Basically, the directors have a hotel outside of San Marino which are hosting most European guests. Since, where they are located the business tax is super high, they want to shift (hide) their income into another country. Therefore, they are thinking of opening a new company in San Marino where some of these European guests can pay for their accommodation directly into that new company. The target annual revenue amount of US$200 to 300k and cost of US$25 to 50k for marketing fees. Based on the scenario below, I've been asked to write a full detailed report to open that new company on San Marino for the highlighted the following; 1. Corporate Tax rate 2. Pros and cons to operate in that country such as political, legal system (similarly as a PESTLE analysis) 3. Procedures to open a business bank account for an expatriate for that kind of business (does a local is required etc?) 4. Business registration process and restriction 5. Compliance on shares, capital, directors (does a local is required etc?) 6. Licenses The report should be 1,000 words and should start straight to the point without any introduction nor conclusion using Havard references.

Fig: 1