Year II July-August 2010 n. 7
in san marino
C ONTENTS
INFORMATION MAGAZINE PUBLISHED BY THE CHAMBER OF COMMERCE OF THE REPUBLIC OF SAN MARINO
INTERVIEW Gian Carlo Venturini, Minister for Territory CHOCOTITANO 2010 INCENTIVES DECREE LAW ON TRADE MISSION TO MALAYSIA YOUNG ENTREPRENEURS
E DITORIAL Massimo Ghiotti - General Manager
“If a man does not know to what port he is steering, no wind is favourable to him” Seneca The key to deciphering unknown aspects of our age is often to be found in the wisdom of the ancient philosophers. We can be sure that Seneca was not thinking about great international crises when he coined his aphorism, nor about the effects of the Incentive Decree and not even about the difficulties associated with internationalisation. And yet, with a simple but at the same time effective image, he well summed up what, today, renowned business experts - for large fees – are suggesting: at work, as in life, precise goals are needed, otherwise even the most favourable wind will take us nowhere. In the age of quality certification, it might seem superfluous to exhort everyone to set themselves clear goals, were it not that the economic crisis has literally put business improvisers, those without plans and the unprepared on their knees. The others, the smarter ones, never
took their sights off their goal and tackled the storm like any other obstacle, foreseeable but not always quantifiable, giving new shape to their ideas, finding new paths, and proceeding with determination towards their objective. An ability this that cannot be left to improvisation, but is the result of an awareness of the self, of one’s potential, of spirit of adaptation and of ongoing confrontation with external realities in a constructive perspective. For such confrontation to be truly effective, it is crucial that the set goals be realistic, viable and above all measurable over time. This way, it is possible to check, from time to time, what point has been reached, if necessary change course and, above all, not risk being passively overwhelmed by events and the passing of time. For example, it has also become indispensable for all Countries to have a list of precise indicators that assess how easy it is to do business and measure the amount of backing provided for the opening of new businesses, obtaining
permits and licences, the work system and the recruitment of personnel, access to credit, payment of taxes, safeguarding of investments, cross-border trade, execution of contracts, and winding up businesses. Indicators and parameters comparable with those of other economic situations and which, when adequately directed and controlled, are useful for defining, from time to time, the activities required to raise the level of competitiveness of a country, with beneficial consequences for the entire system. And it is here that all the other factors of international competition come into play such as innovation, a knowledge of foreign markets, quality, the good use of human resources. Substantial elements, each of which deserves special attention, but which manage to express themselves to the best when they interact in order to achieve a common, clear and above all shared goal.
in san marino
july-august 2010 1
E VENTS
Chocotitano 2010 The power of nature concentrated in a small seed, so precious as to be used by the Maya as a currency – the cocoa seed. The process that transforms it into chocolate is almost miraculous and enables it to enhance its inherent beneficial, aphrodisiacal and consolatory virtues. Extraordinary properties celebrated for the past five years in the by now famous chocolate fair of the Republic of San Marino: Chocotitano. A whole weekend – Saturday 6 and Sunday 7 November – during which Borgo Maggiore dresses up in its best clothes to welcome chocolate fans from San Marino and not only. A journey into taste. To lose oneself amid hundreds of varieties, shapes and colours of the sweet temptations and guided tastings offered by the numerous exhibitors. And, of course, within this magic atmosphere the big protagonists are children. In the Chocolate School, they can find out how cocoa is processed, create their own chocolates and learn the tricks of the trade. Also dedicated to the younger visitors are special areas, providing entertainment, games and theme workshops. Entertainment and fun for everyone during the two day event, including a Caribbean dance performance; as well as the chance to take part in the Gioccolato competition, with great chocolate prizes of course. Enticing proposals for those willing to try new combinations and delight their taste buds with delicious theme menus created by the chefs of the Chocorestaurants of Borgo Maggiore and San Marino City. These are the ingredients that make Chocotitano not only a chocolate event, but a real party for all. A chance to get together, to stop time at the exact instant in which the harmony of senses translates into the dizzy perception of satisfaction and euphoria which only chocolate is able to convey. Chocotitano 2010 is organised by the Chamber of Commerce of San Marino in conjunction with the Township Council of Borgo Maggiore; with the support of the Ministries for Industry, Tourism, Culture and Labour.
