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.