MONACO « Une Base Administrative Princière »

With more than 300 days of sun per year, the inhabitants of the Principality of Monaco can benefit from the Mediterranean and its nautical activities as well as from the joys of skiing, thanks to the proximity of the Southern Alps, which are less than one hour away by car.

A Brief Description of Monaco:

Geographical situation

Monaco is located on the Riviera, approximately fifteen minutes away from the international airport, Nice Riviera. Its surface is of approximately 1,5 square kms, bordered all along by the sea. Monaco is the administrative capital of the Principality which bears the same name. Monte-Carlo is the Principality’s most significant city. Its reputation is due to its luxurious hotels and its Casino.

Population and language:

The population is of approximately 25000 inhabitants, 4800 of them have the Monegasque nationality. The official language is French, but English and Italian languages are widespread as well, due to the international character of the Principality.

Economy:

Today, the Principality’s economy is modern and diversified, and is based on four main axes of development.

• Tourism :
  Tourism was long turned only towards high standard services, with a continuous flow of individuals attracted by quality as well as by cultural and artistic environment. However, this sector had to be restructured to satisfy the growing demand of business tourism with congresses or seminars, which covers nowadays 30% of total hotel bookings. Monaco showed its desire to innovate with the construction of multi-tasks structures of adaptable size, such as the Centre of Congress Auditorium of Assembles-Carlo (C.C.A.M.), the Center of International Meetings (C.R.I.)... and, since July 20 2000, the Grimaldi Forum.

• Industry :
  It represents approximately 8 % of the sales turnover, coming from a hundred companies which exercise a light, non polluting industrial activity, generating a strong added value. These companies employ more than 4000 people, which means about 12 % of all the paid population of the country. The sector’s headlights are: chemistry, transformation of plastics, pharmaceutical products, beauty care, electric and electronic materials, printing works and textile-clothing.

• Trade :
  Monaco counts approximately 1176 retail stores and 400 wholesale shops. They generate together more than a quarter of the Principality’s sales turnover. Medium sized and large shopping malls, retail and luxury shops offer the consumers a wide choice. In addition, import-export activities have experienced a considerable development in the last few years. This sector, along with the hostelry, represents 40 % of the sales turnover.

• Services :
  This sector has been particularly developed with new banking and financial services over the last few years. The development of new products and the collaboration of this sector’s actors have allowed the Principality to become a place of international business.

• A reliable and powerful banking structure :
  The activity is shared between the credit institutions (Banks and finance companies) and the wealth management companies. The banking system of Monaco shows a real originality: on one hand the Principality is a sovereign state which does not belong to the European Economic Union, on the other hand it is integrated in its customs borders, and in the French monetary and banking system.

• The activity of Shipping :
  It represents more than 4 % of the Principality‘s sales turnover. Here, shipping activity has become a viable economic model, and it seems to be a growing sector : counting only 48 structures in 1990, it passed to 144 in 1994 and then to more than 170 in 1998, with nearly 1300 employees. The greatest international groups related to this branch of industry are represented in the Principality.

• Other service activities :
  Many other service activities are present and are particularly related to public accounting firms, insurance companies, estate agencies, transport and law firms.

Generally, the image that most people bear of the Principality rests on stereotypes which contribute to draw up a picture of Monaco which does not correspond to the reality. The businessman can count on a favorable environment: excellent communication networks, banking representation, advantageous taxation. Monaco, although not forming a part of the European Union, is directly dependent of it through France and particular agreements. Specificities of the Principality are further reinforced by the fact that business connections are obviously personal, which gives them a traditional connotation.

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