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Business Profile
Economy: Service industries account for the bulk of Monaco’s economy. Banking has grown rapidly since the removal of French foreign exchange controls in 1987; insurance and property have also grown in its wake. Tourism is now a major source of revenue, contributing substantially both to the Monégasque exchequer (about 25 per cent of government revenue at the last count) and to local retail businesses. There is also a highly successful, custom-built business conference venue. The dearth of land precludes any agriculture, but there is some light industry, the main products of which are pharmaceuticals, plastics, electronics, paper and textiles.
Monaco attracts many extremely wealthy individuals as residents, by virtue of its pleasant climate, reputation and environment as well as the absence of income or inheritance tax and lack of financial reporting requirements. Migrant, non-resident labour supplies the menial workforce.
Since the late 1990s, international efforts to tackle the global problem of money laundering and tax evasion have been led by the Organisation of Economic Co-operation and Development (the group of 24 leading industrial countries which is spearheading efforts to tackle the problem). Most ‘offshore’ financial centres have co-operated with the new international regime. Monaco is one of seven which have not, and in the last few years, the principality has experienced a huge influx of foreign capital (two thirds of Monaco’s bank accounts are now non-residential). The decision on the OECD measures ultimately rested with the Grimaldi family which is currently itself implicated in a major French-led inquiry into fraud operations by the Italian mafia in the principality. Almost all the principality’s external trade is conducted with France – and France, along with Italy, supplies the bulk of Monaco’s visitors (both as tourists and foreign labour).
Business: A suit should be worn and prior appointments are necessary. Business meetings are formal. It is considered impolite to begin a conversation in French and then revert to English. Office hours: Mon-Fri 0900-1200 and 1400-1700.
Commercial Information: The following organisation can offer advice: Conseil Economique et Social (consultative organisation dealing with all aspects of the national economy), 8 rue Louis Notari, MC 98000 (tel: 9330 2082; fax: 9350 0596; e-mail: sguien@gouv.mc).
Conferences/Conventions: Monaco is a year-round leisure and business destination and there are extensive conference facilities. The new Forum Grimaldi Cultural and Exhibition Centre, one of Europe’s largest venues for conference events, opened in 2000. The complex provides three terraced auditoria, the largest with 1900 seats and two massive exhibitions halls. Large parts of the new complex are built under water. For further information, contact the Grimaldi Forum Monaco, BP 2000, 10 avenue de la Princesse Grace, MC 98001 (tel: 9999 2100; fax: 9999 2101; e-mail: gf@grimaldiforum.com). Other conference venues include the 1100-capacity Convention Centre and Auditorium (built on land reclaimed from the sea), including technical support and exhibition areas; the International Conference Centre (with a capacity for 450 persons); and the Meridien Beach Plaza Club, which can seat up to 1624 people. For further information, contact the Direction du Tourisme (see Contact Addresses section).
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