THE NEW LAW IS A SUCCESS!

The new law on companies, which was voted at the end of 2006, now produces its effects to the full extend. First of all, we noticed that many people were waiting for this new law to set up their Limited Liability Company (SARL) in the Principality. At the MONACO BUSINESS CENTER, we have the pleasure of hosting several Limited Liability Companies since September 1st 2007. The aims of these companies are construction, international business and various services.

Furthermore, unsurprisingly, we have seen a large number of Limited Partnerships (SNC and SCS) be transformed into Limited Liability Companies. Hence, the partners limit their risks to the amount of their contribution and are no longer liable on their personal assets. Only the manager is liable, especially in case of professional misconduct.

Finally, virtual offices are still not allowed in the Principality. As a matter of fact, the Authorities want the setup to be real and wish in particular to avoid companies making fake invoices for tax reasons only.

Set up your SARL (Limited Liability Co.) in Monaco !

The SARL is now available in Monaco, thanks to the new law voted by the Parliament on December 21st, 2006.

The minimum capital is 15.000 euros and the Authorities must respond to a request for autorisation within 3 months, otherwise the autorisation will be considered automatic.

The SARL can rent an office at the MONACO BUSINESS CENTER and use it as a registered address, meet clients and hire personnel if needed.

For any further information regarding this new legal structure, the requirements, etc., please go to the Government's web site : www.gouv.mc