In a bid to enhance transparency and accountability, the Monaco Government has announced new legal requirements for businesses and economic interest groups operating in the Principality. Under the revised corporate laws, all Monaco-based companies and Economic Interest Groups must now appoint a designated representative responsible for overseeing essential company information and ownership records.
Recent changes to Monaco’s corporate law have brought about new registration requirements for commercial companies and economic interest groups (GIEs) listed on Monaco’s Trade and Industry Register.
These provisions involve various legal structures, including limited liability companies (SARL), public limited companies (SAM), limited partnerships (SCS), general partnerships (SNC), limited partnerships with shares (SCA), Economic Interest Groups (GIE) and foreign companies operating as Societas Europaea (SE).
A key requirement is the designation of a person responsible for maintaining the company’s basic information and details of beneficial ownership. This role can be held by one individual overseeing both categories or can be split between two designated persons.
The range of eligible candidates for this responsibility includes partners, shareholders, managers, staff members and, specifically for GIEs, members from associated legal entities.
Importantly, these designated individuals must reside in the Principality. If no such person is available, professionals from Monaco’s legal and financial sectors can assume the role. This list includes lawyers, trainee lawyers, chartered and certified accountants, notaries, corporate service providers, legal advisors and multi-family office representatives.
The registration process is free and involves completing forms provided by Monaco’s Economic Development Department. More details and links to the necessary documents are available on the Principality’s official business portal: www.monentreprise.gouv.mc.
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