Moving your business in Monaco
In addition to the favourable weather and security, Monaco is also popular for its favourable tax climate. Businesses who are seeing profits and success may want to set up offices in Monaco. More specifically, Monaco is an attractive place for many European businesses. There different office types that a business may choose to open:
If a company has a registered office abroad, it may open an administrative office in Monaco in order to manage or coordinate business on a regular basis. In order to open an administrative office in Monaco, the business must be granted an official permit. However, no commercial activity is allowed to be performed in an administrative office.
A commercial office is one where the registered office of a company is located abroad but the company wants to start conducting commercial activities in Monaco. In order to do this, a business permit must be granted by the Minister of State. Secondly, a director for the commercial office branch must be appointed. An application for authorization must be filed and this can only be done by a legal representative of the parent company. Secondly, the office must be registered in the Trade and Industry Registry and the revenue of the company is subject to Monaco’s corporate income tax if it generates more than 25% of its turnover outside the Principality of Monaco.
For more information to open a business or further consultation, contact us!