Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the CCAF's decision, including banking and payment rails.
Get an investment license in Monaco.
One agrément under Loi n° 1.338 of 7 September 2007 covers portfolio management, advice, order handling, execution, fund management and dealing - all or some of the seven activities in art. 1. Capital follows art. 1 of Ordonnance Souveraine n° 1.284: €450,000 for portfolio management, €300,000 for advice, reception-transmission and execution, €150,000 for Monegasque fund management, €1.9 million for dealing on own account. The CCAF decides within six months of a complete dossier (art. 7) and charges nothing for the agrément. There is no EU passport - Monaco is outside the union - and no corporate tax for a firm whose turnover is at least three quarters Monegasque; the rest pay ISB at 25%.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Monaco in brief
One agrément, seven activities, and a supervisor that charges nothing.
Monaco licenses financial activities under Loi n° 1.338 of 7 September 2007, with the detail in Ordonnance Souveraine n° 1.284 of 10 September 2007. Art. 1 lists seven activities that need the CCAF's agrément when carried on professionally: portfolio management for third parties, management of Monegasque funds, reception and transmission of orders, advice on those three, execution of orders, management of foreign funds and dealing on own account. One agrément covers all or some of them (art. 4). Art. 3 reserves it to a société anonyme monégasque or the branch of a foreign credit institution. Capital is set by art. 1 of the Ordonnance and paid in cash in full: €450,000 for portfolio management, €300,000 for orders, advice and execution, €150,000 for Monegasque fund management, €1.9 million for dealing on own account. Where a credit institution or an insurer holds 50% of the shares, the first two fall to €150,000.
The clock is in art. 7: the Commission decides within six months of receiving a complete dossier. The CCAF charges nothing for the agrément - its own page says the issue is gratuite - and neither the law nor the Ordonnance prints an annual supervision fee. Three authorities touch the file. The Government of Monaco authorises the SAM itself, the CCAF grants the agrément, and the French ACPR licenses banking, which is where custody sits: an authorised company never holds client cash or securities. What Monaco cannot offer is a passport. The Principality is outside the EU, there is no MiFID II, IFD or AIFMD transposition, and a Monegasque fund travels only where the host state allows. The market is a wealth cluster: 92 authorised establishments at 31 December 2024, of which 29 sociétés de gestion and 26 conseil, €26 billion under portfolio management, 38,857 residents. We build the SAM and the dossier from our Monaco office.
One CCAF agrément under Loi n° 1.338 (2007) for the seven art. 1 activities - capital €450,000 for portfolio management, €300,000 for advice and orders, €150,000 for Monegasque funds, €1.9 million for dealing - six months from a complete dossier, the agrément itself free of charge.
No ISB for a firm with at least three quarters of its turnover in Monaco, 25% otherwise; TVA 20%. No EU passport. Built from our Monaco office.
The two builds
The portfolio management agrément - or the fund manager.
One agrément, tiered by activity: €300,000-€450,000 for the wealth permissions, €150,000 for Monegasque fund management with €40,000 added per €200 million of assets above €250 million, €1.9 million for dealing on own account. We fix the chiffres of art. 1 before drafting.
The €300k-€450k wealth agrément - or the €150k fund manager.
01 - PORTFOLIO MANAGEMENT · ADVICE AGRÉMENT
The wealth manager or adviser
Chiffres 1, 3, 4 and 5 of art. 1 Loi 1.338 - portfolio management for third parties at €450,000, reception and transmission, advice and execution at €300,000 - in a SAM with two effective managers, premises in Monaco and custody at a bank. The Principality's core licence: 29 sociétés de gestion and 26 conseil on the CCAF's register at end-2024.
Chiffres 1, 3, 4 and 5 of art. 1 Loi 1.338 - portfolio management for third parties at €450,000, reception and transmission, advice and execution at €300,000 - in a SAM with two effective managers, premises in Monaco and custody at a bank. The Principality's core licence: 29 sociétés de gestion and 26 conseil on the CCAF's register at end-2024.
