Many countries require you to establish an in-country entity before you can legally do business within their borders. Often, setting up a subsidiary is a complex process that requires expertise in country-specific subsidiary laws.
Setting up a subsidiary in San Marino can be more complicated, expensive, and time-consuming than working with a global PEO. At Globalization Partners, our team has the resources to help you speed up expansion, and our services eliminate the need for a subsidiary.
Requirements for Setting Up a San Marino Subsidiary
When you establish your subsidiary, you’ll need:
- A notary.
- Capital to cover the fees and services associated with setup.
- A self-certified certificate of good standing.
- Two copies of the company act.
- A business plan that documents your company’s structure and purpose.
- A copy of the lease agreement for your company’s physical location.
- A certificate of habitability.
- A cadastral map of your office.
How to Set Up a Subsidiary in San Marino
Depending on whether you have the necessary documents prepared, establishing a subsidiary can take a few weeks or several months. The steps include:
- Have a notary verify that your company’s name is original.
- Give the necessary certificates to the notary who will submit your company act to the appropriate office.
- The notary must also deliver the relative request and documentation to the correct office.
- The notary or another qualified person will request your company’s title certificate.
- Apply for your economic operator code through the online OPEC portal.
- Apply for your business license online and wait for its issuance.
- Pay the business license tax online or in person.
During this process, you’ll also need to find a physical space where your subsidiary can operate and prepare to open.
San Marino Subsidiary Laws
Your subsidiary’s name must reflect the type of company you set up. Your company’s articles of association and incorporation also need to take the form of a public deed. This document should include your company’s name, purpose, and other details. If these documents lack the required information, your company can become null.
The notary responsible for filing the necessary documents must submit the articles of association within 30 days of registration. If they fail to do so, your company’s directors or shareholders may file these documents instead.
Your board of directors is ultimately responsible for various operations, including overseeing compliance.
Benefits of Establishing a Subsidiary
The subsidiary setup process has several benefits. Some of the most notable advantages include:
- Brand awareness. A subsidiary can improve your brand in two ways. First, it creates a physical presence for your company in other countries. Plus, many company structures allow your parent company and subsidiary to make creative decisions without affecting each other.
- Tax credits. San Marino is a friendly destination for international companies and investors. Your subsidiary may even be eligible for special tax credits and other incentives.
- Expansion into new markets. As your company grows, you may want to test and enter new markets. A subsidiary gives you access to those opportunities in another country.
Subsidiary Outsourcing With Globalization Partners
Despite its benefits, setting up a subsidiary has a few drawbacks, too. Besides the monetary investment necessary for creating an international business entity, the process can take weeks. During an expansion, capital and time are two of your most valuable resources and a subsidiary can drain both. Plus, establishing a legal entity leaves you responsible for compliance.
At Globalization Partners, we have entities in 187 countries, so you can skip the setup process. Our team handles compliance at every step, so you can spend your resources on your company’s future.
Reach Out to Our Team
Contact our representatives today to learn more about the advantages of using our subsidiary outsourcing services.