Offshore company in Monaco

General information

Monaco is a European country located in southern France. The Principality’s economy based on services, tourism and real estate is flourishing, making Monaco one of the richest countries in the world, making it an attractive place to set up a company. Please note that Monaco is an elite jurisdiction – establishing a company is not a simple operation, it can take up to a year, and the royal administration carefully checks the shareholders of the future company. Trading with companies is forbidden.

What to keep in mind

Monaco is a particularly attractive jurisdiction for high-income individuals or companies planning to operate locally. Companies registered in Monaco with more than 25% of their income from abroad are taxed at 33%. Companies registered in Monaco, which conduct 100% of their business activity in Monaco, are not subject to taxation on profits.

Types of companies

The most common types of companies established in Monaco are SA (joint-stock company) and SARL (limited liability company). It is also possible to set up a SCS (limited partnership), SCA (limited joint-stock partnership), SNC (general partnership) or unlisted company.

Company registration procedure

Registration of the company:

• Preparation of articles of association and company’s statute.
• Registration of the company in the Registration Office in the Tax Services Department.
• Payment to the account of the minimum capital.

Shareholders:

The number of shareholders is unlimited, whereas two shareholders are required to establish the company. Foreign shareholders are allowed

Management Board:

The management of the company is held by a director, who may be a shareholder or a third party.

Registered office:

The company must have a registered address in the territory of Monaco, which will appear on the company documents and postal data of the company. It is possible to use the services of a virtual office with a dedicated telephone number.

Time to set up a company:

The time of establishing a company is about 2 weeks.

Minimum capital:

The minimum capital is EUR 15,000 and is paid in full during the registration of the company.

Taxes and finances

Monaco’s tax regulations are very beneficial for individuals. In addition to French nationals who have to pay income tax in France, individuals are exempt from tax. Monaco also has a very favourable inheritance law. Corporate tax law is also beneficial, especially for local activities. In the latter case, companies are not subject to taxes on profits. In addition, they can engage in international activities and still not be taxed if these activities generate less than 25% of the company’s total revenue.

Accountancy

There is an obligation to keep accounts. An annual balance sheet and profit and loss account must be submitted to the relevant local authorities. Accounting rules are strict and required regardless of whether the company is taxable or not.

Bank account

Your company will have a multi-currency bank account with internet access to your account, VISA or ATM MasterCard credit card and all other standard payment methods.

Other information

Prestigious jurisdiction available only to the wealthy. A company in Monaco should be established by those of you who are planning to change the tax jurisdiction – i.e. the actual relocation to Monaco.