Incentives for the establishment of new companies in San Marino in the maritime sector

New business activities carried out through joint-stock companies, operating exclusively in the sector referred to in Law no. 120 of 2 August 2019 and subsequent amendments and whose members have not carried out, in the twelve months preceding the submission of the request, an economic activity similar to that for which access to the benefits is requested, are recognized:

1. exemption from payment of the license issue fee;
2. for the following three years of operation of the activity, exemption from payment of the annual license fee;
3. for the first ten tax periods, reduction of the expected rate equal to 80% of the IGR tax. The taxpayer has the right to postpone the start of the tax exemption period starting, and no later than, from the third tax period following the start of the new activity;
4. IGR tax credit on staff training, technological innovation and development programs, the criteria for which are defined by regulation of the Congress of State.

The benefits above are subject to compliance with the following requirements:

1. it is a newly established company;
2. at least one employee is hired, including the director even if not registered in the job placement lists, provided that he or she is hired full-time, within six months of the issue of the license, and a further employee within twenty-four months of the issue of the license.

Maintaining the requirements for the members in the event of the transfer of shares or stocks and compliance with the requirement provided for in letter b) is an essential condition for maintaining the benefits. The request for benefits must be submitted to the Economic Activities Office. The benefits provided for in letters a) and b), apply, under penalty of forfeiture, from the date of issue of the license. The benefits provided for in letters c) and d), apply at the option of the beneficiary, without prejudice to the time limits provided for therein. The failure to meet the requirements entails the forfeiture of the benefits for the current and subsequent financial years.

Single-phase tax on vessels used for navigation that carry out commercial transport

Vessels used for navigation imported by Sammarinese companies and used exclusively and directly by the same companies for commercial maritime transport activities of people or goods or other maritime activities carried out professionally, benefit from exemption from paying the single-phase tax. The Sammarinese company that owns the vessel may benefit of the above exemption provided that it does not transfer ownership of the same to others for a period of two years, starting from the date of registration of the unit in the naval register referred to in Law no. 120/2019 and subsequent amendments, unless the transfer is made in favor of other entitled operators.