Privileged environment, high attendance, high purchasing power: the Principality of Monaco is a place of choice to start an economic activity. Inevitably, a number of steps are required to start a business in Monaco.
Administrative formalities, regulations, tax requirements and social obligations: how to start a business in Monaco and launch a sustainable structure? In this guide, we offer specific answers as well as practical advice in order to help those attracted by the economic potential of the Monegasque territory.
Company creation in Monaco: from the design of the project to the first application for administrative authorization
Launch a project
As a first step, consider the content of the project considered. This step is very important and it is necessary that the definition of the object of the future company is coherent with the activity which will be carried out, as well as the invoicing which will result from it, it will be judicious to be well advised in this process in order to have a rapid acceptance of your request for a company creation. There are a number of companies in Monaco that help you with the necessary administrative procedures and can then help you with day-to-day administration. It is important not to forget, if necessary, to protect a product or a service. It is therefore advisable to file a trademark or patent accordingly.
The official Monegasque institutions for setting up a business are the Department of Economic Expansion and the Monaco Welcome & Business Office. These institutions can give you the first useful information on the administrative procedures required for setting up a business.
In addition, it is also recommended to surround yourself quickly with skilled protagonists in order to finalize the project: chartered accountant, bank and legal adviser. If necessary, protect a product or service. It is therefore advisable to file a trademark or a patent accordingly.
Choose the legal form
The choice of the legal form relating to the structure is an imperative step. Personal Name Activity, Limited Liability Company (Société à Responsabilité Limitée - SARL), Partnership (Société en Nom Collectif - SNC), Limited Partnership (Société en Commandite Simple - SCS), Limited company (Société Anonyme Monegasque - SAM), Administrative Office or Commercial Agency, the selection of the status will be done according to the characteristics and prerogatives of the company being created.
Request an administrative authorization
Some activities require specific administrative authorization and specific regulations. These are financial activities, banking activities, insurance, activities carried out by departmental officers or controlled by professional orders, activities related to the medical sphere, professions related to real estate, activities related to precious metals as well as private activities to protect people and property. The license to practice is then subject to the approval of the Minister of State and/or a specific administrative authority.
Individuals or companies of foreign nationalities will have to approach the competent authorities in order to request a license to practice as part of a business in their own name, an SNC, SCS, SARL, SMA or SCA.
Open a company in Monaco: take the steps post-authorization
After obtaining the right to practice in the Principality, new formalities must be carried out.
Domicile your company
The first step is to find a place to domiciliate your business. Many business centers offer an alternative accommodation for a fixed period, the time to set up the business and find the offices that will suit your structure. If you are looking for private offices, you will need to follow the Economic Expansion requirements specific to your legal form and the number of employees. Do not hesitate to contact us to find your ideal office or to find out more.
Register your company
In parallel, it is requested to address the issue of advertising and registration of the company in the Directory of Trade and Industry (Répertoire du Commerce et de l’Industrie - RCI). This applies to individuals carrying on business as well as companies, excluding companies of a civil nature and economic interest groups. A Statistical Identification Number (Numéro d’Identification Statistique - N.I.S.) will then be assigned by the Monegasque Institute of Statistics and Economic Studies (Institut Monégasque de la Statistique et des Études Économiques - IMSEE) to each economic entity to determine its main activity.
Declare your company
Any company created on Monegasque territory must imperatively be declared to the Tax Division (Direction des Services Fiscaux). This mandatory and free formality is carried out on site, at the counter of the Tax Division.
Get closer to social organizations
Membership in social organizations is the last mandatory step in this protocol. Any individual exercising a self-employed activity in the Principality must join the Health Insurance Fund for Self-Employed Workers (Caisse d’Assurance Maladie pour Travailleurs Indépendants - CAMTI) and the Autonomous Pension Fund for Self-Employed Workers (Caisse Autonome des Retraites pour Travailleurs Indépendants- CARTI). The application for membership must be submitted to the Caisses Sociales de la Principauté.
In order to recruit staff, any new Monegasque employer must approach the Employment Service (Service de l’Emploi) and set up an "employer file". The Service provides a personalized help system for future hires. He is also responsible for detailing the legal information related to the recruitment and management of staff, as well as handing over the documents required by social organizations to obtain an affiliation number.