Open Company Monaco, Opening Business Monaco
Open a Company in MonacoUpdated on Wednesday 27th May 2015
What are the types of legal entities I can register in Monaco?
The major forms of business in Monaco regulated by the Monegasque Commercial Code are the sole proprietorship, the general partnership (SNC), the limited partnership (SCS), limited partnership with shares ("SCA"), general business corporation (SAM) and limited liability company (SARL).
- The sole proprietorship is the basic form of Monegasque business and can be formed by a single entrepreneur who is fully liable for the actions of its business and his/her personal assets are not protected in case of liquidation. There is no minimum requirement of a share capital for opening this type of business.
- The general partnership (Societe en Nom Collectif) is based on the agreement signed by at least two partners with unlimited liability on the companies’ debts. Both partners can take management decision if it’s not regulated otherwise in the partnership agreement. The name of the partnership must include both names of the partners.
- The limited partnership (Societe En Commandite Simple) is based on a signed agreement between a silent partner and a general partner. The silent partner has limited liability according to its contribution to the capital and has no decisional power. The general partner is fully liable for company’s debts and has also the role of manager. The name of the partnership must include the general partner’s name and may also contain the name of the silent partner(if agreed by the general partners)
- The limited liability company (Societe a Responsabilite Limitee) it’s a relatively recent type of Monegasque business. The minimum share capital required for this type of business is 15.000 Euro, divided into shares. The liability of the shareholders is in the limit of their contribution to the capital. The shares can be transferred only if the general meeting of the shareholders decides to do so.
- The limited partnership with shares (société en commandite par actions) and the general business corporation (Societe Anonyme Monegasque) are special forms of business for the entrepreneurs that can invest a high share capital in a company (at least 150.000 Euro). These types of companies are based on notarized by laws and certificates of incorporation. For this type of companies, the government authorization is required. A minimum of at least two shareholders is requested for this type of business but there is no maximum number of allowed shareholders.
What are the steps for incorporation of a company in Monaco?
The incorporation process of a company in Monaco can be very demanding but with the help of a lawyer it can be accomplished successfully. All the documents must be drawn in French; otherwise the dossier must be accompanied by a legalized French translation. The companies must be registered at the Trade and Industry Register within 2 months of starting the business. The Journal de Monaco must also be notified regarding starting the new business. The company must be registered at the Monegasque Institute of Statistic and Economic Studies for receiving an identification number. After this step, the entrepreneur must apply for the Fiscal Services and register its managers at CAMTI-CARTI. These are the last steps the company must accomplish before starting its business.
What is the minimum share capital of SRL and SA in Monaco?
A limited liability company must deliver at least 15.000 EUR at registration, while a public limited liability company must register at least 150.000 EUR.
What documents are required for the incorporation of a company in Monaco?
The required documents asked by the Minister of State are: two copies of the Articles of Association, the Registration Certificate, the decision of incorporation, a business plan for the next 3 years, personal details regarding the shareholders (place and date of birth, a police record, French Curriculum Vitae, degrees, residence permit-if necessary) and the office address.
How quickly can I incorporate my company in Monaco?
The incorporation process of a company in Monaco can take from 4 to 9 months, depending on the complexity of the type of business and requires the Government authorization. This authorization has a limit of time and needs to be renewed after a few years.