Monaco requires all civil companies (Sociétés Civiles Immobilières (SCI) and Sociétés Civiles Particulières (SCP)) to appoint a Person Responsible for the Information on the Company, its Shareholders and Beneficial Owners (RIE). This individual ensures compliance with legal obligations by maintaining up-to-date records and making them available to the authorities when required. Failure to comply can result in financial penalties or administrative sanctions, including SCI/SCP suspension or dissolution.
The role of the Information Officer (RIE) in a Monaco SCI or SCP
The Information Officer in Monaco (RIE) has the professional duty and responsibility to keep adequate and up-to-date-information about the Company, its Shareholders and its Beneficial Owners. Monegasque legislation provides for penalties for professionals who fail to comply with these obligations.
This includes holding the required information and providing it to Monaco’s authorities upon request. More specifically, the RIE is responsible for:
Keeping information up to date about the true owners of the SCI/SCP and storing it in Monaco.
Providing this information to the appropriate authorities (Direction du Développement Économique (DDE)) for official registration.
Storing this data for 10 years after the business is closed, always in Monaco.
Providing this information to authorities upon request, within a specified timeframe.
For an SCI or SCP in Monaco, these responsibilities are essential to ensuring transparency and regulatory compliance.
Legal Requirements and Compliance Obligations
Monaco’s Law 797 (1966), Law 1.362 (2009) and more recently Law 1.550 (2023) mandate the appointment of an RIE for all companies, including SCIs and SCPs. The RIE must be formally registered with the authorities, and information must be kept up to date.
Failure to comply with these requirements can result in financial penalties. In serious cases, the authorities may strike off the SCI / SCP from the trade register.
How to appoint an RIE in a Monaco SCI or SCP
The process for appointing an RIE depends on whether the SCI or SCP has a bank account in Monaco.
If the SCI/SCP has a Monaco bank account, the RIE must be a resident partner, shareholder, or company officer.
If the SCI/SCP does not have a Monaco bank account, the RIE must be a qualified professional, such as a legal adviser, a lawyer, notary, chartered accountant, a multi-family office, or company service provider (CSP).
Square Services is a specialised administration provider for SCI/SCPs in Monaco and can be appointed as a Responsible for Information.
To register an RIE, the company must first collect the necessary information, regarding the Company, its Shareholders and Beneficial Owners and the filed SC-IF or SC-EPNFD forms. The registration must then be submitted to Monaco’s authorities within the legal deadlines of one month since incorporation.
Internal vs. external appointment
SCI/SCPs that have a Monaco bank account can appoint an RIE internally or outsource the role to an external provider. However, SCI/SCPs without a Monaco bank account must use an external provider.
Choosing an internal appointment may be appropriate for SCI/SCPs that have the necessary expertise and resources to manage compliance obligations and meet the requirements mentioned above.
However, outsourcing to a professional reduces risk and ensures that all legal obligations are met without interruption. Square Services offers a full-service option for SCI and SCP in Monaco that prefer external management and don’t want to bother with these formalities.
Key Takeaways
All SCIs and SCPs in Monaco must appoint an RIE. This role involves collecting, maintaining, and reporting ownership data to the authorities. Non-compliance can lead to financial penalties or companies being struck off from the trade registry. Engaging a professional service provider ensures compliance and minimises risk. Square Services offers structured and reliable RIE administration for SCI and SCP entities in Monaco. For expert assistance with your SCI or SCP compliance needs, contact Square Services today.
Additional Resources
Companies can access the necessary forms and contact details for Monaco’s authorities:
Law 797 (1966) - Monaco Civil Companies
Law 1.362 - Anti-Money Laundering
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