The Canadian merchant banking organisation Envoy Capital Group has chosen Monaco for its European base.
Although Envoy itself may not be so well known in the business world, its subsidiary certainly is. Toronto based Watt International is a brand strategy and design company and has worked with corporations such as McDonald's and Wal-Mart.
However, it's the merchant banking division that's setting up operation in the Principality. Currently it provides investment, financial advice and consulting to small and medium sized public companies focusing on the American markets. ECGM on the other hand will look to the European exchanges. The group cited Monaco's strategic location with easy reach to most major European cities as one of the main reasons to establish itself here. Of course, the tax system, high levels of security and Monaco's attractive environment probably played a part in the decision too.
Approval for the new company was granted and published in the Journal de Monaco towards the end of last year. Known as Envoy Capital Group Monaco (ECGM), it was registered as a Societe Anonyme Monegasque, or SAM. It's a welcome addition to the Principality's already well established financial industry.