The Delegated Decree N. 19 of 24th February 2016 modifies the requirements that a company must have to qualify for the incentives already stated in the Law N. 71/2013 and next Law N. 166/2013.
The inactivity time in the Republic by the shareholders was reduced to one year and relates only to that for similar activities which require a new license.
This first amendment opens the door to new companies for people wishing to work in other fields rather than the ones currently practiced inside the Republic. This means that you can open a second company in San Marino Republic with incentives, only if on a different field from the one of the first company owned.
There was a point that caused a little discontent among professionals and this was was the one that introduced the obligation of hiring three employees within a year from the issuance of the license, the first to be hired within two months from the same date.
Anyone familiar with the actual times of settlement and organization of a company knows that hiring an employee in two months is extremely difficult and that, in any case, in this specific period “obligations” are not helpful.
However this overturning ratification is now law, and therefore we must observe that in order to get the benefits of the beloved Law N. 71/2013 it is now necessary to hire three employees while hoping that this condition will soon be modified by other legal actions.
We wondered and asked several times “Who stands to gain?” But we did not get rational answers except that this amendment penalizes those who really intend to come to invest and do business in San Marino from the outside, but opens the door to “satellite” companies of already existing businesses that can detach internal departments such as marketing, advertising, sales and collect profits of other companies related to them, for their own fiscal advantage.
In the first three months of application of this ratification our statistics of new companies openings fell by 70%: we very much hope to be the only ones to be affected by this legislation change.
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