
• the employment contract referred to in Article 6;
• certificate of residence;
• certificate of family status;
• criminal record issued by the Court of San Marino and by the competent authorities of the country of origin;
• certificate of pending charges issued by the Court of San Marino and by the competent authorities of the country of origin;
• declaration of availability of adequate accommodation or copy of duly registered rental contract or other suitable document, capable of demonstrating the suitability of the accommodation;
• documentation

The residence permit is issued by the Gendarmerie – Foreigners’ Office. 

The Gendarmerie’s checks relating to the acquisition of additional information in addition to that which emerges from the documentation are carried out after the residence permit has been issued.  

The maximum number of residence permits for high-tech companies for 2019 is 100. For subsequent years, the maximum number is established within the definition of the inflows into the territory. 

Residence for directors and partners of high-tech companies

Directors and partners who are employees of high-tech companies can request, for themselves and their family members, residency from the Permanent Council Commission for Foreign Affairs, Emigration and Immigration according to the provisions of Law 28 June 2010 n.118 and subsequent amendments. 

Special residence permit for family members of high-tech companies technological

A foreigner in possession of a residence permit for employees of high-tech companies may request the issuing of a special residence permit for family members of high-tech companies for the following family members:  

1. a spouse who is not legally separated and for whom there are no ongoing procedures for separation, dissolution or cessation of civil effects or annulment of marriage;
2. a child under 25 years of age, legitimate, recognized natural or adopted, who is dependent on him/her, provided that he/she is not is married or cohabiting more uxorio and, in the case of minors, provided that the other parent, if known and alive, has given his or her consent or such consent has been expressed by the judicial authority;
3. legitimate, recognized natural or adoptive child, who is dependent on him or her, if he or she is unable to provide for his or her own support due to disability. Except in cases of force majeure, to be duly proven by the permit applicant, family reunification must be requested within twelve months of the date of immigration to the Republic of the permit applicant and is issued by the Gendarmerie – Foreigners’ Office.

         The foreigner requesting family reunification must demonstrate availability:  

1. of adequate housing for oneself and for the family members for whom one intends to request reunification;
2. of an annual income adequate for the support of oneself and of the family members for whom one intends to request reunification. The income cannot be less than €18,000.00 for the permit holder to which €6,000.00 must be added for each dependent family member.

Without prejudice to the existence of bilateral agreements that regulate the matter differently, family members in possession of a special residence permit are not entitled to the provision of free health services or any economic or welfare benefits from the Institute for Social Security and the State; the foreigner who intends to apply for the special residence permit for family members of high-tech companies is therefore required to take out a suitable insurance policy valid in the territory of the Republic to cover the risk of illness, injury and maternity with a minimum annual coverage of €30,000.00 or to produce documentation that demonstrates health coverage in the country of origin, and that is recognized as valid by the offices responsible for the ISS to cover each event, for each family member for whom he/she is requesting such a permit.  

The special residence permit issued to the foreigner, in the case of minors, enrollment in courses of study or professional training. 

The foreigner in possession of a residence permit for employees of high-tech companies can apply for the cohabitation permit referred to in in Article 15, paragraph 1, point a), of Law 28 June 2010 n. 118.  

The documentation to be presented for the issue of the special permit is that referred to in points a) and b) of article 14 of the Delegated Decree of 26 November 2010 n.186.  

The loss of the requirements of the subject entails the immediate forfeiture of the residence permit for himself and his family members.

Consortium for Research and Development

Two or more companies or entities of any kind, whether under San Marino or foreign law, can form a consortium for research and development.  

With the consortium contract for research and development, the consortium members establish a common organization to develop a specific research or development project for a product, service, process or technology.   

For the validity of the contract, at least one of the consortium companies must be a high-tech company or, alternatively, must have the status of “Certified Partner.” 

The consortium contract for research and development is stipulated with a public deed or authenticated private agreement under penalty of nullity. 

