For people who do not have Monegasque citizenship, a permit must be issued by the Minister of State in order to open and run any business in the nation. The business could be in virtually any sector including manufacturing, crafts, trading or consulting. The operator could choose the best legal vehicle (sole trader, partnership, company) for the venture.
The conditions for the issuance, processing and retention of the permit are written in legislation: Act no. 1.144 of 26 July 1991, which speaks to economic and legal activities. The criteria for obtaining this permit is as follows:
In order to assess professional reputation comprehensively, an official inquiry is launched and criminal or judicial records of the leading entrepreneurs are obtained and examined.
All professional qualifications used to justify the ability to successfully run a company must be in the name of the major entrepreneur. Some activities have their own specific entry conditions.
Creation of a Stable Business Activity
The structure of the business is also assessed by looking at its nature and size in order to determine the authorization should be granted.
Specific conditions aside from Act no. 1.144 of 26 July 1991 apply when setting up a société anonyme or a société en commandite par actions. They require authorization to set up the business as well as an approval of the Memorandum and Articles of Association and a capital share of €150,000, to name a few.