- ✓Portfolio management for third parties - €450,000
- ✓RTO, advice and execution - €300,000
- ✓€150,000 where a bank or insurer holds 50% of the shares
- ✓Two effective managers (art. 3 chiffre 4° O.S. 1.284)
- ✓Six months from a complete dossier (art. 7)
- ✓Agrément issued free of charge
02 - OPC MANAGEMENT AGRÉMENT
€150,000 initial capitalThe Monegasque fund manager
Chiffre 2 of art. 1 - management of organismes de placement collectif de droit monégasque - at €150,000, plus €40,000 for every €200 million of assets above €250 million; the funds themselves are authorised separately by the CCAF. Foreign funds fall under chiffre 6 inside the same agrément. €1.719 billion sat in open Monegasque funds and €2.279 billion in reserved funds at end-2024.
Management of Monegasque funds at €150,000 plus €40,000 per €200 million above €250 million - inside the same agrément, each fund authorised by the CCAF.
- ✓Management of Monegasque OPC - €150,000
- ✓+€40,000 per €200m of assets above €250m
- ✓Foreign fund management - chiffre 6, same agrément
- ✓Each Monegasque fund authorised by the CCAF
- ✓A quarter of last year's overheads in own funds if units are sold abroad (art. 2 O.S. 1.284)
- ✓€1.719bn open · €2.279bn reserved funds at end-2024
Costs and timelines are confirmed for your case before any work begins. The CCAF issues the agrément free of charge and neither Loi 1.338 nor O.S. 1.284 sets an annual supervision fee; capital, the SAM's government authorisation, premises and people are itemised in your quote.
Why Monaco
A free agrément, a six-month clock and a tax rule that rewards a local book.
Monaco sells proximity to €26 billion of managed wealth, not a passport - and says so.
✓
One agrément, seven activities
Art. 1 of Loi n° 1.338 lists the seven chiffres; art. 4 lets the CCAF grant all or some of them. Fund management is an activity inside the agrément, not a second licence.Seven activities, art. 1.
✓
The 25% turnover test
ISB applies only to a company making more than 25% of its turnover outside Monaco. A firm whose book is Monegasque pays no corporate tax; the rest pay 25%.A local book pays no ISB.
✓
Free, and six months
The CCAF's own page: the agrément is issued free. Art. 7 gives the Commission six months from a complete dossier, and the CCAF says a file needing little review can be decided sooner.Art. 7 clock, no fee.
✓
€26 billion next door
92 authorised establishments at end-2024 - 24 credit institutions, 29 sociétés de gestion, 7 multi family offices, 26 conseil - including the custodian banks the law obliges you to use.92 establishments at end-2024.
✓
No passport, by design
Monaco is outside the EU: no MiFID II, no IFD, no AIFMD. The licence serves a Monegasque book and whatever a host state lets in - art. 2 O.S. 1.284 adds an own-funds floor for anyone selling units abroad.Outside the EU, by design.
✓
Three authorities, one file
The Government authorises the SAM, the CCAF grants the agrément, the ACPR covers banking. Two effective managers, premises in Monaco and O.S. 9.737 certification go into the dossier from day one.Government, CCAF, ACPR.
How it compares
How Monaco differs from other routes.
The honest comparison: a free agrément for a Monegasque book - against a neighbour with a 10% deposit and two EU gates with a passport.
