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.
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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.
More information: www.monentreprise.gouv.mc