For more details: info@cc.sm www.cc.sm/chocotitano.html SPEND YOUR HOLIDAYS IN SAN MARINO! DISCOUNTS FOR EARLY BOOKING UNTIL 15th OCTOBER!!! For more details and bookings: Consorzio San Marino 2000 tel. (+378) 0549 995031 - info@sanmarino2000.sm 2 july-august july-august2010 2010
in san marino
I NTERVIEW
Gian Carlo Venturini Ministry for Territory Minister, what are the major reforms implemented since you took office? This Ministry has implemented numerous measures in compliance with the Government programme and with the Financial Law, while many others are being discussed and processed. First and foremost, the “Law enacted under delegated power on the reform and updating of the environmental laws of the Republic of San Marino” (Law 131/2009) which implements fundamental aspects of the environmental law, thus far regulated only by the Consolidation Act of 1995. The aim of the new law is to strengthen and systemise all aspects relating to the environment in a single act and appoint the State Congress to adopt a series of Decrees concerning the main sectors that are still not regulated: waste disposal, air protection, environmental damage. On September 2009, following the inclusion of the Republic of San Marino among the UNESCO World Heritage Sites, the Skeleton Law Protection, Management, Preservation and Promotion of the Site “San Marino Historical City Centre and Mount Titano”. Special focus has been placed on the promotion of the historical-architectural heritage, landscape and culture by the adoption of the Decrees “Protection of World Heritage Sites San Marino Historical City Centre and Mount Titano and preservation and promotion of buildings of monumental value” and “Measures for the recovery of old-town centres and catalogued houses”. Also approved was the Detailed Plan of Protected Natural Areas for the promotion and preservation of areas of greater natural beauty: an integrated management plan that aims at safeguarding the country’s agricultural, ecological-environmental, landscape, natural and hydro-geological vocation through more rational land use. The promotion of biodiversity, the farming landscape and land protection is at the centre of the Agri-environmental Plan adopted in 2009. Finally, the activities continue of the Work Group for the drawing up of proposals for the revision of the Consolidation Act on town-planning and building laws, in an attempt to harmonise and update the entire body of regulations.
Let’s talk about the Energy Counter and Energy Certifiers. How did the public and companies respond? The Energy Counter, in operation since May 2010, has met with a great deal of attention from the public and operators in the sector with regard to renewable energies and respective different incentive formulas regulated by Delegated Law 128/2009. The publication of the leaflet “Energy Saving“ has without doubt fostered awareness as regards the use of renewable sources for the production of energy and on the implementation of energy qualification and requalification measures. Consequently, the Ministry of Territory is busy informing interested professionals, installers and users, while at the same time trying to understand and process the real expectations of the public as regards the entire renewable energy scenario. In this respect, the Delegated Decree, ratified during the last council session, “Provisions for the application and amendment of Law no. 72 dated 7 May 2008 and incentives for the exploitation of biomasses and for the production of energy from renewable energy sources in the agricultural sector” will make it possible to fully pursue the aims laid down by the law, slim down bureaucratic procedures between competent departments, introduce new incentives and optimise already existing ones. The qualification of Energy Certifiers within the Republic makes possible the implementation of the reference norms. It will be precisely the coming into effect of the above-mentioned Delegated Decree, ratified during the last council session, that will provide effective answers to the demands of the San Marino market, as well as permit pursuing the objectives laid down by law concerning the speeding up of bureaucratic procedures between competent offices, the introduction of new incentives and the optimisation of already existing ones. Furthermore, thanks to the qualification of Energy Certifiers issued by the Energy Counter Manager, all the different types of incentives have been immediately made available to the general public.
San Marino is very definitely a Country able to attract the interest of foreign investors. But given the physical limits of its 61 sq km of territory, what provisions have been taken by the Ministry to facilitate the setting up of new companies and ensure already existing ones continue to remain in San Marino? I believe that the San Marino economic system, despite the evident difficulties tied to the international crisis is able to offer ample opportunities and resources to new investors. Naturally, the small size of the country is there for all to see, but nevertheless, San Marino has an economic, social and territorial context such as to be able to cater for the requirements of modern industrial concerns. The Law “Amendments to the Law no. 7/1992 – General Town-Planning Scheme for the implementation of measures in favour of companies and for the building of public infrastructures” represents a significant instrument for providing immediate answers to San Marino entrepreneurs and to companies needing to grow and adapt to the international context. Moreover, the public work projects, scheduled and in part started in 2009, such as school building projects, the State Hospital car-parks, the road system and the Fondovalle road and other public infrastructures, all help to sustain and promote the growth of the local economic system. These measures, together with others already terminated or implemented in various sectors, create the right setting for the San Marino economy to continue its endeavours to achieve high standards of quality, in a Government perspective which privileges new projects and research and development.
