OUR PRICES

The description of corporate structures and prices quoted below is serving as a general guide and may be subject to the most recent changes of the legislation in various jurisdictions. We invite you to contact us for the latest update and free quotation.

COUNTRY: Monaco

Monaco  Administrative Office 
 
Although Monaco is an attractive location for individual residents, it does not offer itself as an offshore jurisdiction for businesses, in fact the tax regime acts to discourage companies from making profits unless activity is strictly local, and the local market is inevitably small and not attractive. Companies doing more than 25% of their business outside Monaco are subject to tax. Monaco’s corporate tax rate is a flat 35%. To avoid taxation on one’s foreign profits, a Monaco base company is advised to keep only its administrative offices in Monaco while organizing subsidiaries in other low tax jurisdictions.
 
Basic Tax Principles: There are no income taxes for Monegasque nationals and foreign residents, which is one of the main attractions of Monaco as a place of residence for high net worth individuals. The exception to this rule is French nationals as per the Franco-Monegasque bilateral convention of 1963. For French nationals, two distinct categories exist:
- French nationals who can prove that they resided in Monaco at least 5 years before October 31, 1962 are subject to the same system as other nationalities.
- Other French residents are subject to French income tax collected by the French administration.
Income tax exemption applies only to individuals actually living and working in the Principality and does not override any taxation laws imposed by other countries. 
 
It must be noted that in 2004, Monaco was forced to join the EU's Savings Tax Directive regime, and agreed to impose a withholding tax on the interest income of EU residents at the same rate as Austria, Belgium, Luxembourg, and other EU states and to hand over 75 per cent of such revenues to the Member State of the EU resident concerned. The rate of withholding tax is 15% from July 2005 but will increase to 20% from 1^st July 2008, and 35% from July 2011.Monaco also agreed to exchange information on request in criminal or civil cases of tax fraud or similar misbehavior. The new regime came into force from 1st July 2005, and it remains to be seen what kind of effect it will have on Monaco's banking sector.
 
Forms of business entities in Monaco:  There are seven possible forms of conducting a business operation in Monaco:
- Company limited by shares (société anonyme Monégasque);
- General partnership (société en nom collectif);
- Limited partnership (société en commandite simple);
- Partnership limited by shares (société en commandite par actions);
- Civil partnership (société civile) - reserved for non-commercial activities;
- Sole proprietor Branch of a foreign corporation.
 
Administrative office: Administrative offices (sometimes called "headquarters") are offices belonging to a firm or an international group, whose registered office is in another country. These offices carry out administrative and financial management and coordination or supervision tasks - for the group only - in a specified geographic area. Administrative offices work only for the entities belonging to the group and their creation is subject to prior administrative authorization. This authorization is granted for a limited duration after which the application must be renewed. Applications must be addressed to the Ministry of State and must be deposited with the Direction de l'Expansion Economique. As in the case of other applications for permission, the assistance of a local professional is strongly advised. Administrative offices pay tax on minimum basis of 2.66% of their operating expenses, as long as they have no activity outside their group and limit their activity to internal management of the group. Administrative offices do not pay profits tax.
 
Procedure of setting up an administrative office:  To establish an agency or administrative office of a foreign company on Monégasque territory, an application must be sent to the Minister of State (Ministre d’Etat), which includes:
- Request in letterform addressed to His Excellency the Minister of State outlining proposed business activity;
-  Statement as to why Monaco has been chosen as location for setting up new office and description of the company the office will represent;
- Organization chart for group;
- Budget forecast, including turnover and employees, projected over three years;
- 2 certified copies of the company’s articles of association (French translation may follow);
- 1 extract of the company’s adherence to the commercial registry in the country of origin;
- 1 copy of balance sheet and operating account for the previous three years;
- 1extract from the headquarters’ board of directors’ meeting outlining the decision to open an agency or administrative office in Monaco;
- Financial information sheet (or brochure) stating date of creation; principal activities; countries in which firm is established; and number of employees;
 
A managing agent will be named who must fill out 3 copies of the form entitled «Notice de renseignements individuels» (2 pages) and provide the following documents:
- Copy of residence permit, identity card or passport;
- Birth certificate;
- Certificate proving clean police record;
- Marriage certificate and marriage contract (if applicable);
- Divorce decree (if applicable);
- Death certificate of spouse (if applicable);
- Certified copies of diplomas and translated references (can be submitted later);
- Curriculum vitae.
- 1 copy of form entitled: «Note de renseignements relative au local professionne » (1 page) and copy of lease,
subletting contract or contract for temporary occupation of office premises;
- 1 copy of form entitled: « Questionnaire portant sur les caractéristiques de l’activité projetée » (3 pages);
- 1 copy of form entitled: «Annexe complémentaire dans le cadre d’une installation industrielle » (1 page);
 
Time needed for setting up of the administrative office: Usually it is up to 14 working days.
 
In order to proceed with the registration of the Monaco company or an administrative office please visit our  how do I start  page and then proceed to  filling in our application form
 

Our fees for the setting up of  Monaco administrative office
- Fee includes:
- Managing agent fees for one year
- Dealing with various relevant applications
- Notary and certification fees
Please contact us for  a free quotation, we shall respond immediately !
Optional services (to be chosen by the client)
- Bank account opening in one of the banks in Monaco
More information about Monaco is available on our web site.  Please visit our Jurisdictions Directory   to buy specific directory or  register with our  offshore and tax knowledge database   which can offer you access to more than 3,000 pages of downloadable reference information and more than 2,000 various laws and regulations currently enacted in more than 60 countries around the world.   For DeltaQuest Corporate Services please contact: Telephone: +357-25-878480 Fax:+357-25-761160 E-mail: info@mydeltaquest.com Mailing address: P.O.Box 57216, Limassol 3313, Cyprus Business address: 14, Louki Akrita Str., Ayias Zonis, Limassol 3030, Cyprus You can also fill our contact form For DeltaQuest Legal Services please contact: Telephone: +357-25-363609 Fax:+357-25-343347 E-mail: legal@mydeltaquest.com Mailing address: P.O.Box 54279, Limassol 3722, Cyprus Business address: 210 Makarios Avenue, Second Floor, Limassol , Cyprus You can also fill our contact form