Company formation in Monaco

Overview

Setting up a company in Monaco is a regulated process. Any activity carried out by a non-Monegasque requires prior administrative authorisation, and each legal form serves a specific purpose. The Direction de l'Expansion Économique (DEE) reviews applications; the portal monentreprise.gouv.mc centralises forms and procedures.

This page outlines the main legal forms, their capital requirements, a realistic timeline, and how Monegasque companies are taxed.

Available legal forms

SARL — Société à Responsabilité Limitée

The most common form for everyday commercial and service activities.

• Minimum capital: €15,000, fully paid up at incorporation
• Partners: at least two (individuals or legal entities)
• Liability: limited to contributions
• Management: one or more managers (gérants) appointed in the articles
• Annual accounts: filed with the DEE; statutory auditor required above certain thresholds

SURL — Société Unipersonnelle à Responsabilité Limitée

A single-member variant of the SARL. Suited to individual entrepreneurs who want to ring-fence personal assets.

• Minimum capital: €8,000 if the sole partner is an individual; €15,000 if the sole partner is a legal entity
• Sole partner
• Liability: limited to contributions

SAM — Société Anonyme Monégasque

The standard vehicle for regulated activities (banking, asset management, insurance, financial services) and for large projects or subsidiaries of international groups.

• Minimum capital: €150,000 (Sovereign Ordinance n°13.845)
• Shareholders: at least two; no upper limit
• Paid-up: 25% at incorporation for cash contributions; 100% for contributions in kind
• Authorisation: Ministerial Order authorising the incorporation, published in the Journal de Monaco
• Management: at least two directors; governance set out in the articles

SNC, SCS and SCA

Three partnership forms, marginal in practice:

• SNC (Société en Nom Collectif) — partners are jointly and severally liable without limit; no minimum capital
• SCS (Société en Commandite Simple) — combines general partners (unlimited liability) with limited partners (liability capped at their contribution); no minimum capital
• SCA (Société en Commandite par Actions) — a share-based variant; minimum capital €150,000

Sole trader

For modest professional or craft activities carried out without a separate legal entity. Prior administrative authorisation still applies to non-Monegasques.

Prior administrative authorisation

Any non-Monegasque who wishes to carry out a commercial, industrial, craft or professional activity in Monaco must obtain administrative authorisation from the Minister of State on the recommendation of the DEE. The dossier typically includes:

• identification and professional background of the applicant or company officers
• precise corporate purpose and business plan
• registered office address (commercial premises or an authorised domiciliation company)
• the company's articles of association
• evidence of share capital and financing

The review covers the nature of the activity, the applicant's track record, the viability of the project and the consistency of the file. A regulated activity (finance, real estate, private security, healthcare, etc.) also requires the opinion or licence of the relevant supervisor.

Practical steps

1. Preliminary scoping — choice of legal form and project review with a Monegasque lawyer or accountant
2. Registered office — commercial lease or domiciliation contract with an authorised provider
3. Articles of association — drafted and signed; since the 2025 reform, a SAM may be incorporated by private deed
4. Capital deposit — into a Monegasque bank account, evidenced by a depositary certificate
5. File submission — to the DEE via monentreprise.gouv.mc
6. Review — by the DEE, and, for a SAM, authorisation by Ministerial Order published in the Journal de Monaco
7. Registration — in the Répertoire du Commerce et de l'Industrie (RCI), Monaco's commercial register
8. Legal notice — publication in the Journal de Monaco
9. Post-registration — registration with CCSS (social security) and the Services Fiscaux, opening of the operating bank account

Realistic timeline

• SARL / SURL: 2 to 4 months from a complete filing to registration
• SAM: 3 to 6 months because of the ministerial authorisation; Law n°1.573 of 8 April 2025 introduced a 45-day review window for some procedures
• Regulated activities: allow additional time for the supervisor's review (the CCAF for financial services, for instance)

Corporate taxation

Monaco levies a profits tax — Impôt sur les Bénéfices (ISB) — at 25%. It applies:

• to companies whose turnover from activity outside Monaco exceeds 25% of the total
• to companies whose income consists of revenue from patents, trademarks, manufacturing processes, formulas or licences

A company whose clients and operations are entirely Monegasque is effectively exempt. Monaco does not levy personal income tax on residents (the historical exception being French nationals under the 1963 Franco-Monegasque tax convention). Monegasque VAT is aligned by treaty with the French VAT system.

Employer social contributions run at about 35–40% of gross salary; employee contributions at about 12–14%. See the CCSS and social security guide for details.

Indicative costs

• Legal and accounting fees: €3,000 to €8,000 to incorporate a SARL or SURL; more for a SAM
• Registration and publication fees: a few hundred euros
• Domiciliation: from €200–€500/month for a basic address; more for a serviced office
• Annual audit: €3,000 to €10,000/year depending on size (mandatory for SAMs above certain thresholds)

Useful resources

• MonEntreprise — official business portal
• Service Public Entreprises — legal forms
• Journal de Monaco — official publications
• Monaco Economic Board — support for entrepreneurs and investors

See also

• Business bank accounts in Monaco
• Business banking overview
• Blockchain and crypto activity in Monaco
• Carte de séjour — Monaco residence permit