How to set up a company in Monaco

1. Declaration or authorisation

• Under Loi n° 1.144, Monegasque nationals declare a new activity; foreign nationals, and the foreign partners and managers of a company, need a prior authorisation by decision of the Minister of State. A branch or office of a company based abroad also needs one.
• The file goes to the Business Development Agency (Monaco Business Office, 9 rue du Gabian, 2nd floor, +377 98 98 98 98), which you can book online. For a SARL it includes the articles, a personal form, ID and a criminal-record extract under three months old for each partner.
• The administration says within five working days whether the file is complete. The decision follows within 45 days, extendable by 45 more for complex files; if nothing is notified by then, the authorisation is deemed granted. Regulated activities have no fixed period.
• Regulated activities include estate agency, banking and finance, insurance brokerage, accountancy, multi-family offices, architecture and private security. Some activities already widely carried on may be reserved for Monegasque nationals.

2. Choose the legal form

• Sole trader: no articles and no minimum capital, but unlimited personal liability.
• SURL (one shareholder): minimum capital €8,000 if the shareholder is an individual, €15,000 if it is a company.
• SARL (two or more shareholders): minimum capital €15,000, at least the minimum paid in at formation into a Monaco bank account and the rest within 18 months. Only commercial activities, and managers must be individuals (eight mandates at most).
• SNC and SCS: no minimum capital; SNC partners, and the active partners of an SCS, are liable without limit.
• SAM (société anonyme): minimum capital €150,000, a quarter of the cash shares paid at incorporation and the rest within 18 months, a board of at least two directors. A SAM may have a non-trading object, and since 30 September 2025 it can be formed by private or notarial deed.

3. The SAM route

A SAM needs its own authorisation, issued by ministerial order within 45 days of the file being found complete, with silence again counting as approval. Within three months of the order's publication the founders must deposit the deed with the court registry and register with the RCI. The portal still shows older SAM deadlines; the law above has applied since 30 September 2025.

4. Premises

• Every business needs professional premises in Monaco: an office, a shop or a business centre. The authorisation and the RCI entry both require proof of the address, such as a lease registered with the Tax Services.
• A SARL, SNC, SCS or SURL may use the manager's home as its registered office for one year, renewable once, if it receives no clients, stores no goods and has no staff. A SAM needs commercial premises or the offices of a domiciliation company.
• Business centres offer short formulas: "Start Up" for three months renewable once (non-Monegasques), "Primo" for up to three years, and exclusive offices of at least 25 m² for a SAM or 9 m² for other companies.

5. Bank account and registrations

• A business needs an account with a bank in Monaco for as long as it exists. While the company is being formed, the bank accepts the Business Development Agency's receipt instead of an RCI extract. It has 15 working days to open the account or refuse in writing; with a refusal, the Treasury designates a bank.
• Register with the RCI within one month of the authorisation (SARL, SURL, SNC, SCS), or within three months of the ministerial order for a SAM. The fee is €75 (€100 for a SAM), plus the certificate and the notice in the Journal de Monaco.
• Then request the statistical number (NIS) from Monaco Statistics, issued within five working days, and declare the business to the Tax Services at no charge.
• SARL managing partners join the self-employed health and pension funds (CAMTI and CARTI) within one month of the RCI entry.

6. Taxes

• Residents pay no personal income tax, except French nationals under the 1963 Franco-Monegasque convention. There is no wealth tax and no annual property tax.
• Corporate profit tax (ISB) is 25%, but it applies only to businesses making at least 25% of their turnover outside Monaco, or living on patent, trademark or copyright income. A genuinely new business in scope pays nothing for two years, then tax on 25%, 50% and 75% of its profit, and the full rate from year six.
• The ISB return is due within three months of the year-end (1 April for a calendar year), with four provisional instalments of 20% in February, May, August and November.
• VAT works as in France: 20% standard, 10% reduced and 5.5% on basic products, declared monthly.

7. Payroll and social charges

• From 1 October 2026 the employer pays 13.40% to the CCSS (13.45% with the CGCS) on salaries up to €10,000 a month, and the CAR pension takes 8.39% from the employer and 6.85% from the employee up to €6,276 a month.
• Unemployment insurance is 4.00% employer and 2.40% employee, up to €16,020 a month.
• The self-employed pay CAMTI health cover of €1,128 a quarter and a CARTI pension of €564.84 to €2,259.36 a quarter, depending on the class chosen.
• SAM directors can be treated as employees and join the general scheme.

8. Accounts after set-up

A SARL approves its accounts within six months of the year-end and files them with the RCI within three months of that meeting; filed accounts are not public. A statutory auditor becomes compulsory when capital exceeds €150,000, or when two of three thresholds are passed two years running: a €1.5m balance sheet, €2.5m turnover and 20 employees.

9. A company and residency

A company does not give you a residence card by itself. The card needs a home in Monaco large enough for the household, enough resources (salary, business income, or savings a Monaco bank judges sufficient) and a clean criminal record. The Business Development Agency's receipt confirming your application is admissible lets you start the residency application. Non-EEA nationals first need a long-stay type D visa.