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, CMS has said. In particular, they aim to make this type of company more transparent.
The major new features that came into force on September 25, 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.
In the formation of a new SCP, shareholders will be asked to provide additional identification documents concerning themselves.
The purpose of the changes is to remove the anonymity that previously prevailed.
The changes are very important in the context of the current Moneyval examination of Monaco’s preparedness for greater transparency. The Council of Europe body is due to issue a report on Monaco next month.
FILE PHOTO: A Moneyval meeting in Warsaw in 2023
