Monaco is a dwarf state bordering France. Monaco is not a member of the European Union, but uses the euro as its official currency. Monaco companies are required to prepare and file annual financial statements
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All companies are obliged by law to annually make financial statements and file them with the Trade and Industry Register.
For joint-stock companies (Société Anonyme Monégasque, SAM) this requirement is stipulated in Act No. 408 of 20 January 1945. For general partnerships (Société en Nom Collectif, SNC), limited partnerships (Société en Commandite Simple, SCS) and limited liability companies (Société à Rresponsabilité Limitée, SARL) the requirement is stipulated in Act No. 1331 of 8 January 2007.
Financial statements must contain:
Financial statements must be signed by a certified accountant.
Companies’ financial statements are not on public registers.
Reporting period lasts 12 months. The date of the end of a reporting period shall be approved by the company’s management.
Financial statements must be filed within 9 months after the end of the financial year.
Within 6 months after the end of the financial year a meeting of shareholders shall be convened at which the following documents shall be approved:
The following documents shall be filed with the Trade and Industry Register within 3 months after the approval of financial statements at a general meeting of shareholders:
Companies that have no auditor must get the certificate confirmed by a certified accountant.
Audit is compulsory for limited liability companies, general partnerships and limited partnerships when their authorized capital exceeds 150,000 EUR or when two of the following three thresholds are reached during two straight years:
Audit is compulsory for joint-stock companies.
An auditor shall be appointed by the general meeting of shareholders for a renewable period of 3 financial years.
Failure to meet accounting requirements results in penalties imposed on the company.
The amount of the penalty depends on the degree of the violation and can be 15 EUR to 1,000 EUR.
Consolidated financial statements shall be made for a group of companies if:
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