Monaco is a small, yet highly affluent principality located on the French Riviera in Western Europe. Despite its tiny size, Monaco is a global hub for luxury, finance, and high-end tourism. Here are some key points to consider if you're thinking of starting a business in Monaco:
Monaco has one of the highest GDPs per capita in the world. The residents are affluent, and the principality attracts wealthy individuals from around the globe, creating a high demand for luxury goods and services.
The principality is a major tourist destination, famous for its casinos, luxury hotels, and the annual Monaco Grand Prix. This makes it an ideal location for businesses in the hospitality, entertainment, and luxury retail sectors.
Monaco is also a financial hub with a strong banking sector. The principality offers a favorable environment for financial services, wealth management, and investment firms.
Monaco has a business-friendly environment with a low tax regime. There is no income tax for individuals, and corporate taxes are relatively low, especially for companies generating more than 75% of their turnover outside Monaco.