The Principality of Monaco is an internationally renowned financial center and a reputable business hub. The Principality is home to many local and international businesses, some of which are listed on various stock exchanges.
Strategically located in Southern France and well supported by its excellent financial infrastructure and pro-business environment, Monaco is a major international transportation hub in Southern Europe, positioned on many sea and air trade routes.
Setting up a business in Monaco as a base for further expansion in Europe is an excellent choice.
Monaco is a constitutional monarchy. The Prince is the Chief Executive, with two chambers for the legislative power, the Crown Council and the State Council, and judicial organization operating outside of state action and prosecution investigations.
It is a small country (the second-smallest independent state in the world), about 3.3 km long and 0.6 km wide, with a surface area of about one-third the size of Central Park in New York City.
The Principality has no personal income tax and thrives as a haven for the investors who have located there.
Tourism is one of the most important industries . This is due to the great climate, the history, the famous casino, natural beauty, harbors Formula One Grand Prix , amongst other things. Other important industries include pharmaceuticals, banking, transport, food, precision engineering, paper processing, textiles, electrical and electronic construction and clothing.
The currency of Monaco is the Euro (EUR).
With approximately 300 days of sunshine a year, Monaco’s climate is a very pleasant mild one.
Starting your own business in Monaco requires careful planning, research and preparation. Regardless of its nature, a government authorization is required for any economic activity undertaken , and the whole process can be time-consuming.
If you are thinking of setting up a business in Monaco there are a number of issues you need to consider. Different regulations and supports apply, depending on your particular plan. Investing time into proper planning is key to turning your dreams into reality.
Waterstone provides a broad range of advice and support for setting up a new business in the Principality or transferring your existing business.
Monaco’s Government supports entrepreneurs who are looking to start a business in the country and provides some incentives :
• Exemption from taxes on profit for new businesses (subject to certain conditions);
• Exemption from social contributions for job creation;
• Research Tax Credit;
• Industrial subsidies;
• Subsidize costs of shows and trade fairs
Waterstone has extensive experiences and market insights in the Principality . Our local team is dedicated to offer an integrated business solution to help you with the initial setup in Monaco. We advise you on the appropriate legal form, setting up a branch, subsidiary or representative office to further expand your business in the region, ongoing compliance, improving existing business structures, tax and operation optimizations, and much more.
Our expert compliance teams are uniquely positioned to help you with compliance matters so that you can always focus on your core business.
Road Map to setting up your business in the Principality of Monaco