Taxes Monaco
Monaco is not only the most famous casino in the world, expensive cars and the annual Formula 1 Grand Prix race, but also a territory with perhaps a unique taxation system.
The Principality of Monaco with its capital of the same name occupies only 2 square meters. km., with a population of 38 people (only 066% of their number are indigenous people, who are called Monegasques).
All the richest and most successful businessmen who want to buy real estate here and open their own business flock to this miniature country. Such a fierce desire to settle in this state as a businessman is completely justified - the local taxation system is considered the most comfortable and favorable.
Taxes in Monaco are kept to a minimum, and the conditions for doing business, coupled with a favorable climate and a high standard of living, set this country apart from others.
The company "E-COMMERCE BROKER" will become your assistant when opening a company in Monaco with subsequent accounting. For many years, we have been successfully cooperating with various European countries, so we have acquired enough experience to provide qualified services in a wide variety of financial, legal and other areas.
Tax rates in the Principality
Such a concept as traditional tax system, poorly applicable in the context of this state. Low rates for some taxes, as well as no need pay income tax make the entire system one of the most attractive in the world.
The most common types of business in the Principality are:
- joint stock companies SA or SAM;
- limited liability companies (LLC);
- trust companies;
- partner communities.
Companies doing business in Monaco do not pay income tax, if 75% of their turnover is obtained in the territory of the principality. If more than 25% of the profit is received outside the state, then the income tax rate for legal entities is 33,33% (the same as in France).
Start-up companies enjoy special privileges here. For start-up business organizations that are subject to taxation, there is a step-by-step system:
- for the first 2 years they are exempt from tax;
- Year 3 tax is 25% of profits;
- 4 year - 50% profit;
- 5 year - 75% profit;
after five years, starting from the sixth, all profits received are taxed.
VAT in Monaco
The Principality has the same value added tax collection system as in France. There are 2 bets here:
- 20% is provided for all real estate transactions, for the purchase and sale of a number of goods and the provision of services.
- 5,5% reduced, applies to water, food, medicines, books, art, and so on.
For businessmen who want not only to open their own business in a given state, but also to hire people, another payment is provided in the form of national insurance, which on average amounts to 35% of profits.
How can E-COMMERCE BROKER help?
Any company operating in Monaco is required to maintain accounting records and conduct an audit once a year. All accounting papers, financial reports and statutory documents must be in perfect order and have unhindered access by the control authorities of the principality.
The specialists of the E-COMMERCE BROKER Company approach the implementation of assigned tasks in a comprehensive manner and are ready to offer you the following services:
- registration of an organization;
- obtaining a legal address;
- opening a bank account;
accounting.
