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.
Do you have a question?
Monaco Wealth Management is working with the some of the most experienced advisors in the Principality of Monaco.
Since 2010 we gained a member base of 9,000 Monaco residents, and our trusted partner, VK*P business advisors have over 3,000 people informed and guided on business and residency matters. If you have any questions about Monaco residency, business formation or business development we are happy to assist you in English, French, Italian and Spanish. Please feel free to contact us.
Selected UHNW Business Club Members
Networking for UHNW Industry Leaders
The UHNW Business Club by Monaco Wealth Management brings together leaders in the HNW and UHNW industry for the purpose of expanding and growing key relationships within this niche market.
UHNW Business Club is running exclusive bespoke networking events designed to connect, educate and expand global business relationships.
To become a member of the UHNW Business Club, we charge an annual membership application of €599.00.
UHNW Business Leaders Networking Evening in London, UK (22 January 2020)
Join us for a wonderful evening at the exclusive Vault Bar and connect with leaders from the UHNW industry from Monaco and London.
22 January 2020 (Wednesday)
18:30 - 21:00
The Vault, Revolution Bars
Live demonstration of the YAMBA platform and a case study on Walt Disney's data transformation.
28 January 2020 (Tuesday)
18:00 - 19:30
CREM (Foreign Residents' Club of Monaco)
1, Avenue Princesse Grace
UHNW Business Club Evening in Monte-Carlo, Monaco (17 April 2020)
Welcome to Monte-Carlo. Join UHNW industry leaders and UHNW business owners for an interactive networking evening in Monaco.
17 April 2020 (Friday)
17:30 - 21:00
TV Art Live Gallery
Rue du Berceau
UHNW Business Club Newsletter
Interested to learn more about the Principality of Monaco?
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