Officially known as Principality of Monaco, the state is an independent and sovereign country in Western Europe. It shares its border with France in 3 directions and the Mediterranean Sea in one direction. The official language of Monaco is French and the currency is Euro.
Tourism, Banking, and financial services are the major sectors that contribute to the GDP of the economy. Resident companies in Monaco have no income or capital gains tax.
The Chamber of Economic Development of Monaco promotes commercial and economic activities, which can help start-ups with advice, contacts and administrative procedures. Its website is in both French and English, and it can supply English-language guides on request.
Benefits of company formation in Monaco
A Limited Liability Company is offered these benefits:
- Foreign Shareholders can own 100% shares of the company.
- The liability of a Shareholder is limited to the extent of the contributions made to the share capital.
- The company enjoys two years of complete tax exemption in Monaco, however, it should be noted that the companies should file regular audit reports to their respective country
- The minimum share capital required is 15,000 Euro which is comparatively very low.
Legal Forms of Business
- Sole Trader
- General Partnership
- Limited Partnership
- Limited Liability Company
- Public Limited Company
- Partnership Limited by shares
Following documents are required to set up all types of companies:
- A formal request addressed to the Minister of State for Authorization
- Description of the activities of the business to be undertaken
- Agreement of business premises in Monaco
- Business Plans
- Estimated profit and loss for three years
Also, the managers, employees, and shareholders must provide information about themselves:
- Personal information
- Certificate of Birth, marriage, and divorce
- Residency permit or passport (as appropriate)
- Police verification report not more than 3 months old from the native country
- Resume of the Director/Manager in French
- Copies of the visas
Corporate shareholders are required to provide the following documents:
- Certificate of Incorporation when the company was formed in the base country
- Resolution of the Board of Directors publishing at least the minimum capital required.
After the approval, the office of the Registrar of Commerce and Industry issues the Certificate of Incorporation to start the business operations.
Role of CredentOne DMCC
CredentOne DMCC is one of the leading consultancy firms in the UAE. We have a thorough knowledge of company formation in international destinations.
With no compromise to our integrity and client satisfaction, we provide high-quality commercial services to our clients from across the world.
CredentOne DMCC engages very professional staff for the company formation process and provides the best in class service to the clients. We extend our support in all the registration processes, documentation and even in opening a bank account for the company.
Contact us to start a company in Monaco, and we will be happy to help you.