New legal provisions for trading companies and economic interest groups

New legal provisions apply to trading companies and economic interest groups (EIG) registered in the Trade and Industry Directory (RCI).

The new provisions apply to the following legal structures:

• Société à responsabilité limitée (Private limited liability company - SARL)
• Société anonyme (Joint-stock company - SAM)
• Société en commandite simple (Limited partnership -SCS)
• Société en nom collectif (Partnership - SNC)
• Société en commandite par actions (Partnership limited by shares - SCA)
• Economic interest group (EIG)
• Foreign companies (SE)

Companies must now appoint a person or persons responsible for basic information on the legal entity and for information on beneficial owners and declare this to the Business Development Agency.

Companies must designate either one single person for both categories of information or two separate persons.

Designated person(s) can be:

• Partners
• Shareholders
• Directors
• Staff members
• Members

They can also be a representative of an associated legal entity, executive or member (for EIGs only).

The designated officer(s) must be natural persons residing in Monaco.

If no natural person resident in the Principality can be designated, information officer(s) must belong to one of the following professions: 

• A defence lawyer, lawyer or junior lawyer
• A chartered accountant or authorised accountant
• A public notary
• Company service provider
• A legal advisor  
• A Multi Family office

Registration of this information is entirely free of charge and must be made to the Business Development Agency using the dedicated forms.

For further information on these procedures, please refer to the dedicated factsheet by clicking here.