GSL / Foreign Companies Audit / Audit Monaco

Company audit in Monaco, financial statements, accounting, consulting in Monaco

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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Service packages Legislation Tax System Audit Services
Preparation and submission of annual financial statements and tax returns
from 3 000 EUR
Preparation and submission of VAT / VIES / INTRASTAT returns
EUR 100-350 per hour
Obtaining an EORI number for a company
730 EUR
Registration of a company for VAT
1 200 EUR
Registration for the OSS (Union One-Stop Shop) – for intra-EU distance sales of goods and services
595 EUR
Consulting services and support during tax audits
EUR 100-350 per hour

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General requirements

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:

  • Balance sheet;
  • Profit and loss statement;
  • Directors’ report;
  • Auditor’s opinion (if any).

Financial statements must be signed by a certified accountant.

Companies’ financial statements are not on public registers.

Time frame for preparation and submission of financial statements

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:

  • Balance sheet;
  • Profit and loss statement;
  • Inventory report;
  • Management report on the previous financial year;
  • Report on fulfillment of any contracts or obligations between the company and one of its managers or partners.

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:

  1. Balance sheet;
  2. Profit and loss statement;
  3. Certificate signed by a manager that contains the following information:
  • names and address of managers and partners and the current auditor (if applicable);
  • confirmation of the fact that the annual report is made in accordance with legal requirements;
  • confirmation of approval or rejection of the report on accounting and profit and loss statement by the general meeting of shareholders;
  • confirmation of compliance with legal and statutory requirements.

Companies that have no auditor must get the certificate confirmed by a certified accountant.

Audit of accounts

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:

  • balance sheet assets exceed 1,500,000 EUR;
  • turnover before taxes exceeds 2,500,000 EUR;
  • number of employees exceeds 20.

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.

Liability for accounts filing violations

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

Consolidated financial statements shall be made for a group of companies if:

  • the parent company holds a majority of shares in the authorized capital of the subsidiary;
  • it influences its financial and operational activities or
  • it exerts significant influence when transactions are made.
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