It might not be necessary to visit Monaco to start a company, it is more important to get the required documents ready and the necessary requirements to incorporate a company in the principality.

Setting up a business in Monaco is not sufficient condition for residency. The minimum amount required by the Monaco government for a residency application is € 500,000 per main applicant to be deposited in an account in the applicant’s name with a bank in Monaco and which must be held with the bank at all times during the residency period. Some banks may request higher deposits to start a relationship but for residency purposes, € 500,000 is the  minimum amount required to be held with a Monaco bank.

Every commercial entity needs a director that is a resident of Monaco. Foreigners can own all shares of the General Business Corporation or Société Anonyme Monégasque (SAM) in Monaco. 

If business carrying out an industrial or commercial activity and generating for less than 25% of their turnover outside Monaco are not subject to Business Profit Tax which is 25%. There is no taxation of dividends and capital gains in Monaco. There is no withholding tax in Monaco.

Non-residents may open bank accounts in Monaco but most banks require you deposit a significant amount to open the account.

If all the documents are in order the company registration process will take approximately 8 weeks.