Tips for Starting a Business in Monaco

If you’re an entrepreneur considering establishing yourself in Monaco, read on

Startin-a-business-in-Monaco

There are many powerful reasons to consider starting a business in Monaco, from the advantageous tax system to the Principality’s resident pool of wealthy clientele. When you also take into account the superb infrastructure, the high premium put on security, and the ever-increasing value of Monaco’s real estate due to the limited land area, buying a Monaco business for sale becomes a no-brainer for the savvy entrepreneur.

Set up for Success in Monaco

By starting a business in Monaco, you immediately put yourself ahead of the competition, securing yourself a premises in one of the most exclusive patches of earth on the planet. Imagine working in your shop or offices each day, looking out to vast views of mountain and sea, and impressing VIP clients with long lunches at Monte Carlo’s Michelin-starred restaurants and beach clubs. Monaco has over 2,000 millionaire residents (your new customers), as well as a constant stream of tourists and visitors passing by retail and office premises.

If your brand is looking to make an impact, there’s no better way to do it than by buying a commercial property for sale in Monaco. Here are some top tips to ensure you start your Monaco business the right way.

Starting a Business in Monaco: Things to Know

  • There are a multitude of business and investment opportunities in Monaco, with tourism and hospitality, cosmetics and fashion, transport and pharmaceuticals, precision engineering and electronics some of the key industries.
  • Monaco applies no income tax for its residents.
  • Monaco is not formally part of the EU, but does use the euro and has reciprocal agreements with France, meaning that many EU laws do apply.
  • The Monegasque government has an international outlook and welcomes foreign investors and businesspeople to operate in the Principality, so starting a business in Monaco is made relatively easy. You should contact the Monaco Business and Welcome Office to discuss your plans and make useful contacts, including with the Monaco Economic Board and local banks, accountants and notaries.
  • Whether you need a permit to engage in business will depend on the legal entity of your business, as well as the nature of your product or service. See more information here.
  • If you are selling an original product, you may wish to apply for a trademark or patent in Monaco, through the Economic Development Direction office. Trademarks apply for 10 years from date of application (renewals possible), while patents have a maximum 20 years duration from date of deposit paid.
  • For businesses hiring employees, the minimum wage in Monaco is the same as that of France (€9.88/hour as of 2018), plus 5% to account for travel costs, as the majority of employees will live outside the Principality. Annual leave is five weeks, and there are 11 public holidays.
  • Once you have found your monaco business premises for sale, you’ll need to declare a registered office as well as organise inspection visits from the Technical Commission for Hygiene, Security and Environmental Protection, as well as the Department of Forward Studies, Urban Planning and Mobility.

Other Administrative Steps

  1. Register your business in the Trade and Industry Register.
  2. Request a Statistical Identification Number from Monegasque Institute of Statistics.
  3. Declare the business or company to the Department of Tax Services.
  4. Register with social security orgs: Sickness, Accident and Maternity Insurance for the Self-Employed (CAMTI), and The Independent Pensions Fund for the Self-Employed (CARTI)
  5. If hiring staff, create an employer’s file with the Employment Office.

More detailed information on all of these steps with the relevant links is to be found at https://en.service-public-entreprises.gouv.mc/Business-guidelines/Starting-a-business.

Finding the Perfect Commercial Space in Monaco

Monaco-business-for-sale

Monaco’s reputation for glamour and exclusivity confers immediate status on your business. If you’re thinking of starting a business in Monaco, La Costa Properties currently some superb Monaco business for sale, including this retail space in glamorous Golden Square, and a shop with cellar in busy Condamine.

For more information on these properties call +377 97 97 99 00 or contact us using the form below.






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