Setting up a business or taking over an existing firm is challenging and requires careful preparation and support from competent advisors.
The business section of the Prince's Government's Public Service offers assistance and advice to those setting up or taking over businesses, to help them achieve success.
Entrepreneurs need to be made aware of the conditions for entering and remaining in Monaco, how to set up a business, taxation, social security legislation and any State aid available.
They also need to understand the official procedures to be followed during the course of the business' existence, as well as their obligations. Key agreements relating to goodwill are also discussed.
First and foremost, entrepreneurs must be aware of the fundamental rule governing business relocation to Monaco - the fact that a licence must be obtained before initiating business activities.
In order to run a business in Monaco, whether in trade, industry, crafts or as a freelancer, as a sole trader or as a company, those without Monegasque nationality must acquire a business permit issued by the Minister of State.
The permit is issued according to the following criteria:
- Professional reputation
The professional reputation is assessed according to any criminal or judicial record on the part of the entrepreneur and following an official inquiry.
- Professional qualifications
Professional qualifications must be held in the entrepreneur's own name.
Some activities are subject to specific entry conditions (certificates, nationality, guarantees, etc.)
See the list of regulated activities.
- The creation of a stable business activity
Authorization is only granted if the operational structure is appropriate to the nature and size of the business.
The conditions for issue of the permit, processing of the application and retaining the licence are laid down by
Act no. 1.144 of 26 July 1991 regarding the practice of certain economic or legal activities
Persons of Monegasque nationality must send the Minister of State a declaration of business activities unless the activities envisaged are subject to entry conditions defined by a specific regulation or where they are creating a société anonyme (SAM) or a société en commandite par actions (SCA).
Setting up a société anonyme or a société en commandite par actions is subject to specific conditions (authorisation to set up the business, approval of the Memorandum and Articles of Association, share capital of 150,000 €, etc.) (
Ordinance of 05 March 1895 concerning limited companies and limited partnerships