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27

Sep
2023

Legal news

Companies and taxation

Compliance

27/ Sep
2023

Legal news

Companies and taxation — Compliance

Trade and Industry Register (RCI) changes since 25 September 2023

Entry into force on 25 September 2023 of the new provisions governing the Trade and Industry Register ("RCI" Répertoire du Commerce et de l'Industrie), which refers to any natural or legal person deemed to be a trader by law and carrying on a commercial activity in the Principality, as well as (newly) economic interest groupings ("GIE" groupement d'intérêt économique):

The amendments follow on from the recommendations of the MONEYVAL Report which focused on strengthening measures to ensure greater transparency of legal entities in order to prevent them from being used for money laundering or terrorist financing purposes, in particular to ensure that the competent Monegasque authorities have enhanced and extended access to satisfactory, accurate and up-to-date "basic information" and on beneficial owners, and on the control of legal entities.

Changes for civil companies here

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SUMMARY

The main changes for those subject to Law no. 721, from 25 September 2023:

  • "GIE" are subject to obligations similar to those imposed on companies;
  • Applications for registration must be sent to the Economic Development Department ("DDE") within 2 months of the date of issue of the receipt for the declaration of activity or the administrative authorisation to operate, failing which the declaration or authorisation will lapse;
  • List of basic information and supporting documents to be provided, set by Sovereign Order 2.853;
  • Obligation to communicate to the RCI department the identity of the person or persons designated as responsible for the basic information of the legal person and, if different, that of the person or persons responsible for the information on the beneficial owners;
  • New situations requiring a supplementary or amending declaration with a view to mentioning the change in the RCI ;
  • Power for the DDE to make an ex officio entry in order to update the information contained in the RCI, or to identify a breach involving the registered person, and ex officio deletion;
  • Updating, storage and availability of basic information and corresponding supporting documents in Monaco for 10 years;
  • Maintenance of a register of company members or shareholders;
  • Basic information accessible to the public, shown on the extract from the RCI.
  • Supervision by the DDE, documentary and on-site inspections.
  • New administrative and criminal penalties.

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