How to designate a person responsible for the information - Trading Companies

Trading companies and economic interest groups are required to appoint a Person responsible for basic information on the legal entity and a Person responsible for information on beneficial owners.

The following types of company (legal forms) are covered by these provisions:

• Société à responsabilité limitée - SARL 
• Société anonyme - SAM
• Société en commandite simple - SCS
• Société en nom collectif - SNC
• Société en commandite par actions - SCA
• Economic interest groupings - EIG
• Foreign company

It is possible to designate one person to be responsible for both categories of information, or to designate several different people.

Role and responsibilities

The designated person(s) is/are responsible for:

• Maintaining adequate, accurate and up-to-date information on the beneficial owners and the company (*)
• Providing the Business Development Agency with this information and ensuring that it is kept up to date, for the purposes of registration in the special register and the "Register of Beneficial Owners - companies and EIGs"
• Providing this information to authorised agents of the Business Development Agency and the relevant authorities
• Storing information and documents relating to the beneficial owners and the company (*) for a period of ten years after the date of dissolution or liquidation of the company at a location in the Principality of Monaco to be notified to the Trade and Industry Directory

(*) basic company information as referred to in Article 5 of Sovereign Ordinance no. 2.853 of 22 June 1962 implementing the Act no. 721 of 27 December 1961 instituting a Trade and Industry Directory.

The person responsible for the information 

Trading Companies must notify the Trade and Industry Directory of the identity of the person(s) designated as responsible for the basic information and information on their beneficial owners. 

This notification will formalise the prior consent of the designated person(s).

The person or persons responsible for the information can be selected from among:

• The partners
• The shareholders
• The managers
• The staffl
• The members

This person or these persons can also be chosen from among the representatives of any legal entities that act as partners, managers or members (for economic interest groupings only).

The designated person(s) must be individuals who are resident in Monaco.

In the event that there is no individual resident in the Principality who can be designated, the person(s) selected to be responsible for the information must be Monegasque professionals (*) serving in one of the following roles:

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

(*) persons or organisations prescribed in paragraphs 6, 13, 19 or 20 of Article 1 or paragraphs 1 or 3 of Article 2 of Act no. 1.362 of 3 August 2009, amended.

Registration of this information is entirely free of charge and must be made to the Business Development Agency (9 rue du Gabian – 98000 Monaco, open from 9.30am to 5pm, Monday to Friday) using the dedicated form.

The Business Development Agency must be notified within one month of any change to the designated person and/or storage location.