It must indicate: 

• the object and duration of the consortium;
• the description of the research or development project;
• the location where the activity will be mainly carried out;
• the obligations assumed and the contributions due by the consortium members;
• the attributions and powers of the consortium bodies also with regard to representation in court;
• the conditions for admission of new consortium members;
• the cases of withdrawal and exclusion;
• the sanctions for failure to fulfill the obligations of the consortium members.

 The contract referred to in the preceding articles must be registered at the Registry and Conservation Office of the Republic of San Marino within 30 days of its stipulation. 

The registration tax provided for the contract referred to in the preceding articles is set at a fixed amount of 70.00 euros. 

The registration of the contract has a constitutive nature. In the absence of this, the rules on unrecognized associations will be applied.  

 The consortium bodies have the substantial and procedural representation of all the consortium companies, for all issues arising from the consortium contract for research and development. 

The consortium bodies answer to the consortium members based on the rules on the mandate. 

 The contributions of the consortium members and the goods purchased with these contributions constitute the consortium fund which must be used exclusively for the pursuit of the object of the consortium for research and development. development. 

The consortium fund must be established in the form of a trust, pursuant to Law 1 March 2010 n. 42 and subsequent amendments and additions, within 120 days of registration of the contract, under penalty of nullity of the latter. 

For the duration of the consortium, the consortium members cannot request the division of the fund, and the particular creditors of the consortium members cannot assert their rights on the fund itself. 

The consortium fund is solely and exclusively liable for the obligations assumed in the name of the consortium by the persons who represent it. 

 The consortium contract is dissolves: 

1. for the expiration of the time established for its duration;
2. for the achievement of the object or for the impossibility of obtaining it;
3. by unanimous will of the consortium members;
4. for the other causes provided for in the contract;
5. for the lack of requirements.

Tax relief for consortium members 

Without prejudice to higher-ranking rules that provide limits on the tax exemption of income from intangible assets, the cash contributions made by consortium members to the consortium fund are deductible from the income tax of the consortium company to the extent of 20%, for an amount not exceeding €50,000.00 annual. 

The right to benefits lapses in the event of dissolution of the consortium within the following fiscal year.  

Assignment of shares as a remuneration

Companies may assign company shares or rights to purchase or subscribe to company shares to directors, employees, contract workers, collaborators, consultants in exchange for the provision of works and services. 

The company must enter into an agreement with the specific beneficiary contract. 

The company that intends to avail itself of the option must stipulate a specific contract with the beneficiary. 

The contract must be drawn up in the form of a public deed or private document authenticated and registered in accordance with the regulations in force, under penalty of nullity. 

It must indicate, under penalty of nullity: 

• personal data of the Beneficiary;
• data of the Issuing company;
• resolution of the Shareholders’ Meeting by virtue of which the “work for equity” contract is stipulated;
• detailed description of the type of work or service to be provided;
• valuation of contributions;
• rights and duties attributed by the shares;
• maturation and attribution methodsof the shareholdings or rights to purchase or subscribe for shareholdings;
• performance and/or objectives on which the allocation of shareholdings or rights to purchase or subscribe for shareholdings is conditional and objective evaluation criteria;
• consequences in the event of failure to provide the work or service

The qualification as “supplementary premium to the basic salary”, in the event that the beneficiary is an employee of the company. 

Tax treatment

The shares attributed in exchange for the contribution of works and services rendered in favor of Companies, or of credits accrued following the provision of works and services, including professional services, rendered to them, do not contribute to the formation of the overall income of the person making the contribution at the time of their attribution. 

The income from work resulting from the assignment, by Companies to their directors, employees or contract workers of shares or any other right to purchase or subscribe to shares, does not contribute to the formation of the taxable income of the aforementioned persons, either for tax purposes or for contribution purposes. 

The benefit is recognized on condition that the shares or rights that are the object of the assignment are not repurchased by the issuing company or by another person that controls or is controlled by the issuing company. 

In-depth information:

San Marino Innovation

Other general information on Startups

Decrees and measures regarding startups in San Marino