Business in Monaco: A hub of entrepreneurial growth
Monaco has become an attractive destination for entrepreneurs in recent years, as its low taxes, excellent infrastructure, and high quality of life provide a unique and appealing environment for start ups. The Principality is home to a growing number of tech companies, venture capital firms, and other high-growth businesses looking to benefit from the city-state’s favourable tax system and secure financial regulations. The principality offers 0% income and corporation tax, making it an attractive destination for those looking to start a business in Monaco.
The growth of business in Monaco
The growth of new Monaco business can be attributed to its excellent infrastructure. The country has invested heavily, enabling businesses to function more efficiently, allowing them to expand and grow at a rapid rate. The principality has world-class telecommunications, including 100% coverage by a commercial 5G network, a modern port, and a state-of-the-art heliport. Of course, the principality is home to a wide selection of business space for sale, ideally suited to a variety of industries.
Monaco’s high quality of life has also been a significant factor in its growth as an entrepreneurial hub. The principality is home to some of the world’s most luxurious and exclusive hotels, restaurants, and other facilities, making it an appealing destination to live and work.
The government has been proactive in promoting the growth of entrepreneurship in Monaco, taking steps to make it easier for businesses to set up and operate and implementing a series of measures to attract investors. These measures have included setting up a dedicated Investment Promotion Agency, introducing a range of tax incentives, and providing grants and other forms of assistance.
Finally, Monaco has become an attractive destination for venture capitalists who want to invest in high-growth businesses. The principality has several venture capital firms, which provide risk capital to entrepreneurs in exchange for a share of the profits. This has enabled many entrepreneurs to access financing that they would not have been able to obtain in other countries.
What are the best events for starting up a business in Monaco?
Monaco provides an ideal setting for business owners to take advantage of its various events tailored to entrepreneurs and startups. These include Monaco Business, the Monaco International Blockchain Conference, and the Monaco International Entrepreneurship and Investment Summit.
Monaco Business
The first event of its kind is the Monaco Business. It takes place annually and brings together global entrepreneurs and start ups to exchange ideas, discuss industry trends, and network. Those looking to starting a business in Monaco can expect to hear from inspiring industry leaders, gain valuable insights from panels, and attend workshops and seminars to develop their business ideas further. Last year’s event covered pressing topics, including macroeconomic forecasts for 2023, essential day-to-day management of security and archiving as a strategic issue for companies in their business processes.
Monaco International Blockchain Conference
The Monaco International Blockchain Conference is another popular event designed for entrepreneurs and startups. This conference is devoted to the latest innovations and advancements in the blockchain industry and offers a platform for blockchain developers, researchers, and entrepreneurs to collaborate and share ideas.
Monaco International Entrepreneurship and Investment Summit
Finally, the Monaco International Entrepreneurship and Investment Summit is another event tailored towards entrepreneurship in Monaco. The two-day summit is an excellent opportunity to gain insights from industry experts and network with potential partners and investors. Attendees can also attend workshops and seminars to learn more about the intricacies of successfully running and starting a business in Monaco.
What are the best startup incubators for entrepreneurship in Monaco?
Monaco boasts a growing network of startup incubators, designed to help turn emerging business ideas into successful ventures. Those accepted into the programme receive access to a wide range of funding opportunities, including grants and venture capital investments.
Accepted Monaco companies will also benefit from the shared resources of the incubator, such as office space, human resources, and marketing advice from experienced business owners and investors. Some of the best initiatives include the Monaco Tech Entrepreneurial Hub and the Monaco Foundry.
The Monaco Tech Entrepreneurial Hub
The Monaco Tech Entrepreneurial Hub is a nonprofit organisation that offers support to startups in the early stages of their projects. The organisation provides access to seed funding, venture capital investments, and mentorship.
The Monaco Foundry
One of the latest startup incubators is Monaco Foundry. This revolutionary new platform provides startup founders and investors with the resources they need to succeed in the competitive world of tech. The platform offers users access to a diverse range of resources, such as mentorship, access to capital, and tools for managing funds, operations, and growth.
The platform also enables investors to search for the right startup for their portfolio. Investors can filter start ups by industry, location, and other criteria to find the best fit for their needs. Once they find a startup they’re interested in, investors can evaluate its performance and track its progress over time.
Does Monaco have shared working spaces?
Yes, shared working spaces have become increasingly popular for those looking to start a business in Monaco, offering flexible, collaborative, cost-effective office solutions. Many of these spaces are dedicated to specific niches, such as co-working spaces for startups and freelancers or shared office spaces for larger enterprises.
Some of the most popular shared working spaces for businesses in Monaco include:
- Wojo Monaco – Novotel Monte-Carlo
Wojo Monaco – Novotel Monte-Carlo is the first of its kind to open on the French Riviera. Novotel Monte-Carlo has partnered with Wojo to offer both fully-equipped co-working or private offices, as well as access to the hotel’s facilities. Members are encouraged to unwind in the hotel’s pool, spa, gym and restaurants after a day of work.
- WEROCK Monaco Business Centre
Located in the Carré d’Or, WEROCK offers office and open space rental, domiciliation and administrative assistance for all forms of Monaco companies. WEROCK provides members with co-working spaces and meeting rooms, perfectly equipped remote working. It is open 7 days a week – 24 hours a day.
- Regus Monaco
Regus co-working space is perfect for entrepreneurs and freelancers to work and grow their businesses in the principality. The office complex offers many amenities, such as modern workspaces, business amenities, conference rooms, and lounge areas.
- THE OFFICE
Located in the heart of Fontvieille, THE OFFICE offers two expansive working spaces. With fully equipped offices, large co-working spaces, meeting rooms and tea rooms, THE OFFICE is a superb place to start a business in Monaco.
How can the Monaco Economic Board support entrepreneurship?
The Monaco Economic Board (MEB) is a nonprofit organisation created to help promote the economic development of Monaco. It works to attract startups and foreign investors, create jobs and promote partnerships between the public and private sectors.
The MEB has launched several initiatives to support those looking to start a business in Monaco, including the Monaco Business Angel Network, which provides access to capital for startups, and the Monaco Entrepreneurship Program, which offers mentors to entrepreneurs. It also supports startups in other areas, such as legal advice, marketing, and accounting.
The MEB also works to attract foreign direct investment to Monaco, offering tax and financial incentives. It also encourages the development of technology and research and development activities.
Monaco; a desirable location to start a business
Boasting a stable economy and a progressive taxation system, Monaco provides an ideal setting for business owners to take advantage of its favourable environment and benefit from a range of incentives specifically tailored to entrepreneurs and start ups. As a result, the real estate market has expanded considerably, becoming one of the most sought-after destinations to reside in the world.
To find out more about living, working and sourcing office space in Monaco, get in touch with a reputable real estate agency within the principality and start planning your move today.
