Business
Company formation requires government authorisation — the SAM and the SARL
Doing business in Monaco requires prior government authorisation of the activity, on top of forming a company. The main forms are the public limited company (SAM), needing EUR 150,000 of capital and a notary, and the private limited company (SARL), needing EUR 15,000; both must open a Monaco bank account.
Key rules
- Any commercial activity requires prior authorisation from the government, whatever the legal form.
- A SAM (société anonyme monégasque) requires EUR 150,000 minimum capital and is formed by notarial deed.
- A SARL requires EUR 15,000 minimum capital.
- Companies must open a Monaco bank account and register with the Trade and Industry Registry (RCI).
Governing law
- Commercial Code and company legislationGoverning the SAM, SARL and authorisation regime
Penalties and consequences
- Refusal or withdrawal of the business authorisation
- Sanctions for trading without authorisation
In practice
The authorisation step is decisive: the government screens the activity and the people behind it, so timing and substance matter more than in many jurisdictions. The SAM is the traditional vehicle for larger businesses and requires ongoing governance.