Business accounting in Monaco
Accounting is an essential part of how a business operates in Monaco.
Beyond being a regulatory obligation, sound accounting management allows the manager to monitor the financial health of the business and make better decisions.
Accounting obligations of businesses
Depending on their legal form and activity, companies may be required to:
- keep regular accounts;
- record financial transactions;
- keep supporting documents;
- prepare annual accounting documents.
The main accounting documents
Businesses use in particular:
The balance sheet
It presents the company's financial position at a given date.
The income statement
It measures the economic performance of the business.
The notes to the accounts
They provide additional information needed to understand the accounts.
The role of the chartered accountant
An accounting firm can support businesses with:
- bookkeeping;
- tax returns;
- payroll and social security management;
- financial advice;
- company formation.
Accounting and international businesses
Companies with international activities may need specific support regarding:
- VAT;
- international transactions;
- accounting standards;
- cross-border tax obligations.
Choosing a professional in Monaco
Using a local chartered accountant gives you access to precise knowledge of:
- Monegasque law;
- administrative requirements;
- the economic environment of the Principality.
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