Branch And Sole Trader
Branch Formation-Bureau Administratif
A representative or branch office (bureau administrative) of a foreign company or group can be set up in Monaco.
In general, the Bureau Administratif or administrative/representative office of a foreign company may provide internal management, control, co-ordination and representation services to its own foreign-based group or parent company which has industrial or commercial activities abroad. It does not generate trading profits as such but invoices management fees to the group or parent company.
Applications for authorisation must be sent to the Ministry of State (“Ministry de d’Etat”) and are deposited with the Department of Economic Development together with a dossier containing the following documents:
- The organisation chart for the group
- Statement as to why Monaco has been chosen as a location
- Copies of the balance sheet and operating accounts for the previous three years
- A certificate of incorporation on the Trade and Industry Register in the country of origin
- Two certified true copies of the parent company’s Memorandum and Articles of Association
- The budget forecast, including turnover and employees projected for the next three years
- A certified true copy of the Board Minute concerning the decision to open an office in Monaco
- All documents drawn up in a language other than French must be accompanied by an official translation. A Monaco telephone number must be provided for all applications
- A report giving information about the parent company (date of creation, main activities, country or countries where the company is established, staff employed and so on)
- The managing agent must be named and provide the following documents: Residence permit, identity card or passport
Sole Trader Registration
Any person may establish an individual business and undertake commercial, industrial or professional activity in their own name or as an independent with unlimited liability for the debts of the business.
The individual may run the business from his personal residence, as long as no staff are hired.
The application for a license must be submitted to the Government, and include the following documentation:
- Copy of the applicants birth certificate
- A police record less than three months old
- Copy of the identity card, passport or residency card
- A curriculum vitae (needed to prepare the application)
- 3 copies of an individual form including personal data on the applicant
- Details of the planned business and its estimated turnover for the first 3 years
- An application addressed to the Minister of State describing the business activity that the applicant plans to carry out in Monaco
- Proof of occupancy of premises with agreement from the landlord where applicable; however, for administration, marketing or management activities, it will be needed only after the authorization has been granted; also, the business may be, on a non limited period, in one of the sole traders personal apartment, if authorised in the building and by the landlord
How EBC can help you
- EBC is able to advise the client on the application of a representative office to see whether this type of application is best suited to their requirements
- Prepare and file the application, and
- To attend to any matters arising from the application
- Once authorisation has been obtained EBC can assist with the various filing requirements to ensure the representative office meets its statutory obligations before it commences to operate.