Monaco (MC)
Monaco is the world's most expensive and glamorous sovereign micro-state — a 2.
Capital: Monaco
Region: Europe
Language: French
Currency: EUR (€)
Cost of living: Very expensive (index 100)
Emergency: 112
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Business Setup
Start a business or go freelance in Monaco.
🧑💻 Freelancer / Self-Employed Guide
Steps to register:
- 1 Step 1: Obtain Monaco residence card (carte de résident) — this is the prerequisite. Non-EU nationals must also have a French VLS-TS visa before entering Monaco.
- 2 Step 2: Apply to the Direction de l'Expansion Économique (DEE) for authorisation to practise your professional activity in Monaco. Submit a business plan, professional qualifications, and proof of residency.
- 3 Step 3: If in a regulated profession (lawyer, doctor, accountant, architect): obtain recognition from the relevant Monaco professional order (Barreau de Monaco for lawyers, Ordre des Médecins for doctors).
- 4 Step 4: Register with the Registre du Commerce et de l'Industrie (RCI) de Monaco if your activity is commercial in nature.
- 5 Step 5: Register as a self-employed worker with CCSS (Caisse de Compensation des Services Sociaux) for social security contributions.
- 6 Step 6: Obtain professional indemnity insurance (assurance responsabilité civile professionnelle) — mandatory for most liberal professions in Monaco.
- 7 Step 7: Open a Monaco business bank account (strictly separate from personal account). Allow 4–8 weeks — Monaco banks require extensive KYC documentation.
Tax registration
Self-employed professionals register with the Direction des Services Fiscaux de Monaco for business activity purposes. Monaco has NO personal income tax — no income tax registration or Finanzamt equivalent. If your activity generates more than 25% of revenue from outside Monaco, you may be subject to Monaco's Taxe sur les Bénéfices (corporate-equivalent profit tax at approximately 33.33%) — seek specialist advice from a CCAF-regulated Monaco tax adviser. TVA (VAT) registration is required if your activity exceeds applicable thresholds under the French customs union framework.
VAT threshold
Monaco applies French TVA rates (standard 20%) under the French customs union. The TVA exemption threshold for small businesses mirrors French rules — consult the Direction des Services Fiscaux de Monaco for the current threshold applicable to your specific activity type. TVA registration is filed through the Direction des Services Fiscaux using the French TVA system.
Invoicing
Invoices must include: your full name/business name and Monaco address, client's full details, invoice number (sequential, no gaps), service date, description of services, net amount, TVA rate and amount (if registered), and your Monaco business registration number from the RCI. Invoices to Monaco-based clients: issued in French. Record retention: 10 years for commercial documents under Monaco law.
Social security
Self-employed freelancers must register with CCSS as a travailleur indépendant. You pay both employee and employer shares of contributions — approximately 28–35% of net professional income. This provides access to Monaco's CCSS healthcare, maternity/paternity benefits, and CAR pension contributions. CCSS contributions are assessed annually based on declared professional income. First-year contributions are typically assessed on a provisional basis with adjustment once actual income is known.
💡 Monaco has NO personal income tax for non-French nationals. A €100,000/year Monaco freelancer income yields dramatically higher net income than an equivalent in France or Germany — the CCSS contributions (~28–35%) are the primary deduction. Key advantage: no wealth tax, no capital gains tax on personal investments for Monaco residents. French nationals remain subject to French income tax under the 1963 Franco-Monégasque convention even as Monaco residents — they do not benefit from the zero income tax advantage.
🏢 Business Structures
Travailleur Indépendant / Profession Libérale · Travailleur Indépendant — Activité Professionnelle Non Salariée
Self-Employed / Liberal Profession
None
Min. capital
6–12 weeks
Setup time
Liability: Unlimited personal liability
Setup cost: €200–500 (Direction de l'Expansion Économique registration)
Best for: Consultants, lawyers, doctors, architects, accountants, coaches, creative professionals. Requires Monaco residence card and professional qualification recognition.
SARL · Société à Responsabilité Limitée (Monaco)
Limited Liability Company (LLC)
€15,000 (minimum, fully paid up on incorporation)
Min. capital
6–12 weeks (Direction de l'Expansion Économique approval required)
Setup time
Liability: Limited to company assets
Setup cost: €2,000–5,000 (notary, Registre du Commerce)
Best for: Most Monaco businesses with 2–100 shareholders. Standard vehicle for professional services, trading companies, and holding structures.
SAM · Société Anonyme Monégasque
Monaco Public Limited Company
€150,000 (minimum)
Min. capital
3–6 months (requires Sovereign Ordinance — Prince's formal approval)
Setup time
Liability: Limited to company assets
Setup cost: €5,000–15,000+ (notary, DEE approval, government ordinance)
Best for: Larger Monaco businesses, financial services firms, and companies seeking to raise capital from multiple shareholders. Monaco's main form for significant commercial enterprises.
SNC · Société en Nom Collectif
General Partnership
None
Min. capital
4–8 weeks
Setup time
Liability: Unlimited joint liability for all partners
Setup cost: €1,000–2,000
Best for: Professional partnerships (lawyers, notaries) where all partners want equal standing. Rarely used for commercial ventures due to unlimited liability.
SCS · Société en Commandite Simple
Limited Partnership
None
Min. capital
4–8 weeks
Setup time
Liability: Unlimited for general partners (commandités), limited for silent partners (commanditaires)
Setup cost: €1,500–3,000
Best for: Fund structures, family wealth structures with active and passive investors. Used in Monaco's alternative investment sector.
Fondation · Fondation de Droit Monégasque
Monaco Foundation (Private / Charitable)
€200,000 minimum endowment (private purpose); lower for charitable/public benefit
Min. capital
3–6 months (requires Sovereign Ordinance)
Setup time
Liability: N/A — foundation assets separate from founders
Setup cost: €5,000–20,000+ (legal and notarial fees)
Best for: Philanthropic structures, family wealth preservation, cultural or environmental missions. Monaco foundations benefit from Monaco's stable legal framework and no inheritance tax between direct heirs for foundation assets.
Business Setup
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