Create / Resume

Forming an enterprise is as exciting as it can be complex. Although it is essential to have a good idea, it is also a process that requires a great deal of thought and gives rise to questions to which the creator of the enterprise alone cannot always provides the answer, because they involve in-depth knowledge of a variety of areas (legal, tax, accounting, financial, etc.) that can go beyond the skills required to carry out the planned business activity.

For example:

• Is your project viable?
• What legal status should you choose?
• How do you find the funding you need?
• What steps need to be completed?
• What aid can you benefit from?
• How do you draft your Articles of Association?

Public accountants are perfectly positioned to help you with this business adventure: the range of skills they possess enables them to intervene at numerous key stages, such as preparing a business plan, looking for funding, legal, tax and social decision-making and preparing Articles of Association. They can also anticipate problems and suggest the right solutions for every situation.

As well as the knowledge associated with the feasibility and viability of your project, your public accountant in Monaco knows everything about the specificities of establishing your business in the Principality. The formation of all enterprises is subject to approval by the Princely Government (with the exception of Monegasque declarations of business). A dossier must be filed with the administration for this purpose. Your Monegasque public accountant acts as your principal point of contact for the preparation, presentation and monitoring of this process.

Your public accountant assists you at every stage of your project, because he or she is also able to provide you with the best advice on the right legal form for your business, taking into account the tax aspects (domestic and international) associated with your situation as well as your social security needs.

Once a business plan has been prepared and the project to start up a company or to recommence an existing business activity has been validated, your Monegasque public accountant assists you with all the steps that will  be indispensable for the success of your project:

• Selection of legal status: There are several kinds of enterprise in the Principality. Your public accountant helps you choose which one is the most appropriate for your situation and your project.
• Application for approval to carry out a business: This application for approval  which is submitted to the Minister of State, is an indispensable part of forming an enterprise in Monaco.
• Domiciling your enterprise: This step requires choosing a location – an office, commercial premises, a personal residence or a business centre – for your registered office. Your public accountant can advise you on the selection of the right type of premises for your project.
• Post-authorisation formalities: Once an authorisation to carry out a business has been obtained, other formalities must be completed in orde to register your enterprise : registration with the Trade and Industry Register, attribution of a Statistical Identification Number at the Monegasque Institute of Statistics and Economic Studies (IMSEE) and the Statement of Existence of the enterprise at the Department of Tax Services. Your public accountant can complete all these steps on your behalf.
• Affiliations with social bodies: Sole operators and managing partners are obliged to join social bodies for self-employed workers with fixed contributions :

                 - The Caisse d’Allocation Maternité et Maladie des Travailleurs Indépendants (CAMTI)

                - The Caisse d’Allocation Retraite des Travailleurs Indépendants (CARTI) 

Your accountant cam help you complete the membership form and advise you on selection of the contribution category.

• Recruiting employees: The recruitment of employees in Monaco (http:/service-public-entreprises.gouv.mc/Emploi-et-social/Recrutement/Recrutement/Recruter-du-personnel) is managed by the Employment Office and is subject to approval by the Office. Your accountant supports you in your relations with the Employment Office and with the registration and employment formalities.

The government of Monaco provides support to enterprises by proposing numerous forms assistance with setting up a business, including:

•  Exemption from income tax for new enterprises (subject to conditions);
• Exemption from social security costs for job creation;
• The Research Tax Credit;
• Industrial bonuses;
• Paying the costs of trade shows and exhibitions;
• Etc.

 You can find all the different types of government aid for setting up and developing companies here : 

All these forms of aid are subject to terms and conditions, and require a certain level of formalities.

Your public accountant in Monaco is therefore a considerable asset to the success of your business plan in the Principality. If you would like assistance with this procedure, please contact one of our members