Company Formation Monaco.com is a specialized agent which offers company formation in Monaco.
TYPES OF BUSINESS IN MONACO
The most common form of business in Monaco are: the sole trader, Societe Anonyme Monegasque, Societe a Responsabilite Limitee, Societe En Nom Colectiff,Societe En Commandite Simple.
Opening a Monaco SRL.The “Societe a Responsabilite Limitee” is formed based on a share capital of at least 15,000 Euro divided into nontransferable, equal shares. It requires at least two shareholders with limited liability by their contribution to the capital. This form of business is relatively recent one, established by the small and medium entrepreneurs attracted by the small costs of incorporation (related to the costs of incorporation of an SA for instance) and by their limited liability. The management is assured by one or more managers appointed by the highest instance in the company, the general meeting of the shareholders.
The Monegasque “Societe Anonyme” requires a minimum share capital of 150000 Euro and it’s founded by at least two limited liability partners. It is considered a form of business for large investments and has the advantage that the capital can be increased by registering the shares of the company at the Stock Market.
The foundation of the S.A.M requires a government authorization and must be registered in the Commerce and Industry Register. Also the Journal de Monaco must announce the creation of the public limited liability company.
The sole trader is any Monegasque entrepreneur willing to start a small business. He is entirely liable for the losses and gains of the company and his personal assets are not distinguished from the capital of the company.
The Societe en nom Collectif is established between two partners that had signed an agreement and have unlimited liability on the company’s debts. Both partners are liable for the company’s decisions (unless stipulated differently in the agreement).
A Societe En Commandite Simple in Monaco is formed by at least two partners united under the same name with the same economic interests but with different liabilities. The general partners have decisional power and are entirely liable on the company’s debts unlike the silent partner with limited liability according to its contributions.
After receiving special administrative authorization, a foreign company may establish branches (agency) in Monaco. The branches must also be registered in the Commercial and Industry Register. Other forms of business for foreign entities are the subsidiaries and the representative offices.
COMPANY INCORPORATION IN MONACO
The incorporation process of a company in Monaco can take from 4 to 9 months, depending on the complexity of the type of business and requires the Government authorization. This authorization has a limit of time and needs to be renewed after a few years.
The required documents asked by the Minister of State are: two copies of the Articles of Association, the Registration Certificate, the decision of incorporation, a business plan for the next 3 years, personal details regarding the shareholders (place and date of birth, a police record, French Curriculum Vitae, degrees, residence permit-if necessary) and the office address. All the documents must be drawn in French; otherwise the dossier must be accompanied by a legalized French translation.
The companies must be registered at the Trade and Industry Register within 2 months of starting the business. The Journal de Monaco must also be notified regarding starting the new business. After thatm the newly formed company must be registered at the Monegasque Institute of Statistic and Economic Studies for receiving an identification number.
After this step, the entrepreneur must apply for the Fiscal Services and register its managers at CAMTI-CARTI. This is the last steps the company must accomplish before starting its business.
The prestigious life in Monaco attracts not only tourists but also investors. They’re attracted by the non income taxes and small business fees but also by the bank policy. The confidentiality is granted here for every bank operation. The main sectors the economy is based here are the tourism, transport, fashion industry and pharmaceutical.
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