For some years, the Principality of Monaco has turned to digital technologies, which have become a priority in the transformation of its economy. The digital transition represents a growth lever for all companies established on its territory.
To this end, Monaco has created a new regulatory environment to develop and facilitate digital uses, including electronic signatures and stamps for business which are allowed by law no. 1482 of December 17th, 2019 for a digital Principality, and which are currently only used in a professional context.
The Government now allows companies to use electronic signatures on digital documents with the same value as a handwritten signature, subject to the following requirements:
- identification of the signatory. For this purpose, the authorised representative of a company registered in the Monaco Trade and Industry Registry must first apply to the Business Development Agency for an electronic certificate proving the identity of the signatory. Once the applicant has been positively identified and the fee (€ 120 not subject to VAT) has been paid, the electronic certificate is issued in the form of a smart card and a USB-compatible reader valid for 3 years. Through this card, users can sign documents.
- proof of the signatory's consent and,
- guarantee of the integrity of the document (its content remains frozen in time).
The use of the electronic stamp and signature combines many advantages:
- secure the exchange of documents, each signature guaranteeing their integrity, authenticity and non-repudiation (i.e. they cannot be questioned by one of the parties)
- time stamped the signed file, which makes it possible to record and identify any subsequent modification of a document,
- speed up and smoothen the customer relationship since contractual activities can be carried out remotely by exchanging digital documents,
- reduce the costs of printing, archiving and forwarding documents as well as saving space,
- participate in the Principality's energy transition, another priority of the Prince's Government, by saving paper.
For the time being, this service is intended only for natural persons representing a legal entity, but the Government reserves the right, in a second stage, to extend this system to individuals.
In the particular case of real estate, this will make it possible to save precious time in processing files and to authorise validation of deeds without requiring the physical presence of the signatories, especially as remote processing has become essential today.
Despite the essential use of the digital in our daily life, the human contact remains fundamental. This is why the whole team of Valeri Agency, modern, dynamic and reactive agency, is at your disposal to discuss all your real estate projects.
Do not hesitate to contact us!
