Monaco is one of the world's most prestigious statutory jurisdictions and a huge number of people aspire to live and work in Monaco. The Mediterranean climate, the picturesque nature, the highest economic and social level and the lenient tax policy make the principality very attractive for businessmen. If you are among the interested businessmen who intend to start doing business in this jurisdiction, establishing your business presence there is possible in one of these registration forms.
Basic forms of legal and business presence
If you intend to establish a company in Monaco or start doing business there in some other way, the following registration options are available to you:
Limited Liability Company (SARL) – a legal entity that can be created by two or more individuals who have limited liability for the results of the legal entity’s activity – within the amounts of the funds contributed. Shareholders can be individuals and legal entities. The minimum required authorized capital for this company is 15,000 Euro, which must be paid in at the time of registration.
Stock company (SAM) – a popular form for which commercial, insurance and financial activities are permitted, the number of founders starts from two, and the minimum capital is 150,000 Euro, which must be fully imported. Certain types of regulated activities, such as insurance, may require a higher amount of authorized capital. The liabilities of the shareholders are limited only to the amounts contributed to such company. Contributions can be made in cash or in kind (property). This company is managed by the Board of Directors. Such directors may be individuals or legal entities.
General partnership (SNC) – members carry out only commercial activities and bear unlimited liability for the results of the partnership's work. There are no minimum capital requirements, it is distributed among the partners according to the agreement between them. A minimum of two members is required, without limiting the maximum number of such shareholders.
Limited Partnership (SCS) - a form of doing business that can be created and managed by at least two persons: (i) active partners - they are jointly and severally liable for the results of the activity of the enterprise and have the status of merchants and (ii) limited partners - they are not responsible for the results of the company's activities and are only responsible within the limits of their contributions; such partners are not considered merchants. The legislation of Monaco does not specify the minimum amount of authorized capital for this company. Management takes place after active partners.
Branch – a foreign company can establish and carry out commercial activities in Monaco as abroad. Liability for the results of such commercial ventures is unlimited. One director is required for a branch of a foreign company in Monaco.
Registration Requirements and Steps
Creating a company in Monaco requires going through the following approximate registration steps:
Clarification of your business goals and objectives that you intend to realize through the local company.
Choosing and verifying a company name for a future company in Monaco.
Collection of details of founders and beneficiaries of the company.
Hiring a local director – this must be a person from the principality. It is also necessary to determine the composition of the Board of Directors, if you intend to create one, the responsibility of the appointed managers.
Opening a collection account in a local bank for depositing the required amount of authorized capital on the account and confirming the fact by a notary. Later, when submitting registration documents, you will need to confirm the capital with a bank certificate.
Make sure you have a real office - this is carefully checked by the authorities and you cannot change it, otherwise you will have to re-register the company.
Preparation and certification of all constituent documents by the local lawyer.
Payment of tax on the authorized capital (1%) at the time of business registration.
Submission of articles of association, incorporation documents and registration forms to the registrar for approval and subsequent registration if the package complies with the provisions of the legislation. If the procedure for opening a company in Monaco has been successful, the founders receive an official certificate, which is guaranteed by the notary.
Registration for tax and social security purposes.
Publication of information about the new business in the Journal de Monaco.
Obtaining licenses and permits for regulated types of activities.
Legal and Regulatory Framework
The country has strict "entry" criteria - in order to register a company in Monaco, it is necessary to obtain the approval of the authorities and agree on the type of activity with the state authorities. Only if you can prove that your business will benefit the country's economy, the company will be allowed to open, so professional support in opening companies in the principality is suitable like nowhere else. Another example of an important legal formality that needs to be fulfilled is the provision of annual balance sheet statements, an audited profit/loss statement and keeping copies of financial statements in the company. Smart Startup UK's lawyers will help you complete all the formalities and obtain the necessary permits.
Tax system of Monaco
Registering a company in Monaco can be a good choice for operating your business if you consider the following tax highlights related to the jurisdiction:
Corporate Income Tax Rates – (i) 26.5% – for the financial year commencing 1 January 2024 and (ii) 25% – for the financial year commencing 1 January 2025
Personal income tax rate - residents of Monaco are exempt from taxation, but in the case of non-residents the laws of other countries apply
Value added tax rates – (i) standard – 20%, (ii) reduced – 10%/5.5%
Advantages of Jurisdiction
Opening a company in Monaco is the key to many opportunities, including residence permits for the founder and his family. Among the advantages of jurisdiction, the following should be mentioned first:
High degree of business reliability - Monaco is a European financial center and banks ensure customer privacy.
Attractive fiscal policy – for the first two years the business will be tax-free, although overall the rate is 31%, while Monaco can be said to be offshore.
Lack of taxes on real estate, inheritance, property and profits (if turnover outside the country does not exceed a quarter of all).
Many benefits for people who live permanently in the Principality, etc.
We offer fast company registration and bank account opening services in Monaco and worldwide. New registration and ready options. Provide extensive details for more precise consultation and suggestions that can be effective for your future project.
CREATE A COMPANY
Check and reserve a company name in the Registre du Commerce et de l'Industrie de Monaco
SARL company registration including state fees
Normative documents of the company Articles of association, Memorandum of association, Register of members, Share certificate
Company stamp
Opening a corporate bank account at the local bank BNP Paribas, CMB or another
Assistance to obtain housing in Monaco
Apostilled and translated company documents
Free consultation
Help with online trading and opening an account at viva.com for online trading
Accounting services - 12 months
Annual renewal (payable from the second year)
*Within 35 days
IMPORTANT! We can provide you with the initial share capital (if the amount is over EUR 5,000) for the registration of your company in the form of a loan from our company.
Please, if you are interested, make an inquiry to us.
What is the procedure!
1. You submit a request for company registration using the request form.
2. We check if the registration company name is free and eligible for registration.
3. Choose a bank that suits your company's needs from a list of Smart Startup UK partner banks provided.
4. We send you a proforma payment invoice to pay to our bank account + the initial capital amount of your company.
5. You receive all necessary company documents for verification.
6. You receive details of your newly opened bank account.
7. In the specified period (for Monaco it is 35 days), you receive all the services included in the package.
8. You can manage through our platform all the services included in the package, as our team works 24/7 and you can get help from us within up to 30 minutes. We have built an internal ticketing system for our customers through which we process your every support request.
All services like management, accounting, request to open bank accounts, licensing, filing tax returns, paying taxes and more are done through your account on our platform, it makes it easy managing your business!
