Monaco company registration


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Since 2003, Healy Consultants Group has assisted our Clients with migrating to Monaco and starting their business there. Our services include i) Monaco business registration ii) government license registration iii) personal and corporate bank account opening services in Monaco and abroad iv) employee recruitment v) visa strategies and vi) office rental solutions in Monaco.

Compare different Monaco entities LLC General Business Corporation Representative office Branch office Trust Foundation
Also known as SARL SAM Bureau Administratif Monegasque Succursale Trust Fondation
Best use of company? doing business as a resident doing business as a non-resident Marketing/ research Specific projects Tax planning wealth management
Legally tax exempt if properly structured? Yes Yes Yes Yes Yes Yes
Recommended entity for business setup by foreigners? No Yes Yes Yes Yes Yes
How soon to invoice Clients? 3 months 3 weeks 1 month 1 month 1 month 6 weeks
How soon can you hire staff? 3 months 3 weeks 1 month 1 month 1 month 6 weeks
How soon can you sign a lease agreement? immediately immediately immediately immediately immediately immediately
How long to supply corporate bank a/c? 4 months 2 months 5 months 5 months 5 months 3 months
How long to supply co. reg / tax numbers? 3 months 3 weeks 1 month 1 month 1 month 6 weeks
Limited liability entity? Yes Yes No No Yes Yes
Govt approval challenging to secure for foreign owners? Yes No No No No No
Res. director/partner/ legal rep. required? No No Yes Yes Yes Yes
Minimum paid up share capital? €15,000 €150,000 none none none none
Corporate bank account location? HSBC Monaco Credit Suisse Monaco HSBC Monaco ING Bank Credit Suisse Monaco EFG Bank
Average total business set up costs? US$23,700 US$21,900 US$23,250 US$23,600 TBD TBD
Average total engagement period? 4 months 2 months 5 months 5 months 5 months 3 months

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Accounting and tax considerations LLC General Business Corporation Representative office Branch office Trust Foundation
Corporate tax if sales outside Monaco below 25%? 0% 0% 0% 0% 0% 0%
Corporate tax if sales inside Monaco below 25%? 25% 25% 0% 25% 0% 25%
Group HQ tax incentives? Yes Yes Yes Yes Yes Yes
Must file an annual tax return? Yes Yes Yes Yes Yes Yes
Must file annual financial statements? Yes Yes Yes Yes Yes Yes
Must appoint an auditor? No Yes No No No No
Access to double taxation treaties? Yes Yes No Yes No Yes
WH tax on payments to foreign s/holders? 0% 0% None 0% 0% 0%
Company Registration LLC General Business Corporation Representative office Branch office Trust Foundation
Res. director/partner/ legal rep. required? No No Yes Yes Yes Yes
Min. number of shareholders/partners? 2 2 Parent company Parent company 1 2
Maximum shareholding for foreigners? 100% 100% 100% 100% 100% 100%
Min. statutory paid up share capital? €15,000 €150,000 none none none none
Shelf companies available? Yes Yes No No No No
Time to incorporate a new entity? 3 months 3 weeks 1 month 1 month 1 month 6 weeks
Can easily convert to a PLC? Yes Yes No No No No
Public register of s/holders and directors? Yes Yes Yes Yes Yes Yes
Can have preference shareholders / beneficiaries? Yes Yes No No Yes Yes
Business Considerations LLC General Business Corporation Representative office Branch office Trust Foundation
Good entity for trademark registration? No Yes No Yes No No
Can secure an import and export license? Yes Yes No Yes No No

Government grants available? Yes
Can bid for Government contracts? Yes
Security deposit kept with government? No
Can secure trade finance? Yes
Sponsorship by a local citizen required? No
Our Client must travel to Monaco? No
Temp. physical office solutions available? Yes
You need local resident as bank signatory? No
Can be wholly foreign owned? Yes
The entity will likely be regulated by? Business Development Agency
Minimum number of directors/managers? 1
VAT payable on sales to local customers? 20%
Monthly VAT reporting to the Government? Yes
Sign office lease during incorporation? Yes
S/holder/director docs attested/translated? Yes
Foreign director needs personal tax no.? No
Foreign director needs a residence visa? No
Maximum number of staff allowed? No maximum number for any entity
Expatriate to local staff ratio? None
Residence visa for business owner? Yes
Other useful information
What will be included in my customer sales invoice? Click link
Monaco has signed free trade agreements? Yes
Monaco is a member of WIPO? Yes
Monaco is a member of the ICSID and TRIPs? No
Average custom duties suffered? 1%
Govt foreign investment approval required? Yes
Average monthly office rent? (€/sq m) €40
Minimum statutory monthly salary? €1634.23
Average monthly salary for local skilled staff? €2900
€ deposit interest rate? (1 year average) 0.15
Overseas remittance currency controls? None
Banking considerations
Multi-currency bank accounts available? Yes
Corporate visa debit cards available? Yes
Quality of e-banking platform? Excellent
Crowd funding available in this country? Yes

Monaco business setup summary

Press the link headings below to read detailed, relevant, up to date information.

