{"id":3285,"date":"2019-03-12T16:20:02","date_gmt":"2019-03-12T15:20:02","guid":{"rendered":"https:\/\/gbmlf.miam.dev\/?p=3285"},"modified":"2021-04-27T12:45:32","modified_gmt":"2021-04-27T10:45:32","slug":"setting-up-a-business-in-the-principality-of-monaco","status":"publish","type":"post","link":"https:\/\/gbmlf.miam.dev\/en\/setting-up-a-business-in-the-principality-of-monaco\/","title":{"rendered":"Setting up a Business in the Principality of Monaco"},"content":{"rendered":"<p><strong>General conditions<\/strong><\/p>\n<p>Anyone wishing to be engaged in a craft, trade, business or profession in Monaco, must previously be authorized by His Excellency, the Minister of State, under the penalty of sanctions.<\/p>\n<p>When applicable, the authorization is limited to the purpose for which it was requested. Any change in the activity must be authorized in the same manner.<\/p>\n<p>Monegasque nationals, however, can operate their business as planned (Except with regard to regulated activities below) by making a simple declaration to the Government of Monaco and after being issued a receipt.<\/p>\n<p><strong>Regulated activities<\/strong><\/p>\n<p>Some activities may be subject to specific rules, including in the special conditions that must be met to qualify for the issuance of the requested authorization. (Nationality of the contractor, qualifications, experience, corporate structure, amount of capital &#8230;)<\/p>\n<p>These are mainly:<\/p>\n<p>\u2022 Financial activities, banking and credit<\/p>\n<p>\u2022 Insurance activities<\/p>\n<p>\u2022 Legal and accounting activities<\/p>\n<p>\u2022 Real estate activities<\/p>\n<p>\u2022 Medical, paramedical and pharmaceutical Activities,<\/p>\n<p>\u2022 Specific professions.<\/p>\n<p><strong>Different business forms<\/strong><\/p>\n<p>Individuals wishing to set up a business in the Principality can:<\/p>\n<p>\u2022 Apply individually for the delivery of a personal permission from the Minister of State. They will be liable in this case for all their personal assets.<\/p>\n<p>\u2022 Create a Company, with its own legal personality.<\/p>\n<p><strong>Types of companies and specific structures<\/strong><\/p>\n<p><u>Monegasque Limited Company (SAM)<\/u><\/p>\n<p>\u2022 Type of activity: civil or commercial<\/p>\n<p>\u2022 Composition of capital: at least two shareholders, no maximum<\/p>\n<p>\u2022 Management: Board of Directors<\/p>\n<p>\u2022 Liability of shareholders: Limited to contributions<\/p>\n<p>\u2022 Articles of association: By notarial deed, published in the Journal de Monaco<\/p>\n<p>\u2022 Minimum share capital: 150,000 Euros<\/p>\n<p>\u2022 Name: Free, preceded or followed by the term &#8220;SAM&#8221;<\/p>\n<p>\u2022 Specific regulations: Sovereign Order of 5 March 1895, as amended.<\/p>\n<p>\u2022 Special Features: The Company must appoint an auditor responsible for the general and permanent supervision of the company.<\/p>\n<p><u>Limited Liability Company (LLC &#8211; SARL)<\/u><\/p>\n<p>\u2022 Type: commercial only<\/p>\n<p>\u2022 Composition of capital: at least 2 partners, individuals or legal entities<\/p>\n<p>\u2022 Management: A manager or several joint managers<\/p>\n<p>\u2022 Liability of partners: Limited to contributions<\/p>\n<p>\u2022 Articles of association: Private agreement or notarial deed<\/p>\n<p>\u2022 Minimum share capital: 15,000 Euros<\/p>\n<p>\u2022 Name: Free, preceded or followed by the words &#8220;SARL&#8221;<\/p>\n<p>\u2022 Specific regulations: Sections 35-1 and following of the Commercial Code.<\/p>\n<p><u>Limited Partnership (SCS)<\/u><\/p>\n<p>\u2022 Type of activity: civil or commercial<\/p>\n<p>\u2022 Composition of capital: at least 2 partners, natural or legal persons, including at least one silent partner and one active partner having the quality of trader.<\/p>\n<p>\u2022 Management: One or several active manager (s) partner (s)<\/p>\n<p>\u2022 Liability of partners: Limited to contributions with regard to the silent partners, unlimited joint and several with respect to the active partners.<\/p>\n<p>\u2022 Articles of association: Private agreement or deed<\/p>\n<p>\u2022 Minimum share capital: Free<\/p>\n<p>\u2022 Name: Must include the name of one or several active partners, preceded by &#8220;SCS&#8221;<\/p>\n<p>\u2022 Specific regulations: Sections 30 and following of the Commercial Code<\/p>\n<p>\u2022 Specific features: The silent partner cannot perform any act of management, even under power of attorney. Failing which, he would be liable for the debts of the Company, in the same capacity as the active partner.<\/p>\n<p><u>Private Company (SNC)<\/u><\/p>\n<p>\u2022 Type: commercial only<\/p>\n<p>\u2022 Composition of capital: at least 2 partners, no maximum<\/p>\n<p>\u2022 Management: One manager or several joint managers<\/p>\n<p>\u2022 Liability of partners: All partners are jointly and severally liable for the debts of the company for their personal assets<\/p>\n<p>\u2022 Articles of association: Private agreement or notarial deed, published in the Journal de Monaco<\/p>\n<p>\u2022 Minimum share capital: Free<\/p>\n<p>\u2022 Name: Must include the name of the partners<\/p>\n<p>\u2022 Specific regulations: Articles 27 and following of the Commercial Code<\/p>\n<p>\u2022 Specific features: All partners have the status of &#8220;trader&#8221;.<\/p>\n<p><u>Administrative Offices<\/u><\/p>\n<p>This is a specific structure allowing foreign companies to have a representation in Monaco.<\/p>\n<p>They can carry on that activity exclusively on behalf of foreign entities to which they belong.<\/p>\n<p>Their establishment is subject to the authorization of the Government of Monaco.<\/p>\n<p>They are listed in the Directory of Trade and Industry but do not have legal personality.<\/p>\n<p><u>Agencies or Branches<\/u><\/p>\n<p>This is a commercial institution created by a foreign entity, enjoying certain self-rule with regard to the company or firm to which they belong, without necessarily being legally different.<\/p>\n<p>They are represented in Monaco by a responsible officer.<\/p>\n<p>They must be authorized by H.E. the Minister of State.<\/p>\n<p>Its registration in the Directory of Trade and Industry is required.<\/p>\n<p><strong>Formalities<\/strong><\/p>\n<p>After issuance of the authorization or the receipt of the Monegasque declaration, interested persons must:<\/p>\n<p>\u2022 Complete the formalities of any advertising at the clerk of the court\u2019s office and \/ or the Journal de Monaco<\/p>\n<p>\u2022 Register the company in the Directory of Trade and Industry<\/p>\n<p>\u2022 Register the company in Monaco Institute of Statistics and Economic Studies (IMSEE)<\/p>\n<p>\u2022 Report the activity to the Tax Authorities<\/p>\n<p>\u2022 Join social organizations (CCSS, CAMTI, CARTI, &#8230;)<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>General conditions Anyone wishing to be engaged in a craft, trade, business or profession in Monaco, must previously be authorized by His Excellency, the Minister of State, under the penalty [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":3266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[37],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Setting up a Business in the Principality of Monaco - Giaccardi &amp; 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