ARTICLE
31 January 2024

More Transparency For Civil Companies In Monaco

CP
CMS Pasquier Ciulla Marquet Pastor & Svara

Contributor

CMS Monaco is a leading law firm, providing local and international clients with a one-stop shop service for all their legal challenges, both in counselling and litigation. The firm was created in 2009 and is strongly anchored in the Monegasque market and well familiar with its dynamic economy. In 2017 the firm joined CMS, an organisation of independent law firms, composed of 80+ offices in 45+ countries, with over 6,000 lawyers worldwide, making it the only law firm in Monaco with such significant international reach. Today CMS Monaco is composed of 80+ professionals, including five partners (Avocats Associés Monégasques) and over 50 associates, experts in Monegasque law. The firm is structured around seven practice groups: Private Clients, Business Law, Real Estate & Construction, Employment, Banking & Finance, Tax and Criminal law. The teams regularly work together on complex cross-practice cases with high stakes for a large variety of Monegasque and international clients, such as companies of various sect
Law no. 1.550 of 10 August 2023 and Sovereign Order no. 10.117 of 21 September 2023 have modified the legal framework hitherto applicable to civil companies ("Sociétés Civiles") in Monaco.
Monaco Corporate/Commercial Law

Law no. 1.550 of 10 August 2023 and Sovereign Order no. 10.117 of 21 September 2023 have modified the legal framework hitherto applicable to civil companies ("Sociétés Civiles") in Monaco.

In particular, they aim to make this type of company more transparent.

The major new features that came into force on 25 September 2023 mainly concern :

  • Certificates of registration, which will contain more information, including the identity of the directors ;
  • The time limit for entry in the special register, which is now 1 month following completion of registration formalities ;
  • An annual declaration confirming that the SCP continues to operate ;
  • The keeping of a register of shareholders, with their shareholding in the company's capital ;
  • The appointment of a person responsible for basic information and information on beneficial owners ; and
  • A 10-year conservation period for accounting documents.

We would like to draw your attention to the fact that in the context of the formation of a new SCP, shareholders will be asked to provide additional identification documents concerning themselves.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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