If you are looking to carry out a financial activity in Monaco, you will need to obtain authorisation from the CCAF, along with separate authorisation from the Government to do business in the Principality. Credit institutions will also need authorisation from the ACPR.
Your firm may take one of two legal forms: it must be either a société anonyme monégasque (SAM, broadly equivalent to a joint stock company) or a branch of a foreign-registered credit institution.
|Authority||Authorisation issued||Firms concerned|
|Commission de Contrôle des Activités Financières||Authorisation to carry out one or more of the financial activities listed in Article 1 of Act No. 1,338, amended||SAM and branches of foreign credit institutions|
|Government of Monaco||Administrative authorisation to set up a firm in Monaco||SAM and branches of foreign credit institutions|
|Autorité de Contrôle Prudentiel et de Résolution||Authorisation to carry out banking transactions||SAM and branches of foreign credit institutions looking to obtain Monegasque credit institution status|
You can make applications to the various authorities simultaneously, and can also be assisted by a legal advisor if you wish.
The CCAF authorisation process involves several steps:
- Make an appointment with the General Secretariat to present details of your plans;
- Submit your duly completed and documented application to us;
- Your application is examined by the General Secretariat;
- Your application is presented to the members of the Commission;
- The Commission makes its decision.
You will receive a decision from Commission within six months of your completed application being received. In practice, however, you should hear back sooner if there are no special remarks to be made on your application.
There is no charge for authorisation from the CCAF.
Where authorisation is granted, a notice will be published in the Journal de Monaco.
The list of firms authorised by the CCAF and the type of authorisation granted can be viewed on this website.