Start a business in Monaco: how to do it, how much does it cost?

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.