Regulated Activities

Italian citizens or from other Countries can set up their own business corporation in San Marino with the aim to carry out numerous so-called “liberalised” activities, including, among others, almost all service activities (graphic design, marketing, data processing), production of market goods and services (with the exception of determinate categories), expert advice (with the exception of legal, accounting advice, etc.), brokerage and many others…

All commercial concerns (retail stores, food stores, cafes, restaurants, etc.) require that 51% of the shares or corporate rights are owned by the San Marino residents. Products and services delivered through e-commerce are outside the scope of this law.
There are also determinate categories that require an authorisation issued by the State Congress along with some other regulated activities as laid down in the LISF (Law on Companies, Banking, Financial and Insurance Services).

Activities that require the authorisation of the State Congress

The authorisation of the State Congress is required for certain businesses and product sectors. In order for the authorisation to be granted, companies shall pay a processing charge equal to € 400,00 (the amount shall be paid also in case of a failed authorisation).

The Authorisation may be requested in the following sectors:

• Business that fall within the scope of the Agreement between the Republic of San Marino and the Italian Republic regarding the Mutual Regulation of the International Road Transport, drafted in San Marino on 7th May 1997 and ratified with Decree No. 73 dated 21/07/1997 and subsequent amendments thereto;
• Economic activities in the printing and production of stamps and numismatic and philatelic products sector;
• Economic construction activities in the construction product sector;
• Commissioning activities in the sector of building and installing product for flooring, panelling, plasterboard walls, fixtures and fittings;
• Economic activities in the installation and repair of heating, air-conditioning, water-sanitary ware water and gas distribution and electrical energy appliances sector;
• Economic construction activities in the road products sector construction, including the building of underground networks for primary urbanization works;
• All economic activities in the energy products sector;
• All economic activities in the telecommunication, telephone traffic, telephone cards and telephone appliances sector;
• All economic activities related to the disposal and treatment of waste;
• All economic activities related to the purchase, management and sale of real estate;
• All economic activities related to hire with or without driver and sale of vehicles, watercrafts and aircrafts;
• All economic activities in the commissioning agent or broker sector;
• All economic activities related to personal care and beauty services;
• All economic activities in the arms, explosive products and gunpowder sector;
• All economic activities in the private security services, exercised with the use of technologies and private investigation, as introduced by the Delegated Decree No. 17 dated 12/02/09;
• All economic activities of service, non financial, for the recovery of loans;
• All economic activities in the ferrous scrap sector, as introduced by the Delegated Decree No. 85 dated 25/05/11;
• All economic activities delivering education and training courses aimed at the achievement of legally recognized qualifications or propaedeutic to their achievement, as introduced by the Delegated Decree No. 153 dated 30/09/14.
• The Authorisation may also be requested for other forms of businesses regulated by special Laws.

Regulated Activities as laid down in the Law on Companies, Banking Financial and Insurance Services

The San Marino Law technically defines “regulated activities” determinate businesses related to the banking/financial sector subject to specific procedures and requirements. Below is a list of the regulated activities in order to remind that all those businesses providing lending or financial services do not fall within the scope of Startup.sm, which indeed requires its clients to secure special agreements with banks and insurance companies within the scope of the .lab project.

• • Banking services.
  • Borrowing and lending.
  • Trust companies.
  • Investment services.
  • Collective investment services.
  • Non-traditional collective investment services.
• • Insurance businesses.
  • Reinsurance businesses.
  • Payment services.
  • Electronic money services.
  • Foreign exchange transactions.
  • Acquisitions of shares.