News: Registration of Business in Monaco

How to open a business in the Monaco?

The tiny principality called Monaco, the closest neighbour of which is France, is located on the shores of the Ligurian Sea. This country is known not only for holding on its territory annual Formula One races and the presence of a large number of casinos, but also for an excellent investment climate attracting businessmen from around the world.

Business in Monaco

Being a full-fledged member of the EU and of many other international organizations, Monaco boasts a developed economy, flexible tax laws, and profound government policies. Since it is associated with France, in its essence, business in Monaco is identical to the French, but with a prevailing inclination towards easing the tax burden.

Here, the following factors are among the advantages of entrepreneurial activity:

1. Convenient location,
2. Low tax rates,
3. High scientific and research potential,
4. Lack of currency control,
5. Possibility to obtain residence permit for themselves and family members,
6. Confidentiality,
7. Visa-free regime with participants of the Schengen agreement.

Legal forms of business in Monaco are numerous, and the following companies are distinguished:

1. Simple open company,
2. Simple-management company,
3. Limited liability company,
4. Joint-stock company.
   The founders are liable only within the limits of their contributions. The amount of capital is established by the statute. It is possible to make contribution in the form of services or advice.
5. Anonymous Monegasque.
   At least 2 founders. The minimum authorized capital is 150 000 Euro. One of the directors must be a resident of Monaco.

The most popular are the last two.

The signing of a number of international agreements with other countries exempts business in Monaco from double taxation.

Registration of Business in Monaco

A small area and approximately 35,000 inhabitants do not present obstacles to the development of entrepreneurship in this country. The presence of more than 40 banks and 7,000 commercial companies is illustrative to the whole world.

As it turns out, the registration of business in Monaco does not encompass unnecessary complexity, but it requires a responsible and scrupulous approach. The main steps to establish a company are as follows:

1. Filing an application with the Registration Chamber,
2. Preparation of a package of constituent documents, which should be carried out only by a local lawyer,
3. Notarization of constituent documents,
4. Depositing funds to a bank account,
5. Payment of a monetary payment at registration,
6. Determination of directors,
7. Submission of the statute and other documents to the appropriate authorities,
8. Publication of the notification on the establishment of the company in the official edition of Monaco.

Up to 3 months from the date of establishment of the company, the General Meeting of Shareholders is to be held. In addition, the company must have a registered official office. As a rule, business registration in Monaco takes up to 30 days.

Important information:

• No income tax on individuals,
• No capital gains tax,
• Tax year coincides with the calendar one,
• No annual fee,
• Financial statements are closed for public use.

Monaco has a high standard of living, given the specifics of the state. Very wealthy people reside here and this is where immense finances revolve. All this in combination with a reliable banking system and high confidentiality is the key to the future success of any foreign investor.

You can get more detailed information from our qualified specialists. This will save your time, enabling you to establish business in Monaco in the shortest possible period. We will help start a business anywhere in the world.

Please, select organizational and legal form of the company You are interested in: