Société Anonyme Monégasque (SAM)

The Société Anonyme Monégasque (SAM) is the public limited company under Monegasque law, broadly equivalent to a French SA or an Italian S.p.A. It is the corporate form used for most large and regulated businesses in the Principality, including banks, asset managers, real-estate developers and listed groups.

Capital and shareholders

A SAM requires a minimum share capital of €150,000, of which at least 25 % must be paid up at incorporation. It must have at least two shareholders, who can be individuals or legal entities. Higher capital thresholds apply to regulated activities such as banking, insurance and finance.

Authorisation and incorporation

Unlike most jurisdictions, setting up a SAM requires prior ministerial authorisation delivered through a sovereign ordinance. The articles of association must be approved by the Princely Government, and the company is then registered with the Répertoire du Commerce et de l'Industrie (RCI) before it can begin operating. The whole process is handled by a Monegasque notary.

Governance and taxation

A SAM is run by a board of directors and may be audited by one or more statutory auditors. It is subject to Monaco's corporate income tax (Impôt sur les Bénéfices) only if more than 25 % of its turnover is generated outside the Principality, which makes the SAM particularly attractive for businesses operating mainly within Monaco.