Monaco vs other jurisdictions
| Feature |  Monaco | Other jurisdictions |
|---|---|---|
| Regime | Loi n° 1.338 (2007) · CCAF agrément | Llei 7/2013 Andorra · Cap. 370 Malta |
| Capital | €300k / €450k paid in cash · €1.9m dealing | Andorra 10% deposit €5k-€200k · Malta €75k-€750k |
| Passport | None · outside the EU | Andorra none · Malta and Cyprus 30 EEA states |
| Timeline | 6 months from a complete dossier (art. 7) | Andorra 6 + 3 + 3 months, capped at 12 · Cyprus 8-14 realistic |
Regime
MonacoLoi n° 1.338 (2007) · CCAF agrément
Other jurisdictionsLlei 7/2013 Andorra · Cap. 370 Malta
Capital
Monaco€300k / €450k paid in cash · €1.9m dealing
Other jurisdictionsAndorra 10% deposit €5k-€200k · Malta €75k-€750k
Passport
MonacoNone · outside the EU
Other jurisdictionsAndorra none · Malta and Cyprus 30 EEA states
Timeline
Monaco6 months from a complete dossier (art. 7)
Other jurisdictionsAndorra 6 + 3 + 3 months, capped at 12 · Cyprus 8-14 realistic
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Monaco | CCAF agrément - Loi 1.338 | 0% local book · 25% ISB | SAM, €300k-€450k paid, two managers, no passport |
 Andorra | AFA - SFI, AFI, SGP, assessor | 10% · IGI 9.5% financial | 10% deposit €5k-€200k, 12-month cap |
 Malta | Investment services licence - MFSA | 35% · refund on distribution | IFD €75k-€750k, art. 6 six months |
 Cyprus | CySEC CIF | 12.5% · 15% large | IFD €75k-€750k, EU passport |
MonacoLicense typeCCAF agrément - Loi 1.338
Taxation0% local book · 25% ISB
RequirementsSAM, €300k-€450k paid, two managers, no passport
AndorraLicense typeAFA - SFI, AFI, SGP, assessor
Taxation10% · IGI 9.5% financial
Requirements10% deposit €5k-€200k, 12-month cap
MaltaLicense typeInvestment services licence - MFSA
Taxation35% · refund on distribution
RequirementsIFD €75k-€750k, art. 6 six months
CyprusLicense typeCySEC CIF
Taxation12.5% · 15% large
RequirementsIFD €75k-€750k, EU passport
Before you apply
Requirements for the Monaco agrément.Requirements for the agrément.
The CCAF's Secrétariat Général instructs the dossier against art. 3 of O.S. 1.284 before the Commission sees it. The checklist below is what a passing dossier contains.
01
Société anonyme monégasque - art. 3 Loi 1.338 reserves the agrément to a SAM or the branch of a foreign credit institution; the Government's authorisation to constitute the SAM is a separate prerequisite.
02
Initial capital - €450,000 for portfolio management, €300,000 for RTO, advice and execution, €150,000 for Monegasque fund management, €1.9 million for dealing on own account (art. 1 O.S. 1.284), fully paid in cash (art. 6 Loi 1.338).
03
Two effective managers - art. 3 chiffre 4° O.S. 1.284: at least two persons who effectively determine the company's orientation and management, with CVs, criminal-record extracts and residence in the dossier.
04
Shareholders - identity and qualifications examined under art. 3 chiffre 1° O.S. 1.284; the law prints no foreign-ownership limit.
05
Premises in Monaco - lease, surface and description filed with the dossier; art. 5 Loi 1.338 asks for appropriate premises and staff.
06
Compliance - a responsable du contrôle interne designated with reporting lines, plus the administrative and accounting organisation and internal-control mechanisms of art. 6 O.S. 1.284.
07
Professional certification - O.S. 9.737 of 2 February 2023: staff hold the certification under Arrêté Ministériel 2014-168 or register within six months; more than five years' continuous work in Monaco is deemed sufficient.
08
Dossier d'agrément - art. 3 O.S. 1.284: shareholders, premises, activities, markets and commercial policy, managers, organisation chart, delegations, order executors, control procedures and management mandates, on the CCAF form of December 2023.
09
Custody arrangement - the company never holds client cash or securities; account-keeping and custody sit with a credit institution, a banking activity under ACPR licensing.
10
Ongoing capital - a fonds social at each year-end at least equal to the minimum capital (art. 22 Loi 1.338), and own funds of a quarter of the previous year's administrative costs where units are offered outside Monaco (art. 2 O.S. 1.284).
01
A société anonyme monégasque.
02
Capital paid in cash, per activity.
03
Two effective managers.
04
Shareholders examined.
05
Premises in Monaco.
06
Compliance officer designated.
07
O.S. 9.737 certification.
08
Art. 3 dossier complete.
09
Custody at a bank.
10
Fonds social at year-end.
