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Countries: Europe - Western Europe -

Monaco

Monaco

Key Facts
Language French is the official language
Local currency Local currency
Dialling code from UK 00 377
GDP Est. $870 million

Introduction

These pages have been developed for new and less experienced exporters, offering practical tips and assistance to sell successfully to Monaco. Experienced exporters will also find plenty to help them.

Located between Nice and the Italian border, the Principality of Monaco is not a member of the European Union. There does however exist a bilateral and reciprocal relation between France and Monaco whereby, in exchange for the undertaking by France to defend the independence and sovereignty of the Principality, Monaco undertakes to exercise its rights in conformity with French interests. Customs and Monetary union between the two has existed since 1861. The effect of this union is that most European directives that apply in France apply indirectly in Monaco. Monaco also benefits from many fiscal advantages for its residents and companies, such as no personal income tax and low company taxation.

There are approximately 4,000 businesses registered in the Principality, which has a population of 30,000 – including 1,300 UK nationals. The main economic and industrial activities are tourism, construction, real estate, pharmaceuticals, private and corporate banking, insurance and reinsurance, portfolio management and the Casino.

Enjoying a high international reputation as being politically and economically stable, Monaco has become a flourishing financial centre with over 50 financial institutions established there. Light industries are centred in the Fontvieille industrial zone. Other sectors of importance in the Principality’s economic life are: transport, plastics processing, electrical and electronic construction, precision engineering, paper processing, food, rubber, textiles and clothing.

Monaco is also an important international trading centre with many import/export trade houses, agents and consultants selling to Francophone export markets and others. Some companies purchase on own account with payments in francs. Others work on a fee/commission basis, acting as middle-men between principals and importers.

The largest trading houses are grouped under a newly created trade association: the Syndicat Monegasque des Etablissements de Négoce International (SMENI). Present membership is estimated at 20 large organisations achieving a total turnover of FF6 billion.

Commercial links forged over the years by Monaco’s import/export houses and the countries that once formed part of France’s colonial empire remain strong today. For this and many other reasons, including language and culture, many of these Francophone countries still source their import requirements through Monaco-based trading establishments.

For British exporters therefore, contact with these businesses is an obvious way into this more distant, but potentially rewarding markets. The commercial section of the British Consulate General in Marseille holds a guide of Monaco-based trading houses. (SMENI MEMBER FIRMS).

Additional information

Population

31,693 (July 2000 est.)

Capital City

Monaco

Language (continued)

Italian and English are widely spoken. Monégasque, the traditional language, is spoken by the older generations and taught in many of the schools in the Principality.

Principal Religions

Roman Catholicism is the religion of the state although Article 23 of the Constitution guarantees freedom of worship. Approximately 90% of the population are Roman Catholic.

Public / Statutory holidays

Monday 1 January - New Year's Day
Saturday 27 January – St. Devote's Day
Tuesday 27 February (pm only) – Mardi Gras
Thursday 22 March (pm only) – Lent
Thursday 12 or Friday 13 April – Thursday before Easter or Good Friday
Monday 16 April – Easter Monday
Tuesday 1 May – Labour Day
Thursday 24 May – Ascension Day
Monday 4 June – Whit Monday
Thursday 14 June - Corpus Christi
Wednesday 15 August – Assumption
Thursday 1 November – All Saints' Day
Monday 19 November – Monaco National Day
Saturday 8 December – Immaculate Conception
Monday 24 December (pm only) – Christmas Eve
Tuesday 25 December – Christmas Day
Monday 31 December (pm only) – New Year's Eve
Tuesday 1 January 2002 – New Year's Day

Local currency (continued)

Monaco adopted the euro along with France, a member of the euro zone. To find out how this will affect your business visit the UK Treasury's website.

The latest conversion rate between sterling and the Euro are available by consulting the European Central Bank website.

The UK Trade & Investment Currency Converter provides up to date conversion rates for all currencies.

As part of Economic and Monetary Union twelve European Union countries have now introduced a single European currency - the euro. Even though the UK did not join the single currency, UK businesses cannot afford to ignore the euro.

To find out what Government assistance is available to help UK businesses deal with the implications of the euro visit the Treasury's Euro website: www.euro.gov.uk. The DTI are organising a series of seminars on e-business, the euro and exports to help UK firms prepare for business opportunities. Further details are available from website: www.dti.gov.uk/europe/pagea.html

The latest conversion rate between Sterling and the Euro is available by consulting the European Central Bank , which also contains a link to the official euro site.

GDP (continued)

Monaco does not publish economic figures such as GDP, though estimates placed GDP at $870 million in 1999.

Weights and measures

Metric

This document owned by allan.attra@uktradeinvest.gov.uk , last published 27/05/2004.

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Further Information
No Further Information are currently available on this site for Monaco