In order to run a business in Monaco, whether in trade, industry, crafts or as a freelancer, as a sole trader or as a company, those without Monégasque nationality must acquire a business permit issued by the Minister of State.
One of the most important pre-condition to be granted by the administration is the good morality and a clean criminal record.
The permit is issued according to the following criteria:
- Professional reputation: The professional reputation is assessed according to any criminal or judicial record on the part of the entrepreneur and following an official inquiry.
- Professional qualifications: Professional qualifications must be held in the entrepreneur’s own name. Some activities are subject to specific entry conditions (certificates, nationality, guarantees, etc.)
- The creation of a stable business activity: Authorization is only granted if the operational structure is appropriate to the nature and size of the business.
The conditions for issue of the permit, processing of the application and retaining the licence are laid down by Law n. 1.144 du 26/07/1991, except where a specific law governs the profession.
Persons of Monégasque nationality must send the Minister of State a declaration of business activities unless the activities envisaged are subject to entry conditions defined by a specific regulation or where they are creating a société anonyme (SAM) or a société en commandite par actions (SCA).
Setting up a société anonyme or a société en commandite par actions is subject to specific conditions (authorisation to set up the business, approval of the Memorandum and Articles of Association, share capital of 150,000 €, etc.) ( Ordonnance du 05/03/1895 sur les sociétés anonymes et en commandite par actions and Code de Commerce ).
For further information we highly recommend you to contact the Monaco Welcome & Business Office.
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