Starting a business in Monaco: foreigner's guide (2026)

No statutory cap on foreign shareholding: foreigners may hold 100% of an SARL, SURL, or SAM. However, every foreign national holding an active role or partnership stake must individually hold a valid business activity permit issued by the Minister of State.

All foreign nationals must submit an application for a business activity permit to the DDE (9 rue du Gabian, Fontvieille) before incorporation. Under Law No. 1.573 of 8 April 2025, the statutory review period is now capped at 45 days. The DDE evaluates sector saturation, the applicant's professional qualifications and reputation, and the credibility of the business plan.

Law No. 1.573, enacted 8 April 2025 and in force from 19 April 2025 (with some provisions deferred to 30 September 2025), introduces the SURL (single-member LLC), allows SAM incorporation by private deed rather than mandatory notarised deed, and streamlines governance rules including videoconference meetings.

Key structures are the SARL (minimum share capital €15,000), the new SURL for single-member companies (minimum €8,000, introduced by Law 1.573), and the SAM joint-stock company (higher capital threshold). Capital for an SARL must be fully paid within 18 months under the 2025 reform.

A physical registered office in Monaco is mandatory for all entities. Companies must demonstrate genuine economic substance; a home office may be used for up to two years at formation with landlord consent and provided there are no employees.

Once the permit is granted, the entity must register on the Trade and Industry Directory (RCI) within two months of commencing activity; the RCI registration fee is €100. End-to-end from permit application to a fully registered company typically runs 2–3 months.