Changes to attract entrepreneurs

Minister of State Michel Roger says priority is to help entrepreneurs.

In an interview with Nice Matin this morning, Monaco's Minister of State said that the Government would be establishing a number of measures to encourage entrepreneurship. The actions follow the priorities set out by Prince Albert II in the road map he outlined in July, with the objective of reinforcing the economic attractiveness of the Principality.

There are a series of measures that aim to make it easy for entrepreneurial residents to operate and also to attract new business leaders from abroad who want relocate to Monaco and practice a professional activity. To do this, a "one-stop-service" is being established, linked to the Department of Finance and Economy.

In addition, modifications to the Principality's business laws are being considered in order to increase flexibility. Current legislation rests on the idea of the company's narrowly defined business description (objet social), which limits the activities an enterprise may carry out. In the short term, there are plans to introduce new types of company such as the Societe d'Exercice Liberal (SEL), and to establish a new type of functionary whose role is to assist entrepreneurs at every step of the setting up process. This person will liaise directly with Government departments, the CDE and the Club des Residents Etrangers de Monaco (CREM).

A further measure is to create a Monegasque Institute of Statistics and Economic Study (IMSEE - Institut Monegasque de la Statistique et des Etudes Economiques). IMSEE will not only gather information and publish it in Monaco en chiffres, but will also provide the tools to carry out economic studies within the Principality.

The Minister of State expressed the Government's commitment to improving the dissemination of information through a coordinated communications campaign that is to be launched on 19th November.

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