  • Advantages and disadvantages

    Advantages of Monaco company registration

    Monaco business advantages and challenges for foreigners and locals

    1. It is possible to register a General Business Corporation in Monaco (GBC, locally known in Monaco as a SAM) with only i) two shareholders and ii) two directors, who all can be foreigners and reside outside of Monaco. While Monaco business registration requires a minimum paid-up capital of at least €150,000, our Clients do not need to travel to complete the procedures;
    2. Monaco is a great place for high net worth individuals to live because:
      • Monaco residents do not have to pay any local personal income tax to the Monaco tax authorities. French citizens constitute the main exception to this rule as they are usually subject to French personal income tax;
      • There’s also no inheritance or gift tax in Monaco, excepted on local assets. Monaco is hence a good residency solution for foreigners planning to transfer their wealth to their family members;
      • While the official language of Monaco is French, most locals are also fluent in English, Italian, Russian and other main European languages;
      • Monaco is a hub for wealthy entrepreneurs and businessmen, who enjoy its casinos, bars and restaurants, yacht harbor and its international airport (located in Nice);
      • Monaco real estate is a safe investment. Local residences are often luxurious, with great utilities and facilities;
      • Monaco is lastly a safe place for families with kids, with little criminality;
      • Foreigners can request a residency permit in Monaco provided i) they have a lease agreement for a residential address in Monaco ii) have no criminal records and iii) have sufficient income (at least €0.5 million per year in most cases). Forming a company in Monaco is not required for eligibility.
    3. Forming a company in Monaco offers the following tax advantages:
      • Companies making over 75% of their sales within Monaco are legally exempt from corporate income tax;
      • Companies subject to corporate income tax still benefits from a two years tax holiday from the date of their formation in Monaco. Thereafter, these businesses benefits furthermore from reduced rates of i) 8.5% (3rd year) ii) 16.5% (4th) and iii) 25% (5th year);
      • Although Monaco is not a member of the European Union, it is still part of the EU customs zone, so entrepreneurs exporting products and services to other EU countries will not be subject to custom duties;
      • Monaco implements no withholding taxes are foreign exchange controls and the country is part of the Eurozone.
    4. Monaco is a regulated, stable jurisdiction within an established judiciary, giving international investors long-term security. Despite being a private jurisdiction, Monaco has made a transparency pledge to the Organisation for Economic Cooperation and Development (OECD), and in late 2009 was added to the OECD white list. The country currently has nineteen tax information exchange agreements (TIEAs) with countries including i) the United States ii) Germany iii) France iv) Australia v) Belgium and vi) Argentina;
    5. Monaco has a favourable business environment for the shipping industry. These companies are entitled to various tax benefits on the activities conducted by them including leasing, chartering and transportation, such as full exemption from paying corporate income taxes and tonnage tax.

    Disadvantages of Monaco company registration

    1. A Monaco company is not an offshore company. It is subject to corporate income tax of 25% if its global sales exceed 25% of its total sales. Monaco also requires companies registered in Monaco to apply value added tax on their local and French sales at the French rate of 20%;
    2. Starting a business in Monaco is time consuming and costly because:
      • Monaco’s Government closely vets prospective investors and companies. Under the terms of its license, each company must abide by stringent operating restrictions, including: i) the company must carry out only the narrow band of activities for which it is licensed and ii) the company must have physical premises and staff in Monaco;
      • Monaco company formation is expensive, due to a minimum paid-up capital of €150,000. The required amount is furthermore significantly higher in many industries, so it is important to carefully plan ahead the structuring of the company;
      • Because of complex and lengthy government approval procedures, Monaco company formation takes up to six months. Companies being set up to conduct activities such as commercial banking, investment management, notary services, legal services, architects, certified public accountants and insurance companies are subject to additional approvals. Most entrepreneurs engage the services of Healy Consultants, who will efficiently handle all government approvals, as well as liaise with local Monaco notaries, who have the exclusive authority to legally register Monaco companies.
    3. The country is most likely to witness a major depletion in its natural resources since there is no practice of eco-tourism or sustainable development in Monaco. However, the principality has recently launched various programs such as the Energy Transition Mission to support and encourage green initiatives in Monaco.
  • Best uses for a Monaco company

    1. Monaco is an ideal location for an international administrative center. Located within France and close to Italy, Monaco is in direct contact with many leading European markets such as France, Italy and Spain;
    2. Monaco is a cauldron of international entrepreneurs mainly in the financial luxury and tourism industry, where most of the population is foreign, the perfect ingredients for creativity and exchange of skills across industries and cultures, stoked by a liberal, entrepreneurial free market.

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For additional information on our company registration services in Monaco, please contact our in-house country expert, Mr. Petar Chakarov, directly:
client relationship officer - Petar
  • Mr. Petar Chakarov
  • Sales & Business Development Manager
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