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Life and Death of an Association in Monaco

By June 22, 2023August 25th, 2023Monaco News

As for Monaco non-trading/civil companies, the conditions for the creation and control of associations in the Principality of Monaco may be tightened as a result of the recent Moneyval evaluation. To date, the Principality has about 20 foundations and 1000 associations acting in different fields such as sports, health or education.

However, there is no Monaco Registry of Associations and Foundations. Associations are created by simple request addressed by post mail to the Ministry of the State. This registration process could be modified and the Moneyval report recommends the creation of a public registry for transparency purposes. Associations are not required to keep a list of their members, identify or declare their beneficial owners, or have accounting obligations except when they receive grants or organize public fundraising. The only obligation that associations must meet is to keep a register at their headquarters containing basic information (Art. 12, Law 1.355). However, several quidelines have been issued by SICCFIN and the Government to regulate the activities of associations and processes to adopt when receiving funds. 

The dissolution of an association, like its creation, is achieved by a simple letter addressed to the Ministry of State with the decision of the general meeting attached. The dissolution is published on the Monaco official Gazette and is then public. If a Registry of associations and foundations is to be created, this dissolution process would also be modified.  

DL Corporate & Regulatory is pleased to assist you with the creation and administration of your association in Monaco.