in san marino
july-august 2010 3
E CONOMY INCENTIVES DECREE
N
TANCY L U To enS
R O IT
IN G
To boost the effectiveN ness of support in favour of businesses, the Chamber of Commerce has implemented a monitoring activity, by means of a questionnaire sent to a sample of 500 San Marino firms. On the one hand, to understand how they have reacted with respect to the new situation created by the Italian regulations, and on the other to know their opinion concerning a range of proposed solutions. Thanks to their answers, it will be possible to more effectively assess the consequent steps to be taken.
M O
Two months have passed since the Italian Incentives Decree became effective, on 1 July 2010. A provision that presents a new regulatory framework for San Marino companies which have business relations with Italian firms, and which intensifies the exchange of information between San Marino and Italy. To ferry companies within this new scenario of economic cooperation, the Chamber of Commerce has undertaken a series of targeted initiatives with the aim of offering San Marino operators clear and complete information.
C
O
sure companies receive information enough to cater for their needs and allow them to clear up any doubts or misunderstandings, the Chamber of Commerce has set up a free first consultancy service, provided by a professional consultant – who comes to the chamber of comWE merce premises every week and, by appointment, B receives small and large San Marino entrepreneurs S and answers their questions. A tailored service News, in-depth disthen, which has given operators the chance cussions, regulatory referencto clear up the position of their compaes and forms. The Special Incennies, by each time asking specific tives Decree area has been set up inside questions.
IT E
the Chamber of Commerce website www. cc.sm with the precise intent of allowing web users to obtain reliable and constantly updated information. To date, the section has been visited by thousands of visitors; it includes links to the Inland Revenue Department website and news items from Italy’s major economic dailies.
FOR MORE DETAILS: info@cc.sm www.cc.sm
Guida Titano 2010 Economic business directory of the Republic of San Marino
is now available
Request your copy and access details of over 5000 companies! Phone: +378 0549 980380 - info@cc.sm 4 july-august 2010
in san marino
www.guidatitano.com
M ADE IN CAM COM FINANCIAL STATEMENTS The collection of financial statements for 2009 having come to a close, the Chamber of Commerce can now proceed to analyze the data entered by San Marino economic operators in the speciallyprepared software. The acquisition of this information, established by law 71/2004, will enable the Chamber of Commerce to compile the annual Report on Economic Trends (available in December 2010).
P ROMOTION Once again this year the Chamber of Commerce took part in the Rimini Meeting, a major event consisting of meetings, exhibitions, music and live performances, now in its 31st year. Within the stand set up by the Ministry for industry, the Chamber of Commerce representatives distributed material relating to the San Marino economy and the investment opportunities offered by the country. Keen interest on the part of visitors, who did not hesitate to ask for more details in order to become better acquainted with our Republic.
S EMINAR Numerous visitors also flocked to the seminar “International and corporate flows: transfer pricing, tax residency, CFC, Black List” organised by the Chamber of Commerce with the support of the Ministries for Foreign Affairs, Finance and Industry, and of the Trade Associations ANIS, OSLA, UNAS, USC and USOT. Entrepreneurs, business experts and lawyers were able to obtain detailed information concerning theoretical, regulatory and operative aspects regarding the international profiles of business flows. The speakers, Lawyer Salvatore Mattia and Dr. Claudio Melillo, of the International Study Centre GEB Partners, addressed current topics such as the management of fiscal variables in companies, the dynamics of cross-border income flows, Tax Governance in enterprise clusters, as well as tax audit support.
W EB PRIZE Voting continues for Web Prize 2010. Until 31 October, all web users visiting website www.premiowebsanmarino.org will be able to vote their favourite San Marino website and take part in the fantastic draw with three wonderful prizes to be won: a portable PC, a mobile phone and a digital camera. The most voted website will be appointed “Prince of the Web”, while a technical panel of judges will establish the winners for each category: a) websites of industrial enterprises; b) websites of the Public Administration, no-profit companies, associations; c) websites of artisan, business and tourist enterprises; d) websites of individual persons. If you want your website to be voted on the web, simply download the banner on the homepage and invite them to vote. Each web user can only cast one vote.
