The Monaco Government has reminded us that new legal provisions, in force since September 29, apply to non-trading companies registered in the Principality.

It is now a requirement to designate a person responsible for basic information about the legal entity together with details of the beneficial owners.

A single person can be appointed to be responsible for both categories of information or two separate people can be appointed.

The move is part of the Government’s campaign to increase transparency within the context of the Moneyval authority’s forthcoming report on Monaco’s compliance.

For companies with a bank account in Monaco, the person responsible for the information must be a person residing in Monaco, who may be a partner, shareholder, manager, or a member of staff.

Without a Monaco bank account, a Monegasque professional must be responsible for this information from: A chartered accountant or certified accountant, A notary, A lawyer, or a junior lawyer, A legal advisor, A company service provider, A multi-family office.

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