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GBC LLC Rep Office Branch Office
Local Name SAM SARL Bureau Administratif Monegasque Succursale
Company Setup Time 15 days 30 days 30 days 20 days
Bank Account Opening 10 days 10 days 10 days 10 days
Government Grants Available Yes Yes No No
Government Contracts Bidding Yes Yes No No
Limited Liability Yes Yes No No
Client Required to Travel No No No No
Inquiry Inquiry Inquiry Inquiry

Corporate Structure Explained

Monaco General Business Corporation (Monaco SAM)

  • The GBC is locally known as Societe d’Affaires Monegasque. A minimum of two shareholders is required. Its also required a minimum share capital of EUR 150,000 to be paid during the incorporation process. At least two directors must be appointed who may be of any nationality or reside outside the country, they can be individual or corporate entities
  • SAMs in Monaco are exempt from tax if more than 75% of their sales are made to residents of Monaco. Otherwise, they will be taxed at a rate of 33%.

Monaco Limited Liability Company (SARL)

  • Foreigners can form LLCs only with prior approval from the Government of Monaco.
  • The minimum share capital required is EUR 15.000. Before their appointment is allowed, foreign directors must obtain authorization from the Government of Monaco.

Limited Partnership (Société en Commandite Simple, SCS)

  • A limited partnership is an organization comprising two groups of owner, general partners and limited partners. Limited partners have limited liability, while general partners have unlimited liability.
  • Without a requirement to disclose information to third parties, limited partners enjoy greater confidentiality.

Monaco Branch (succursale)

  • To start operations, branch offices in Monaco must be licensed. They need to provide audited accounts for the parent company for the last three years. Licenses are issued for a period of only 3 years and are not automatically renewed.

Monaco Representative Office (bureau administratif Monegasque)

  • The duties carried out by a Monaco foreign administrative office include coordination, administration, supervision and management.

  • This type of entity does not require a minimum amount of capital to be registered. It cannot perform direct commercial activities. It is subject to a expenditure tax of 2.66%.

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