The state language is French and the official currency is the euro.
Monaco has an active foreign policy aimed at international integration and cooperation in all spheres of life. Monaco is a member of international organisations: the Council of Europe, UNESCO, WHO, WTO, etc. It is not a member of the EU, but has close economic ties with the union.
A pleasant climate, beautiful scenery, high economic and social indicators and a flexible tax policy make Monaco very attractive to international businessmen.
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From all the possible types of advantages that open up to the founders when incorporating a company in the Principality, it is definitely worth noting:
Under current legislation in the Principality, it is possible to register your business in the following legal forms:
One of the most popular forms of company with a share capital of 15 thousand euros, which can conduct commercial activities and has at least two founders. Deposit amounts limit the liability of the persons who are the founders of the companies.
The number of founders starts from two and the minimum capital is 150 thousand euros.
The organisation's Board of Directors manages its activities. The amounts contributed by the company's founders limit their liability.
Based on an analysis of the current legislation regulating business entities, the following can be said regarding the specifics of the company registration procedure:
Any company in Monaco is exempt from paying tax for the first two years of operation.
The main principle of Monaco's fiscal system is the total absence of direct taxation. There is an exception to this principle:
Companies earning more than 25% of their turnover outside the Principality and companies, the activities of which consist of income from patents and literary or artistic property rights are taxed at 33.33% on profits.
The Principality of Monaco has participated in the automatic exchange of information (CRS) since 2017. The basic VAT rate of 20%, which applies to most transactions involving the sale of goods and provision of services.