Among the very first thing you need to do once your business permit request is accepted, is to register your newly formed company at the RCI.
Trade and Industry Registry
Among the very first thing you need to do once your business permit request is accepted, is to register your newly formed company at the RCI, which is the short version of the Trade and Industry Registry. Registration must be completed within two months which follow the commencement of activity.
Natural persons carrying out commercial activity and businesses (except partnerships and economic interest groupings) are registered on the Trade and Industry Registry. However people who carry out manufacturing activities or are self-employed are not recorded on the RCI.
The Trade Registry Service ensures that the legal publication formalities have been fulfilled. Registration is subject to provision of evidence showing the license to exercise the activity or, for Monégasque nationals who do not exercise a regulated activity, the provision of a receipt of notification of exercise.
Registration of SAMs takes place after the following publication formalities:
- Publication, in the Journal de Monaco, of the ministerial decree which authorises and approves the memorandum and articles of association of the public limited company
- Publication of the entire memorandum and articles of association in the Journal de Monaco
- Publication, in the Journal de Monaco, of the date that a certified copy of the memorandum and articles of association, the statement of subscription, the statement of the payment of capital made by the founder and the minutes of the founding general meeting were filed with the General Court Registry
Registration of other businesses (SARL, SCS and SNC) takes place after submission of a copy of the articles of association to the General Court Registry and their publication in the Journal de Monaco. This is at the expense of the company by intermediary of the Business Development Agency.
Any employer in the Principality who wishes to recruit must go to the Employment Office to create an employer’s file and to affiliate itself to the necessary social bodies.
Any job offer must be reported to the Employment Office which will then forward the suitable candidates who have priority status in terms of employment in Monaco. Without the written approval of the Employment Office you are not allowed to employ any new person in your company. Employing someone without the approval of the Employment Office would immediately terminate your business permit in the Principality.
The job offer submission is quite flexible, you can also submit it online. In all cases you will receive an acknowledgement of receipt by email within twenty-four hours of posting your job offer.
The Employment Office will provide you with the suitable candidates within four days of the deposit of the job offer who has priority status in terms of employment in Monaco. If during these four days no candidate has contacted you or no candidate is selected, you can submit a candidate of your choice.
Once you have chosen a candidate, complete the acknowledgment of receipt including the selected candidate’s details and return the document to the Employment Office.
Following the return of the acknowledgement of receipt, and if the candidate you are putting forward is validated by the Employment Office, you will receive a pre-printed form called “Demande d’autorisation d’embauchage et de permis de travail” that will have to be completed with the employee.
In order to submitting the employment request and the work permit you will need to return the form “Demande d’autorisation d’embauchage et de permis de travail” to the Employment Office, duly completed and including five Euro of stamp duty of which three Euro are borne by you.
Once the employee receives a work permit, a registration number for the social security contribution fund and for the independent pension contribution fund, he/she will be able to start to work in your company.
Monaco takes the working hours very seriously. While in many European countries the usual working hours are 40 hours per week, in the Principality the statutory number of working hours is set at 39 hours of actual work per week, not including the time during which the employee is carrying out his or her duties (which, in principle, excludes time taken for dressing, snacks, etc.)
In certain occupations, because of the nature of some of the activities, systems of equivalence have been introduced. An attendance period of more than 39 hours is therefore considered equivalent to 39 hours of actual work. However the actual daily working hours must not exceed ten, except with the authorisation of the Labour Inspector. And the rest period between two consecutive days of work must not be less than ten hours.
Interestingly, at the request of the employer, an employee can work more hours than the legal limit. These working hours are counted as overtime. Subject to a minimum increase in wages, an employer can extend the working hours to 47 hours per week.
Unless a special exemption has been granted, the hours of overtime worked must not exceed the maximum amount of hours stipulated by law, which is up to 60 hours per week in some companies in exceptional circumstances and for short periods with the agreement of the Labour Inspector. Employees who have several jobs must conform with these limits, considering all the jobs as a whole.
But talking about a very interesting side of the employment in the Principality of Monaco, there is a difference between the regulation for working hours for women and men.
Women’s daily work may be interrupted by one or several rest breaks, the total duration of which must not be less than one hour. During these rest periods, the employer cannot ask employees to undertake any work.
Women cannot be employed for night work in factories or workshops unless they are part of the management or occupy a position of responsibility. As a general rule, any work undertaken between 10 pm and 5 am is considered night work.
For further information we highly recommend you to contact the Monaco Welcome & Business Office.
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Living in Monaco
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The author Zsolt Szemerszky intended to hunt down the myth around Monaco and to go beyond gossips. Zsolt is also know by releasing Monaco’s first gourmand book. The Signature Dishes of the Principality of Monaco was launch last December 2016 as the number one release in wine pairing at Amazon.com allows gastronomy lovers to discover the excellence of the Principality of Monaco thanks to recipes and interviews with Executive Chefs who hold together over 50 Michelin stars.
However Living in Monaco is significantly different from his other books. It is not a travel book, it is an ultimate guideline to those who are aiming to get a glimpse about the real Monaco and who have the desire to relocate their personal or business life to the Principality.
The book explains the benefits of the relocation (both for private and business reasons), the life quality in the Principality, and reveals how can one capitalise the unseen treasures and business potentials of Monaco. The “Relocation and what it takes” chapter also explains all the tiny details, traps, tips and best practices while it offers a detailed overview of the administrative mechanism of the Principality.
One of the interesting part of the book is the second part which focuses on the people, the opportunities, and the traps in Monaco. It offers a first hand guidance to avoid to fell for the catchy workings and the illusions of luxury. Understanding the real-life examples one can truly enjoy the Principality with all its safety and protective legal systems for families and businesses.
The book is available for purchase in English at: http://amzn.com/1496107004