In order to run a business in Monaco, whether in trade, industry, crafts or as a freelancer, as a sole trader or as a company, those without Monégasque nationality must acquire a business permit issued by the Minister of State.
One of the most important pre-condition to be granted by the administration is the good morality and a clean criminal record.
The permit is issued according to the following criteria:
- Professional reputation: The professional reputation is assessed according to any criminal or judicial record on the part of the entrepreneur and following an official inquiry.
- Professional qualifications: Professional qualifications must be held in the entrepreneur’s own name. Some activities are subject to specific entry conditions (certificates, nationality, guarantees, etc.)
- The creation of a stable business activity: Authorization is only granted if the operational structure is appropriate to the nature and size of the business.
The conditions for issue of the permit, processing of the application and retaining the licence are laid down by Law n. 1.144 du 26/07/1991, except where a specific law governs the profession.
Persons of Monégasque nationality must send the Minister of State a declaration of business activities unless the activities envisaged are subject to entry conditions defined by a specific regulation or where they are creating a société anonyme (SAM) or a société en commandite par actions (SCA).
Setting up a société anonyme or a société en commandite par actions is subject to specific conditions (authorisation to set up the business, approval of the Memorandum and Articles of Association, share capital of 150,000 €, etc.) ( Ordonnance du 05/03/1895 sur les sociétés anonymes et en commandite par actions and Code de Commerce ).
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Living in Monaco
It is available for purchase in English at: http://amzn.com/1496107004
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