Reflects Loi n° 1.338 of 7 September 2007 and Ordonnance Souveraine n° 1.284 of 10 September 2007 as consolidated by the CCAF, and O.S. n° 9.737 of 2 February 2023.Loi n° 1.338 + O.S. n° 1.284, as of 2026.
How it works
From first call to the CCAF's list.
01
Activities and tier
Which of the seven chiffres of art. 1 - and the capital that follows: €300,000, €450,000, €150,000 or €1.9 million - fixed in writing before drafting.Chiffres fixed in writing.
02
Presentation meeting
The CCAF's Secrétariat Général hears the project first; the Government's authorisation of the SAM runs in parallel.Secrétariat Général first.
03
The dossier
Art. 3 O.S. 1.284 content, complete at filing - shareholders, premises, managers, organisation, control procedures, mandates.Complete, first time.
04
Instruction and decision
The Secrétariat Général instructs and presents to the Commission - a decision within six months of a complete dossier (art. 7).Six months, art. 7.
05
Agrément and launch
Custody bank live, O.S. 9.737 certification registrations lodged, fonds social in place - the firm on the CCAF's list.Custody bank open.
Quick facts
RegulatorCCAF
LicenceAgrément - Loi 1.338
Portfolio management€450,000
RTO · advice · execution€300,000
Monegasque OPC management€150,000
Dealing on own account€1.9 million
Statutory clock6 months (art. 7)
CCAF feeNone - agrément free
Art. 7's six months run from a complete dossier. The CCAF says a thin file can be decided sooner and publishes no processing statistics, so we plan the dossier, not the calendar.
On the ground in Monaco
Run from our Monaco office.
Prifinance - Monaco
Monaco · Monaco
Monaco, Monaco
01
SAM and government authorisation
The société anonyme monégasque constituted and authorised by the Government in parallel with the CCAF file - capital paid in cash to the art. 1 O.S. 1.284 figure.Government and CCAF in parallel.
02
The dossier d'agrément
Art. 3 O.S. 1.284 content on the CCAF's December 2023 form - shareholders, premises, activities, managers, organisation, control procedures - carried through the Secrétariat Général's instruction to the Commission.Art. 3 O.S. 1.284 content.
03
Two managers and compliance
Directors who meet art. 5 honourability and competence, a responsable du contrôle interne, and O.S. 9.737 certification registrations within six months.Sourced before filing.
04
Custody bank and launch
The credit institution that holds client cash and securities, the art. 22 fonds social, and Monegasque fund authorisations where chiffre 2 is in scope.Open at launch.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in Monaco.
A rate that depends on where the turnover is made - and a supervisor that charges nothing.
ISB 25%
The impôt sur les bénéfices at 25% for financial years opened since 1 January 2022 - but only for a company making more than 25% of its turnover outside Monaco.Only above 25% foreign turnover.
A local book pays nothing
A firm whose turnover is at least three quarters Monegasque falls outside the ISB. For a wealth manager whose clients live in the Principality, this is the deciding line.Three quarters in Monaco.
New-company ramp
Where ISB applies, a new company is exempt for two years, then taxed on 25%, 50% and 75% of its profits in years three to five.Two years exempt.
TVA 20%, as in France
Charged on the same bases and at the same rates as French VAT - 20% standard, 10% and 5.5% reduced. Banking and financial operations are exempt, with an option to tax.As in France, finance exempt.
Dividends
No withholding tax on dividends is listed on the Government's fiscal portal. The position is confirmed per structure before it enters a model.No WHT listed; confirmed.
No CCAF charge
The agrément is issued free, and neither Loi 1.338 nor O.S. 1.284 sets an annual supervision fee. No financial-sector levy exists. Legal basis for the ISB: O.S. n° 3.152 of 19 March 1964.None.
Tax summary
Corporate tax (ISB)25% · only above 25% foreign turnover
New companies2 years exempt · 25/50/75% years 3-5
TVA20% · financial operations exempt
Dividend withholdingNone listed · confirmed per structure
CCAF feesAgrément free · no annual fee found
*Figures as of 2026 per Monegasque law (O.S. n° 3.152 of 19 March 1964 for the ISB). Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Monegasque SAM, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
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Monaco · CCAF
Launch your investment firm in Monaco with expert support.