2010
R OAD HAULAGE COMPANIES The section has recently been completed within our website www.cc.sm dedicated to road haulage companies. From this section, visitors can view and download San Marino and European regulations and check how bureaucratic procedures are progressing, after which instructions will be provided for collecting Tachograph Charts from the Chamber of Commerce. Until 31 December 2010 important transitory provisions will remain effective to which San Marino road haulage firms operating within the European community must refer.
in san marino
july-august 2010 5
M INISTRY FOR INDUSTRY
At the heart of this new law is the desire to project the Republic of San Marino towards a general economic overhaul. Diverse measures that are part of a global project aimed at developing and promoting the Republic as a whole and which privileges the synergies between the various sectors in a strategy focused on re-launching the San Marino system. The trade sector was in need of a thorough overhaul in the light of the country’s changing requirements and those of consumers and shopkeepers themselves. The law on Trade caters for these needs inasmuch as it foresees, defines and regulates new sales approaches (retail and company outlets, traditional markets, etc.), and makes operators more
arco
responsible for the way they conduct their trade. The law also caters for the qualification of tradespeople through the implementation of the “ongoing training” concept.
us tr y ,M
With the approval by the Great and General Council of the Law on Trade and of that on the issuing of licences, the Ministry for Industry has achieved two major objectives, two substantial reforms in favour of which it has been working ever since it took office in December, 2008.
Arzilli
THE NEW FACE OF SAN MARINO TRADE
d r In o f ster Mini
Among the changes brought about by the Law on Trade is the possibility of carrying out e-commerce on an exclusive basis and the absolute transparency as regards sales outlet names. The possibility for non-residents to set up retail businesses in the Republic has triggered widespread debate.
FOCUS ON… Article 7 of the Law on Trade (Law no.130 dated 26 July 2010) is very definitely the most innovative element of the law inasmuch as it allows non residents in the Republic of San Marino to set up limited liability (Srl) companies or joint-stock (Spa) companies, and hold a majority share or the totality of the share capital. The issuing of business licences continues however to be subject to the authorisation of the Examination Board (art. 21) chaired by the Minister for Trade and consisting of the Ministers for Tourism and Finances, as well as three representatives of legally recognised trade associations. For more details: http://www.cc.sm/the-business-enterprise.html 6 july-august 2010
in san marino
M EMBERS’ AREA MINISTRY FOR FOREIGN AFFAIRS The Minister for Foreign Affairs, Antonella Mularoni recently visited two major Asian cities – Kuala Lumpur and Singapore. “The aim of this mission” she explained “was to further upgrade relations with the two Asian countries, promote San Marino’s image in that part of the world and, at the same time, concretely assess the opportunities for development and cooperation”.
Finally, the Minister flew to Singapore to take part in the parade organised to celebrate the 45th anniversary of the country’s independence, following an invitation from the Minister of Foreign Affairs, George Yeo, with whom talks continued during the course of an official luncheon. The meeting with the President of the Chamber of Arbitration of Singapore, Goh Joon Seng, ended the Minister’s visit.
In order to achieve the goals set by the visit, Minister Mularoni met a number of major political and economic figures. Starting with the meeting with Vice Foreign Minister, Kohilan Pillay, with the participation of the San Marino Ambassador in Malaysia, Mauro Montanari. The hope was expressed that ties between the two countries might be strengthened through better mutual knowledge, and trade and economic relations, including the agreement eliminating double taxation, to become effective on 1 January 2011. The Minister’s stay in Kuala Lumpur continued with meetings with the Governor of the Central Bank of Malaysia, Zeti Akhtar Aziz, and with the Vice Minister of Finances, Donald Lim Siang Chai. Two crucial interlocutors to appreciate the real opportunities of investment and trade relations between Malaysia and San Marino.
