New legal provisions for trading companies and economic interest groups

©DR

New legal provisions apply to trading companies and economic interest groups (EIG) registered in the Trade and Industry Register (RCI).

The new provisions apply to the following legal structures:

• Private limited liability company (SARL)
• Joint-stock company (SAM)
• Limited partnership (SCS)
• Partnership (SNC)
• Partnership limited by shares (SCA)
• Economic interest group (EIG)
• Foreign companies (SE)

Companies must now appoint a person or persons responsible for basic information on the legal entity and for information on beneficial owners and declare this to the Business Development Agency.

Companies must designate either one single person for both categories of information or two separate persons.

Designated person(s) can be:

• Partners
• Shareholders
• Executives
• Employees
• Members

They can also be a representative of an associated legal entity, executive or member (for EIGs only).

The designated officer(s) must be natural persons residing in Monaco.

If no natural person resident in the Principality can be designated, information officer(s) must belong to one of the following professions:

• avocat-défenseur, lawyer or training lawyer
• public accountant or a chartered accountant
• notary
• company service provider
• legal consultant
• multi-family offices

This information must be declared to the Business Development Agency using a dedicated form and is completely free of charge.

For more information about the procedure, visit www.monentreprise.gouv.mc , under “How to designate a person responsible for the information”. 

The Business Development Agency

9 Rue du Gabian

98 000 MONACO

Hours: 9.30 am to 5 pm, Monday to Friday