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Doing Business in Monaco

Forms of Business Organisation

Administrative Office

Administrative offices, sometimes called headquarters, are fixed premises belonging to a firm or an international group, whose registered office is in another country. These offices carry out administrative and financial management and co-ordination or supervision tasks – for the group only – in a given geographic area. Administrative offices work only for the businesses belonging to the group.

Their installation is subject to prior administrative authorisation. Authorisation is granted for a limited duration after which the application must be renewed. Applications must be addressed to the Ministry of State and must be deposited with the Direction de l’Expansion Economique.

These offices pay tax at a rate of 2.66% (8% of 33.33%) of their operating expenses, as long as they have no activity outside their group and limit their activity to internal management.

Branch/ Agency

Foreign companies may set up offices in the Principality of Monaco in the form of branches – the word ÇbranchÈ or ÇagencyÈ is used to mean the same thing in Monaco – after obtaining prior authorisation. Branches must be registered in the Register of Commerce and Industry.


This particular legal structure is governed by Law n°214 of 27 February 1936 : any person whose private status thus permits may create a trust in the Principality of Monaco. The trust must be created by an authenticated document in conformity with the prescription for funds applicable according to the foreign law under which it is placed. The only persons entitled to act as trustees are those mentioned on a special list established by the Presiding Judge of the Appeals Court. The creation, transfer and operation of a trust generate the payment of registration duties to the Tax Department.

For all specific information on trusts, contact:

Palais de Justice,
Rue Colonel Bellando de Castro 5,
98000 Monaco
Phone: (+ 377) 9315-8811
Fax: (+377) 9350-0168

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