The tiny state of San Marino is the latest European state to introduce a Startup program in 2014. San Marino is landlocked in Italy and has a population of only 33,500 inhabitants. San Marino is not part of the EU but those that obtain a residence permit in San Marino receive a Schengen visa in order to enter and leave San Marino as international travellers need to land in Italy. The Startup visa provides many tax benefits to companies relocating to San Marino. In order to do so, first a registered company needs to qualify under the High Tech Startup definition.
Companies that have the following are classified as “High-tech Start Up Companies.” Here are the objective and subjective requirements:
The high-tech startup business regime has a maximum duration of 5 years calculated from the issue of the license. They also need to register with the Crafts and Trade Industry Office to have the relevant license attributed to their activity. In order to support the startup of high-tech startup companies with compliant tools to the flexibility needs dictated by the particular activity carried out in terms of innovative projects, a fixed-term employment contract is set up for companies with high-tech startup that includes the following features:
The fixed-term employment contract for high-tech startup employees is addressed to the founding members of the high-tech startup and to workers in possession of the following academic qualifications: master’s or three-year degree or secondary school diploma with documented professional experience of at least 2 years, in subjects directly related to development of the project content of the high-tech startup company.
From then on, founders and employees can apply for annual residence permits. The temporary residence permit also has requirements of its own, such as proof of health insurance coverage, proof of sufficient funds to support yourself, and proof of accommodation.
Get more information on the government website.