The needs to efficiently organize small and medium businesses have led in 2007 to the adoption of a new form of business and modification of the Commercial Code in Monaco.
The" Societe A Responsabilite Limitee" is a share capital based company formed by at least two or more investors. The shareholders of a Monaco SARL have limited liability according to their contribution at the share capital. The minimum share capital of a limited liability company in Monaco is 15000 Euro,divisible into non transferable shares which have equal value.
The representation of the Monaco SARL is assured by the manager, shareholder or not, resident in Monaco or in the nearby region of France or Italy.
Just like any type of Monegasque business a special authorization from the government is required before starting the business. This authorization expires after several years and it’s not automatically renewed. The dossier that must be deposited for receiving the authorization must include: a completed application form ("Demande d’autorisation d’exercice d’une activité en Principauté de Monaco"), two originals of the articles of association registered at the Department of Fiscal Services, personal information regarding the shareholders (An ID, a copy of the residency permit, a copy of the passport for foreign citizens), a copy of the criminal record of the shareholders and in case of a rented office, the rental contract.
The above documents must be deposited at the Directorate of Economic Expansion. The investigation period may take no longer that three months.
After receiving the authorization, the company must be registered at the Trade and Industry Register but only after the publication of the incorporation announcement in the Journal de Monaco on the company’s expense, and register at the General Registry.The registration in the Trade and Industry register cannot be made after two months after starting the business.
A deposit certificate must be issued by the bank where the minimum share capital was registered. This is used for registration in the General Registry and Trade and Industry Register.
The next step of SARL incorporation in Monaco is registering for an identification number, used in statistics at the Monegasque Institute of Statistic and Economic Studies. The Fiscal Services must also be announced regarding the newly formed SARL and the managers must be registered at the CAMTI-CARTI.
With this last step, the new company may start the commercial activity.