Monaco

The ISO code of Monaco is MC according to the ISO 3166 standard. The local name of the country is the same as its English name. Monaco capital city is Monaco. People in Monaco speak the French language. In the year 1945, Monaco emerged as a sovereign political entity. The largest city in Monaco is Monaco.

Monaco is located in the UTC +01:00 time zone, which is also called Central European Time or CET. The internet country code top-level domain (ccTLD) for Monaco is .mc. The International dialing code for Monaco is 377. People in Monaco drive on the right side of the road. Total land area of Monaco is 2 km² (approx. 1 mi²). Monaco is not a landlocked country. It means that is is bordered by at least one major body of water.

Monaco is located in Europe. Monaco is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.

Doing business in Monaco

We offer various corporate services in Monaco jurisdiction. These services can serve both, people coming from Monaco and foreigners. If you plan on doing business in Monaco you might be interested in contacting us.

To find out about starting your business in Monaco click on company formation in Monaco.

To find out how to open a bank account in Monaco and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Monaco.

Choose preferred service below or continue reading to find out more about Monaco.

Company formation Bank account (Corporate)Available banks Bank account (Private)

Demographics of Monaco

The total population of Monaco is 38,897 people. In Monaco, the population density is 18900 people per square kilometer (49,168 per square mile). Because of this statistic, this country is considered to be very densely. The ethnic diversity is rather diverse according to a fractionalization scale which for Monaco is 0.6838. Monaco has approximately 21042 foreign immigrants. The median age is approximately 51.1 years. In Monaco, 87 in every 100 people use internet.

The majority religion of Monaco is Christianity, Monaco is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Monaco.

Culture of Monaco

People in Monaco speak the French language. According to data on inbound tourists in Monaco, 328,000 tourists arrive in the country each year. The first McDonalds in Monaco was opened on 20 November 1992, and it was located in Monte Carlo. One of the most popular national dishes of Monaco is barbagiuan. To read more click on culture of Monaco.

Geography of Monaco

Monaco is considered to be a large nation because of its total area. Its total land area is 2 km² (approx. 1 mi²). Monaco is located in Europe. Its capital city is Monaco. The length of said border is 4.4 km (2 mi).Total length of land borders of Monaco is 6 kilometers (~2 miles).

The highest point of Monaco is along Chemin des Révoires, with its official height being 161 m (528 ft). Including land mass and EEZ, the total area of Monaco is approximately 290 km² (~112 mi²). To read more click on geography of Monaco.

Economy of Monaco

The currency of the country is euro. The symbol used for this currency is €, and it is abbreviated as EUR. 3.4% of population in the country are unemployed. The total number of unemployed people in Monaco is 1,322. Each year, Monaco exports around $1.12 billion and imports roughly $1.16 billion. The Gini Index of the country is 27.49. Monaco has a government debt of 77% of the country's Gross Domestic Product (GDP), as assessed in 2012. Monaco is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are banking, insurance, tourism, construction, small-scale industrial and consumer products.

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Monaco is $7 billion. Each year, consumers spend around $3,564 million. The ratio of consumer spending to GDP in Monaco is 0%, and the ratio of consumer spending to the world consumer market is 0.0103. The corporate tax in Monaco is set at 0%. The minimum personal income tax is0%.VAT in Monaco is 20%. To read more click on economy of Monaco.

Infrastructure of Monaco

In Monaco, 100% of the population has access to electricity. There are 26,009 internet hosts in Monaco.

To read more click on infrastructure of Monaco.

Politics of Monaco

Monaco, is a unitary parliamentary constitutional monarchy. With regard to political and civil freedoms, Monaco is 1. Citizens in Monaco experience total freedom. The majority of countries in which citizens enjoy expansive civil liberties and political freedoms are representative democracies, in which officials are directly elected by citizens to advocate for their needs and desires. Free countries are often bolstered by healthy economies and high-functioning governments. The head of the government is Albert II.

In Monaco, the legislative power is vested in a National Council. Monaco is a member of the United Nations (UN). On 28 May 1993, it joined the UN as a full member state. To read more click on politics of Monaco.

Environment of Monaco

To read more click on environment of Monaco.

Company formation in Monaco

The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Monaco.

When establishing a company in Monaco, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Monaco that will affect the establishment and growth of one's business. Contact us or click on company formation in Monaco to read additional information when setting up a business.

Bank account opening in Monaco

With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Monaco. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.

When considering opening a bank account in Monaco, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Monaco or contact us.