Full-service assistance - from the SAM and its government authorisation to the CCAF agrément, the two effective managers and the custody bank - run through our Monaco office.
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Request a free conclusion →FAQ
The Monaco investment licence, answered.
What is the CCAF agrément?+
The authorisation under art. 1 of Loi n° 1.338 of 7 September 2007 for financial activities carried on professionally in Monaco - portfolio management, fund management, order handling, advice, execution and dealing - granted by the Commission de Contrôle des Activités Financières to a société anonyme monégasque or the branch of a foreign credit institution.
Which activities can one agrément cover?+
All or some of the seven chiffres of art. 1: portfolio management for third parties, management of Monegasque funds, reception and transmission of orders, advice on those, execution, management of foreign funds and dealing on own account. Art. 4 allows a partial agrément. Underwriting, MTF operation and tied agents do not exist in the law.
What capital does Monaco require?+
Art. 1 of Ordonnance Souveraine n° 1.284: €450,000 for portfolio management, €300,000 for RTO, advice and execution, €150,000 for Monegasque fund management plus €40,000 per €200 million above €250 million, €1.9 million for dealing on own account. Fully paid in cash (art. 6 Loi 1.338); €150,000 for the first two where a bank or insurer holds half the shares.
How long does the CCAF take?+
Art. 7 gives the Commission six months from receipt of a complete dossier. The CCAF says a file needing little review can be decided sooner and publishes no processing statistics. Before the clock starts: a presentation meeting with the Secrétariat Général, and the Government's authorisation of the SAM.
What does the agrément cost?+
Nothing at the CCAF - its own guidance states the agrément is issued free, and neither Loi 1.338 nor O.S. 1.284 prints an annual supervision fee. The costs that exist are capital, premises, two managers, the custody bank and the SAM itself, itemised in your quote.
Who has to be in place?+
At least two persons who effectively determine the company's orientation and management (art. 3 chiffre 4° O.S. 1.284), meeting art. 5 honourability and competence; a designated responsable du contrôle interne; premises in Monaco; staff holding, or registering within six months for, the O.S. 9.737 certification. The law prints no residency rule and no staff minimum.
How are Monegasque investment firms taxed?+
ISB at 25% applies only to a company making more than 25% of its turnover outside Monaco; a firm with a Monegasque book pays none. New companies are exempt for two years, then taxed on 25%, 50% and 75% of profits in years three to five. TVA is 20% as in France, with financial operations exempt.
Does the agrément passport into the EU?+
No. Monaco is outside the EU and the EEA, has not transposed MiFID II, IFD or AIFMD, and holds no passport in either direction. Monegasque funds are marketed abroad only where the host state permits, and a firm offering units outside Monaco must keep own funds at a quarter of last year's overheads (art. 2 O.S. 1.284).
Monaco or Andorra for a new firm?+
Andorra is cheaper to enter: a 10% deposit (€5,000 for an adviser, €200,000 for a full SFI) and 10% tax, but its registers hold 1 SFI, 3 SGPs and 9 advisers and the AFA's clock runs to 12 months. Monaco asks €300,000-€450,000, decides in six months, charges no fee and taxes a local book at 0%. Neither has a passport.
Why Prifinance for Monaco?+
A Monaco office, the SAM and its government authorisation run in parallel with the CCAF dossier, and two effective managers and a compliance officer sourced before filing. We take the art. 3 O.S. 1.284 dossier through the Secrétariat Général's instruction to the Commission, then open the custody bank.
What is it?+
The CCAF agrément, Loi 1.338.
Activities?+
Seven, art. 1.
Capital?+
€300k-€450k · €1.9m dealing.
How long?+
Six months, art. 7.
Cost?+
Agrément free.
People?+
Two managers, compliance.
Taxes?+
0% local · 25% ISB.
Passport?+
None.
Or Andorra?+
Deposit vs paid capital.
Why you?+
Monaco office, SAM built.
Client notes
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Commission de Contrôle des Activités Financières or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.