GSL / Offshore and International Law / Offshore zones / Western Europe / Monaco / Legislation of Monaco

Legislation of Monaco

Service packages Legislation Tax System

List of laws and regulations

Act name
Scope of law
companies
taxation
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Tax treaties entered

Guernsey
France
Luxembourg
Mali
Mauritius
Qatar
Saint Kitts and Nevis
Seychelles

Tax Exchange Information Agreement (TEIA)

Andorra
Argentina
Australia
Austria
Bahamas
Belgium
Czech Republic
Denmark
Faroe Islands
Finland
Germany
Greenland
Iceland
India
Italy
Liechtenstein
Netherlands
Norway
Samoa
San Marino
South Africa
Sweden
United States

List of state regulatory authorities

Corporate info

Legal system
civil law
Types of entity
Limited Liability Company (Société à responsabilité limitée (SARL)); Joint Stock Company (Société Anonyme Monégasque (SAM)); General Partnership (Société en Nom Collectif (SNC)); Limited Partnership (Société en commandite simple (SCS)); Sole Trader
Shelf companies permitted
No
Incorporation timescale for a new company
3 months
Company suffix
Societe a responsabilite limitee or S.A.R.L.
Sensitive words
identical and offensive words
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
Yes
Information to be kept at the registered office
all legal documents (articles of association), accounts and invoices/bills
Seal required, type of seal
not required
Redomiciliation (to, from) permitted
not permitted

Director and secretary

Minimum number of directors
1
Residency requirements for directors
Yes
Corporate directors permitted
No
Directors’ meetings/frequency/location
No requirements
Disclosure to local agent
Yes
Disclosure to public
Yes
Company secretary required
No
Residency requirements for a secretary
No
Qualified secretary required
No
Corporate secretary permitted
No

Shareholder and beneficiary

Minimum number of shareholders
2
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
Yes / annually / no requirements
Disclosure to local agent
Yes
Disclosure to public
Yes
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
15000
Minimum issued share capital
15000
Minimum paid share capital
15000
Authorized capital payment deadlines
No requirements
Issued capital payment deadlines
Minimum amount - before incorporation, the rest - within 3 years
Standard currency
Euro
Standard authorized share capital
15000
Standard par value of shares
1
Shares with no par value permitted
No
Bearer shares permitted
No

Taxes

Personal tax
No
Min. rate for corporate tax
33.33%
Corporate tax (in detail)
The income tax rate is 33.33%
Capital gains tax
Regular rate
Capital gains tax. Details
VAT
20%
VAT. Details
VAT is charged according to the rules established in France. The standard VAT rate is 20%. Reduced rates of 10%, 5% and 2.1% apply to some goods and services
Withholding tax
No
Other taxes
Social Contributions, Inheritance and Gift Tax
Exchange control
No
Government fee
No
Stamp duty
0,5-7,5%

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
Yes
Publicly accessible accounts
No
Requirement to file Annual Return
Yes
Publicly accessible Annual Return
No
Audit required
No

General information shortly

Location
Western Europe
Total area
2.02 sq. km
Population
38.300 (2019)
Capital
Monaco
National currency
Euro
Conditional reduction of currency
EUR
Against USD
0.93 (2022)
Climate, average max and min t°
Mediterranean with mild, wet winters and hot, dry summers; avg. maximum temperature (July) +24°; avg. minimum temperature (January) +8°
Time difference from Moscow
- 1 hour
Dialing code
+377
State language
French
Ethnic groups
French 47%, Monegasque 16%, Italian 16%, other 21%
Literacy rate
99%
History
Monaco was refounded in 1215 as a colony of Genoa when the Genoese built a fortress on the site of present-day Monaco. The current ruling Grimaldi family secured control in the late 13th century, and a principality was established in 1338. Economic development was spurred in the late 19th century with a railroad linkup to France and the opening of a casino. Since then, the principality's mild climate, splendid scenery, and gambling facilities have made Monaco world famous as a tourist and recreation center.
Credit rating
Government type
Constitutional monarchy
Executive branch
Council of Government
Legislative branch
Prince and National Council
Judicial branch
Supreme Court (Tribunal suprême), Court of Revision (Cour de révision), courts of first instance (Tribunal de première instance), justice of the peace (juge de paix)
Unemployment
2% (2019)
GDP per capita rank
173.688 USD (2020)
Corruption perceptions index rank
no data

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Banks of Monaco

Bank
The cost of opening an account, $
Global rating
Countrywide rating
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