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23/03/22

Instructive insights into setting up a business in the Principality at the Club de l'Éco

Organised by Monaco Economic Board (MEB) and the Nice-Matin Group Thursday 17 March at MonacoTech, this conference fielded a variety of speakers to explain what is involved in setting up a business and to highlight opportunities in the Principality.

After a breakfast welcome, the 60 delegates were treated to an agenda of instructive talks starting with Stephan Bruno, new head of the Business Development Agency (BDA). His appointment coincided with BDA’s merger with the Welcome Office, both key players in helping businesses set up in the Principality. Mr Bruno set the tone: “Between being rigorous and flexible the objective is simple – to attract companies who add value to Monaco and continue to promote our brand internationally”.

Chaired by Christian Huault, an Editor-in-Chief at the Nice-Matin Group, the conference then alternated keynote speakers with testimonies from entrepreneurs in the form of short videos,  a dynamic format that gave a complete overview in just under an hour of what future business leaders can expect.

Stephan Bruno and Vincent Ferry, head of BDA’s business setup division, were able to respond straight away to Monaco Wellness System’s founder, Laurent Devivi, who having already talked to Monaco Welcome at the Monaco Business show, was able to set up his company very quickly. MYA co-founder Massimo Matturi in the yachting sector then spoke about how efficient exchanges had been with the administration to compile his application. Procedures take up to three months, this being the time required to ensure applicants’ integrity, an obligation taken seriously to guarantee standards and instil confidence for future investors.

Another structure is MonacoBoost, a new business incubator set up by the Government to help young Monegasques heading up promising projects (and recently their partners) by providing premises and “interesting synergies with entrepreneurs from different backgrounds” as its manager, Nathalie Guaitolini, explained. William Scheffer and Anthony Orengo, co-founders of Monte Carlo Beer could only agree, delighted by this opportunity which had made it easier to develop their Monegasque beer concept on their return from Singapore.

MonacoTech Director, Lionel Galfré, then showed how the Principality’s incubator-accelerator could help new businesses get off the ground with innovations. Rigorously selected, startups “must be in line with Monaco’s values and expand in a sustainable way”. That is the goal of InnoDeep founded by Mustapha Hamdi in the MedTech business for which Monaco has all the ingredients to attract budding young entrepreneurs to this sector.

Monaco is fertile territory for startups that can plan for the long-term as demonstrated by the last contributor. Bruno Pariset, who runs Sacome Conti, has been manufacturing coffee machines in the Principality since 1956 and exports them all over the world. Its longevity is partly down to the support given during the health crisis by the government which has enabled this manufacturer to look to the future with confidence and ambitious prospects for double-digit growth. An excellent example of a sustainable business.  

In short, Monaco is a particularly favourable place for startups, supported by an efficient banking system, as demonstrated by Loïc Chollet-Verger, Director Caisse d’Epargne Monaco Business Centre and an Eco Club member, and entities like Monaco Economic Board whose actions are geared to businesses and include promoting synergies between stakeholders.

 

About the Eco Club

Founded 2011, the Nice-Matin Group’s Eco Club aims to promote the Principality’s reputation as a place to do business on a regional level, by highlighting its dynamic economy and companies.

The Eco Club organises three conferences a year on business themes which benefit from extensive media coverage, starting with a full report in the Nice-Matin Group’s Eco pages (650,000 readership across all titles).

In 2012 it launched the Eco Club Awards which every year recognise Monegasque businesses that are making their mark.

 

Eco Club members

BPI France  

Caisse d’Epargne

Monaco Government (Communications Department)

Grimaldi Forum

Monaco Economic Board

Monaco Telecom

Monte-Carlo SBM

SMEG

 

Photos (credits MEB/ Carte Blanche)

Photo 1 l-r: Guillaume Rose, MEB Executive Director General; Stéphan Bruno, Director Business Development Agency (BDA); Nathalie Guaitolini, Manager Monaco Boost at Monaco Welcome; Vincent Ferry, head of BDA’s business setup division; Lionel Galfré, Director MonacoTech; Christian Huault, Editor-in-Chief Nice-Matin Group.

 Press contacts: Benoît Ulrich / Delphine Quilichini - presse@meb.mc