Monaco is one of the most prestigious and status world jurisdictions, and a huge number of people seek to live and work here. The Mediterranean climate, picturesque nature, the highest economic and social level and a sparing tax policy make the principality very attractive for businessmen.
However, in the country there are strict criteria for "entry" - in order to register a company in Monaco, it is necessary to obtain the approval of the authorities and agree on the type of activity in government bodies. Only if you could prove that your business will benefit the country's economy, the company will be allowed to open, so professional support when opening companies in the principality is appropriate, as nowhere else. "Prifinance" will help to fulfill all formalities and obtain the necessary permits.
Business opportunities and features
Opening a company in Monaco is the key to many opportunities, including residence permits for the founder and his family. Among the advantages of jurisdiction:
- High degree of business reliability: Monaco is a European financial center, and banks provide confidentiality to customers;
- An attractive fiscal policy: the first two years the business will be exempted from taxes, although in general the rate is 33.3%, while it can be said that Monaco is offshore;
- Absence of taxes on real estate, inheritance, property and profits (if the turnover outside the country does not exceed a quarter of all);
- Many benefits for people permanently residing in the Principality and so on.
Foreigners that want to register a company must:
- hire a director - they should be an individual from the principality;
- open an account with a local bank;
- Take care of the availability of a real office - this is carefully checked by the authorities, and you cannot change it, otherwise you will have to re-register the enterprise;
- pay tax on the authorized capital (1%) at the time of business registration;
- provide annual statements from the balance sheet, a profit / loss account perform an audit and store copies of financial statements in the company.
Companies and its registration
The registration of a company in Monaco is possible in one of several forms of society:
- Anonymous (SAM) - a popular form for which commercial, insurance and financial activities are allowed, the number of founders starts from two, and the minimum capital is 150 thousand euros;
- With limited liability for deposits (SARL) - an equally widespread company with a capital of 15 thousand euros, which can conduct commercial activities and is based on a minimum of two founders;
- Simple (SNC) - unlimited liability, no minimum capital requirements, it is distributed among partners;с простым управлением (SCS) и акционерное (SCA), с участниками с разной ответственностью.
- Also in Monaco there is a separate type of companies that cannot conduct business activities, but are created to manage real estate - SCI. Their minimum capital is 2000 euros, and when creating it is not necessary to use the services of local lawyers, but the authorities are extremely reluctant to register them.
To start a business, the founders will need:
- Assure all the constituent documents from the local attorney (which is usually also he);
- confirm the capital with a bank certificate, deposit the required amount on the account and confirm the fact by notary;
- Make a cash payment upon registration;
- determine the composition of the Board of Directors, the responsibility of managers;
- submit the charter, constituent documentation for approval in the instance.
If the procedure of opening a company in Monaco was successful, the founders receive an official certificate, which the notary assures. It will also be necessary to publish information about the new business in the Journal de Monaco.