MONACO Incorporation (Monegasque corporation by shares)
(Fees quoted will be subject to V.A.T. at the current rate)
REQUIREMENTS:
- The minimum share capital is Euro 150.000 (entirely subscribed)
and the share certificates could be issued registered or to the
bearer (ultimate beneficial owner has to be declared to the authorities).
Share could be issued to the bearer only after the entire payment
of the share capital.
- Secretary not required
- Minimum of two directors and two shareholders. Each director
must hold at least 1 share. At least one of the directors must
be Resident in Monaco.
- Registered office must be located in Monaco - facilities available
at £600 per annum
Annual returns for VAT and Tax must be filed with the relevant
Monaco authorities.
- Accounts of a Monegasque SAM need to be certified by two local
auditors must be filed with the Monaco Registry.
- For trading purpose, the Company must have at least one office
(with particular requirements as prescribed by law) and two employees.
Incorporation:
- Each incorporation has to be authorised by the Government (the
authorisation is discretional). The authorisation depends above
all on the business that the Company will develop in the Principality.
Generally an advance request could be sent to the Government in
order to know the possibilities to obtain the authorisation.
- The procedure to obtain the authorisation could take from three
to six months. The Company has to be incorporated by public deed
before a public notary in Monaco.
- For the incorporation, an evaluation of costs could be:
- Stamp duties: 1% on the share capital
- 0,5% on the nominal value of the shares
- Notary's fees: 0,9% on the share capital
- Memorandum and Articles of Association has to be published
for a global cost.
- Legal opinion of local advisor if the case
- Subscription and payment of share capital are to be effected
before a public notary.
Taxation:
- The nominal tax rate applicable to Monegasque SAM is 33,33%.
The benefit subject to this tax rate is calculated after directors'
remuneration (there are no taxes on individuals' incomes in the
Principality).
- New Companies for the first and the second year do not pay any
tax. The third year taxes are calculated on the 25% of the benefit,
the fourth and the fifth year respectively on the 50% and 75%.
Only from the sixth year taxes are on the 100% of the benefit.
| Fee's |
Minimum Incorporation
costs
(excluding Annual costs)
|
£5,500 |
| Non-Resident Nominee Services
Available |
| Director each |
£250 p.a |
| Shareholder each |
£125 p.a |
Maintenance Services
Fees will be charged for any additional services performed at our
normal rates. Such fees are usually based upon time spent with the
complexity, urgency and responsibility involved and for work of
an unusual or exacting nature. These fees are normally invoiced
quarterly in arrears and invoices are payable upon receipt.
PLEASE NOTE WE REQUIRE ALL CLIENTS TO SATISFACTORILY COMPLETE OUR
DUE DILIGENCE REQUIREMENTS AND COMPLY WITH THE MONEY LAUNDERING REGULATIONS 2007.
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