Banking Documents a Monaco Company May Be Asked For

Documents Banks Request: Categories

Banks typically request documents in several categories, from essential regulatory documents to business information documents. Understanding what and why they ask helps you prepare efficiently.

Category 1: Mandatory Company Documents

These documents are always requested and are non-negotiable.

Articles of Association (Statuts Sociaux)

What it is: The official founding document of your company

Contains:

• Company name and legal form (SARL, SAM, SURL, etc.)
• Company purpose and activities
• Founders' names and roles
• Capital structure
• Governance rules (voting, meetings, decisions)
• Amendment procedures

How to provide:

• Original signed document (if available)
• Certified copy (notarized or certified by law professional)
• Photocopies (2–3)
• Date of articles and all amendments

Why bank needs it:

• Verify legal structure and governance
• Confirm capitalization and ownership
• Understand decision-making authority
• Identify managers or directors

Validity: Indefinite (if not amended)

Cost to obtain: €50–€300 (if needing certified copies from notary)

RCI Extract (Extrait du Registre)

What it is: Official certification of company registration

Contains:

• Company name and registration number
• Registered office address
• Business sector
• Registration date
• Manager/director names
• Current status (active, dissolved, etc.)

How to provide:

• Original or certified copy from RCI office
• Valid for 3 months from issuance
• Often provided as printout or digital document

Why bank needs it:

• Confirm legal registration and status
• Verify current information on file
• Confirm company is active and legitimate
• Cross-check against articles

Validity: 3 months (must be current)

Cost to obtain: €10–€30 (fee at RCI office)

Where to get: RCI office or online via MonEntreprise

Beneficial Owner Declaration (Déclaration Bénéficiaire)

What it is: Regulatory document identifying true owner(s) for anti-money laundering compliance

Contains:

• Full name(s) of beneficial owner(s)
• Ownership percentage
• Identity card number or passport number
• Contact information
• Statement of beneficial ownership and control

How to provide:

• Official form (available from RCI or bank)
• Signed and dated by beneficial owner(s)
• Photocopies of owner IDs attached
• Original or certified copy

Why bank needs it:

• Comply with anti-money laundering (AML) regulations
• Verify true ownership (not just legal ownership)
• Identify controlling individuals
• Regulatory compliance

Validity: Indefinite (update if ownership changes)

Cost to obtain: Free (form available online)

Category 2: Governance and Authority Documents

These documents clarify who can sign for the company.

Board Resolution (Procès-verbal de Conseil d'Administration)

For: SAM and larger structures with boards

What it is: Minutes of board meeting authorizing bank account signatories

Contains:

• Date and attendance list
• Decision to open bank account
• Names of authorized signatories
• Authority limits (who can sign, joint signing requirements)
• Signature of board president or secretary

How to provide:

• Certified copy from board minutes
• Original meeting minutes if available
• Formal document with official stamp

Why bank needs it:

• Verify board-level authorization
• Confirm who is authorized to sign
• Document decision-making process

Validity: Until board revokes or amends

Cost to obtain: Free (prepare yourself or have lawyer draft)

Manager Authorization Letter (Autorisation de Gérant)

For: SARL and partnerships with managers

What it is: Written authorization from manager(s) allowing account signatories

Contains:

• Manager's name and signature
• Authorization for bank account opening
• Names of authorized signatories
• Signing authority rules (any one person or joint)
• Effective date and duration

How to provide:

• Formal letter on company letterhead
• Signed by manager
• May need to be notarized for higher authority

Why bank needs it:

• Verify manager authorization
• Document signatory authority
• Protect bank against unauthorized signings

Validity: Until revoked or amended

Cost to obtain: Free (draft yourself) to €100–€300 (if notarized)

Power of Attorney (Procuration)

For: When signatories are not managers/directors

What it is: Legal document granting authority to sign on behalf of manager/company

Contains:

• Manager's authorization to delegate signing
• Delegate's name and identity
• Scope of authority (what they can sign for)
• Effective date and duration
• Manager's signature

How to provide:

• Notarized document (formal)
• Or simple signed letter (informal)
• Generally notarized for bank purposes

Why bank needs it:

• Verify non-manager has authority to sign
• Establish chain of authority
• Protect bank and company

Validity: Specified term or indefinitely until revoked

Cost to obtain: €50–€200 (notarization)

Category 3: Personal Identification Documents

Required for all signatories (those with authority).

Passport or National ID Copy

What it is: Government-issued identification

Provides:

• Full legal name
• Date of birth
• Nationality
• Photo for verification
• Signature sample

How to provide:

• Certified photocopy (preferably)
• Both sides (front and back)
• Clear, legible copy
• Information page(s) visible

Why bank needs it:

• Verify signatory identity
• Meet regulatory requirements
• Prevent fraud

Validity: Must be current (not expired)

Cost: Free (document your own copy)

Proof of Personal Address

What it is: Recent document showing signatory's home address

Examples:

• Utility bill (electricity, water, phone)
• Rental contract or lease
• Recent bank statement
• Tax assessment
• Government correspondence

How to provide:

• Original or certified copy
• Recent (within 3–6 months)
• Name and address clearly visible
• Issued by official organization

Why bank needs it:

• Verify signatory's residential address
• Regulatory requirement
• Enable correspondence

Validity: 3–6 months (must be recent)

Cost: Free

Additional Identification (as needed)

• Driving license: Supplementary identification
• Professional registration: If professional (lawyer, accountant, etc.)
• Visa/residence permit: If non-resident or non-national

Category 4: Business Information Documents

Banks request these to understand your business.