Minister Mularoni with Governor of the Central Bank of Malaysia
In what was a very turbulent atmosphere for the San Marino banking sector, the Vice President of the Banca Carim, Lawyer Gianluca Spigolon, issued a reassuring statement on the importance and intention of the Cassa di Risparmio di Rimini to continue investing in Credito Industriale Sammarinese, one of the four historical banks of the Republic of San Marino, “honouring two cornerstones: the protection of the equity of the Ultimate Parent Company and responsibility towards the watchdog bodies”. Lawyer Spigolon also denied that any “instructions” had been given by Bankitalia, both formal and informal, to Italian banks regarding the sale of the San Marino banks of the group. The consultancy service has been established for the realisation of the organisational model. A service tailored by OSLA to those companies which intend applying Delegate Decree 96/2010 which regulates the adoption of the organisational model, by way of implementation of Law 6/2010 “LiabiOrganizzazione Sammarinese degli Imprenditori lity from misdemeanour of corporate body”. Provisions whereby to the liability of the individual acting as corporate body (directors, director generals, representatives), is added the administrative liability with respect to the entity to the advantage or “on behalf” of which the offence was committed. Precisely to prevent corporate criminal risk, companies can decide to adopt the organisational model which contemplates, inter alia, the realisation of a real and true code of behaviour, of a risk management system, and the identification of an independent Watchdog Body with independent powers of initiative and control. The exchange of information is being intensified between Italy and San Marino following the adoption of the Incentive Decree by the Italian Government. And the survey carried out by UNAS on a sample of associated small San Marino enterprises shows a minor drop in relations between the two countries that can be quantified in between 5 and 10% for each company. A slight contraction caused in part by the economic crisis which has affected all sectors to some extent, and in part by the widespread alarm which followed the implementation of the Decree. Such alarm is unjustified considering that the new Italian regulatory framework simply speeds up the monitoring of trade operations between the two States, but does not in fact introduce any new aspects. A situation which – reveals the survey – the business professionals who have always operated according to principles of honesty and transparency have well understood, and which has not slowed down bilateral relations.
in san marino
july-august 2010 7
YOUNG ENTREPRENEURS
SUPPORTING NEW COMPANIES: innovating to compete Many are the factors that determine the competitive capacity of a country. First of all its desire to support and promote the establishment of innovative new companies.
Thanks to Law 134/1997, San Marino legislation makes it easier for young people and women to start up businesses by facilitating credit access for starting up new companies with innovative characteristics. A concrete chance to set up a company of one’s own thanks to various types of facilitations: non-repayable, facilitated credit, partial social contribution exemption and tax exemption. It is the Young Entrepreneurship Commission – chaired by the Minister for Industry and made up of the Minister of Labour, of the representatives of the trade associations Anis, Osla, Unas, Usc, Usot, of the University and of a representative of the Banks and the Chamber of Commerce – which decides whether and to what extent to grant facilitations. It is easy to appreciate how this opportunity has encouraged lots of young people to attempt to make their business dreams come true. Suffice it to say that between 2001 and 2009, the Commission examined 139 business projects, granting the benefits indicated by the Law to 92 of them and the possibility of accessing non-repayable funds amounting to € 1,513,317.91 and facilitated credit totalling over € 6,700,000.00. Benefits which are obviously only distributed in the case of the company actually being set up.
How to proceed To access the benefits provided by Law 134/1997 an application must be filed at the Chamber of Commerce by Thursday 30 September. The application form can be downloaded from the website
https://igf.cc.sm.
For more details: www.cc.sm (Young Entrepreneurship Section) The Young Entrepreneurship Commission will convene by 30 December.
C HAMBER OF COMMERCE The San Marino Chamber of Commerce is a joint-stock company with mixed public and private capital, held for 51% by the state of San Marino and for 49% by trade associations (ANIS, OSLA , UNAS, USC and USOT), banks (Banca Agricola Commerciale, Banca di San Marino, Cassa di Risparmio and Credito Industriale Sammarinese) and the University of San Marino. It offers support services for companies and organizes promotional activities for the territory and the local economy. For enterprise, it provides a channel of access to the public administration, the meeting point between industry and the state.
BOARD OF DIRECTORS Simona Michelotti - President of the Chamber of Commerce Silvano Andreani Paride Bugli Riccardo Cervellini Emanuel Colombini Giorgia Gasperoni Giorgio Petroni Vladimiro Renzi Gian Franco Terenzi
Year II - July-August 2010 - n. 7 Executive Editor: Massimo Ghiotti Editorial Team: Marianna Bucci Camera di Commercio di San Marino S.p.A. Str. di Paderna, 2 - 47895 Fiorina di Domagnano - RSM Tel. 0549-980.380 - Fax. 0549-944.554 - Mail: info@cc.sm
8 july-august july-august2010 2010
in san marino
STAFF Massimo Ghiotti - General Manager Evelina Guglielmi - Quality and Production Department Roberto Bucci - Fairs and events organization consultant Marco Macina - Executive Assistant and IT Department Jessica Dell’Ominut - Accounting and Secretarial Office Federica Tonelli - Legal Office Massimo Zani - Buying and Sales Department Marianna Bucci - Marketing Department Nicola Michi - Production and Planning Department
Graphic Design: 3 STUDIO Printed on: STUDIO STAMPA Circulation 1500 copies