Setting up in the Principality of monaco
On a personal level, deciding to settle in Monaco means choosing an outstanding quality of life in a safe, stable Principality, whose international influence extends right across the globe.
On a professional level, deciding to settle in Monaco means becoming a part of a dynamic economy that is resolutely international in outlook.
In both cases, it means benefiting from moderate taxation in a system that favours indirect over direct taxes.
>> Check out all these great reasons to choose Monaco
HOW TO SETTLE IN MONACO
Personally
Documents to be provided to the Police Department to obtain a residence permit:
- Property deed, rental agreement or proof of accommodation in Monaco
- Employment document stamped by the Principality’s Employment Office or a bank reference demonstrating sufficient means of support
- For nationals of countries that are not members of the Schengen Area, the formalities to be completed vary depending on the nationality and country of origin, but in all cases, prior agreement from the French authorities will be required. More information is available from the Police Department Residents Section: +377 93 15 30 17.
Professionally
All professional activity is subject to prior authorisation from the Prince’s Government.
Some activities may be subject to specific rules (nationality of the entrepreneur, qualifications, experience, legal form of the company, amount of share capital, etc.). These include:
- Financial activities (portfolio management, transmission of stock market orders, investment advice, creation and management of mutual funds)
- Banking and credit activities
- Insurance
- Activities carried out by ministerial officials or controlled by professional associations, including the professions of notary, bailiff, lawyer, architect or accountant
- Medical, paramedical and pharmaceutical activities
- Estate agents, property administrators, managers of co-owned buildings
- Manufacture and sale of articles of precious metals
- Private personal and property protection services
Various legal structures are possible:
- Sole trader
- Partnership (société en nom collectif, SNC)
- Limited partnership (société en commandite simple, SCS)
- Limited liability company (société à responsabilité limitée, SARL)
- Joint-stock company (société anonyme monégasque, SAM)
Administrative offices and branches require administrative authorisation.
Government assistance is offered to businesses: for start-up, marketing, innovation, training and hiring, industrial subsidies, Eureka Network, Société d'Aide à la Création et au Développement d'Entreprise (SACDE)
> All the information about starting and managing a business in Monaco is available on the dedicated website of the Princely Government.
