As part of the new legal provisions adopted last year following Moneyval's recommendations, the Government of Monaco has established a new obligation for non-trading companies (Monegasque SCI).
Article 6-2 of Law no. 797 of February 18th, 1966 relating to non-trading companies states that “Every company registered in the special register must confirm each year, within one month of the anniversary date of its registration, that it still pursuing its business. With the same declaration, the company confirms the registration or amendment declarations provided for in articles 5-1 and 6, even if one or more amending or correcting declarations have been made during this period”.
The form required to complete this formality is available either online 24/7 from Mon Entreprise portal, legal and accounting obligations tab, Trade and Industry Directory* (downloadable version) or in hard copy from the Business Development Agency (located at 9, rue du Gabian).
It should then be sent or filed in duplicate with the Trade and Industry Register Department of the aforementioned Agency, together with payment of the registration fee of 25 euros for a private non-trading company and 50 euros for a public limited company.
If this formality is not complied with, article 6-7 of law no. 797 stipulates that an entry is made in the register and, at the same time, the Director of the Business Development informs the company of this entry and gives it formal notice, by registered letter with acknowledgement of receipt, or by any other written means, to comply with this formality. The Director will inform the company that if it fails to do so, without legitimate reason, within a period of one month, it will be automatically removed from the register.
The provisions of this article are without prejudice to the implementation of the sanction procedure provided for in article 12 of the law, namely the notification of administrative fines.
If, after removal from the register, the company or its representative regularises the situation of the legal entity, it is re-entered in the register. This re-registration gives rise to the payment of a double fee. The applicable provisions will be specified by Sovereign Order.
This obligation is in addition to others, including :
- the keeping of a register of shareholders, showing their shareholding in the company and indicating their identity, address, date and place of birth, nationality, family status and, where applicable, marital status, and contact details;
- the appointment of a person responsible for basic information and information on the Ultimate Beneficial Owners.
In adopting these measures, the Government of Monaco aims to ensure greater transparency and step up the fight against money laundering, the financing of terrorism and the proliferation of weapons of mass destruction. The aim is to ensure that the competent authorities have access to basic information on beneficial owners and to ensure that funds are not used to support the financing of terrorism or the proliferation of weapons of mass destruction.