Business Plan

What it is: Written description of your business

Typical content:

• Executive summary (1–2 paragraphs)
• Business model (how you make money)
• Products/services description
• Market and customers
• Competitive advantage
• Marketing and sales strategy
• Management and team
• Financial projections (see below)

Length: 2–5 pages (not overly long)

How to provide:

• Typed document (professional presentation)
• PDF format
• Printed copy(ies) for meeting

Why bank needs it:

• Understand your business viability
• Assess risk and legitimacy
• Determine if account is appropriate
• Decision on financing or credit facilities

Validity: Review annually; update if business changes significantly

Cost to produce: €0–€500 (DIY or professional consultant)

Financial Projections

What it is: Forecast of revenue and expenses

Typical content:

• Monthly projections for Year 1
• Annual projections for Years 2–3
• Revenue breakdown by product/service
• Major operating expenses
• Break-even analysis
• Cash flow projection

Format:

• Spreadsheet (Excel or similar)
• Clear assumptions and calculations
• Realistic numbers (not overly optimistic)

How to provide:

• Digital copy
• Printed copy for meeting
• Assumptions clearly stated

Why bank needs it:

• Assess business viability
• Evaluate cash flow and sustainability
• Determine loan repayment capability
• Understand growth trajectory

Validity: Annually or when assumptions change

Cost to produce: €0–€1,000 (DIY or accountant assistance)

Company Description

What it is: 1–2 paragraph summary of what your company does

Typical content:

• Company name and legal form
• Main activities and products/services
• Target market/customers
• When company was founded (or will be)
• Key competitive advantage
• Number of employees (if any)

How to provide:

• Part of business plan (or separate)
• Clear and concise
• Understandable to non-experts

Why bank needs it:

• Quick understanding of business
• Assess industry and risk
• Determine appropriate account type

Validity: Until business model changes

Cost: Free (write yourself)

Category 5: Financial and Capital Documents

If capital is involved, banks request proof.

Capital Deposit Certificate (Attestation de Versement du Capital)

What it is: Bank certificate proving capital was deposited

When needed: For SARL (€15,000), SAM (€150,000), SURL (€8,000–€15,000)

Contains:

• Company name
• Capital amount
• Deposit date
• Depositing bank
• Bank confirmation and stamp

How to obtain: From the bank where you deposited capital

Why bank needs it:

• Verify capital requirement met
• Meet legal/regulatory requirement
• Confirm deposit before RCI registration

Validity: Required for RCI registration (usually 1–2 months after deposit)

Cost: Free (provided by bank)

Bank Statements

What it is: History of account activity

When requested: After account exists (to assess financial health)

Contains:

• Monthly or quarterly transaction history
• Balance at end of period
• Income and expense patterns
• Account statements from current/prior banks

How to provide:

• Official bank statements
• Usually last 3–6 months
• Digital or paper copy

Why bank may request:

• Assess financial stability
• Evaluate loan repayment capability
• Verify business activity
• Determine creditworthiness

Validity: Most recent 3–6 months

Cost: Free (from your bank)

Tax Returns (if business is operating)

What it is: Submitted tax declarations

When requested: For existing businesses applying for financing

Contains:

• Business income and expenses
• Tax liability
• Corporate tax or personal income tax returns

How to provide:

• Certified copy from tax authority
• Or accountant-prepared declaration
• Most recent year(s)

Why bank may request:

• Verify actual business performance
• Assess tax compliance
• Evaluate creditworthiness
• Confirm business legitimacy

Validity: Most recent complete year

Cost: Free (you have these from filing)

Category 6: Ongoing Relationship Documents

After opening account, banks may request additional information.

Updated Beneficial Owner Declaration

When requested: If ownership changes, or per regulatory requirement (sometimes annually)

What changed:

• Ownership percentage changes
• Owner identity changes
• Transfer of shares

How to provide:

• Updated form with new information
• Signed and dated
• Identity copies if new owners

Validity: Must be current

Updated Articles of Association

When requested: If company structure changes

Changes:

• Manager or director changes
• Address changes
• Activity changes
• Capital structure changes

How to provide:

• Updated articles or amendment
• Notarized if formal amendment
• Certified copy

Validity: Current amendments only

Signatory Changes

When needed: If authorized signatories change

What to provide:

• New board resolution or authorization letter
• ID and address proof for new signatories
• Revocation of old signatories

Account Activity Reports

When requested: For regulatory compliance or financial review

Typically includes:

• Monthly statements (requested quarterly or annually)
• Verification of account usage
• Purpose confirmation

Document Management Best Practices

Keep Organized

• Original folder: Store originals in safe place (home safe or safety deposit box)
• Working folder: Keep copies for routine use
• Bank folder: Keep copies of what you provided to bank
• Digital backup: Scan all important documents, store in cloud

Maintain Currency

• RCI extract: Renew every 3 months (keep current)
• ID documents: Replace if expired
• Articles: Update if company changes
• Beneficial owner declaration: Update if ownership changes
• Financial documents: Prepare annually

Prepare for Requests

• Quick access: Keep key documents accessible
• Know what you have: Maintain checklist of documents
• Extra copies: Keep 2–3 extra certified copies of articles
• Digital versions: Maintain electronic copies

Communication with Bank

• Notify of changes: Inform bank promptly if business information changes
• Ask in advance: When unsure if document needed, ask
• Get confirmation: Confirm receipt of submitted documents
• Follow up: Check if documents were sufficient or if more are needed

Note: This page is an informational resource based on official Monaco sources and does not replace professional banking, accounting, legal, or financial advice.