Monaco is one of the smallest countries in Europe. Principality is located on the French Riviera, a few kilometers from the French city of Nice. In 1215 fortress and the city was founded on territory where now is Monaco, it was the beginning of Republic of Genoa. In 1297 power over the territory was taken over by representatives of the Grimaldi family, for seven hundred years Principality remains in the family power. In 1643 France recognized the actual independence of Monaco. In the second half of the 19th century a significant economic growth began in the country. This happened due to the construction of the railway, a casino opening and the beginning of the tourism era.
Monaco ranks first in the world in terms of GDP per capita, as well as in count of dollar millionaires and billionaires. Main source of income is tourism, the development of which is associated with a favorable climate and casino development. The country has a sufficiently large banking center. Monaco is not a European Union member state, but the currency is the euro, there is a nominal border with France.
The most common business entities
The most popular type of registration is a limited liability company (SARL)
The main features
Tax system is very convenient for gambling business.
Business is regulated by the corporate legislation, which is very similar to the French set of rules. Overall, the legislation has the Roman-Germanic roots.
Minimum registered capital for SARL is 15 thousand EUR. Shareholder liability is determined according to their part in registered capital.
The main requirements for the directors and shareholders
The company in Monaco must have at least one director, and he/she must be a natural person. The first director is appointed by the shareholders in accordance with the company's articles of association. The Board of Directors must hold meetings. Information about the directors is freely available.
SARL must have at least two shareholders. All shareholders must present at the annual general meeting. Other requirements do not exist. Information about the company's shareholders is freely available.
Disclosure of the company’s beneficial to the government bodies
Information on the beneficiaries is not freely available and disclosing happens only in limited cases prescribed by law
The income tax rate is 33.33% of the calculated income. It is not paid by companies that more than a quarter of the profits receive from outside Monaco, receive income from intellectual property and income from non-resident limited companies. These companies pay tax on dividends. There is no capital gains tax and income source. Companies are required to fill annual return.
All companies are required to submit financial statements no later than three quarters after the end of the financial year. Financial statements are not freely available