Certified Public Accountants in Monaco: Requirements, Firms, and Selection Criteria

Every company registered in the Trade and Industry Register must maintain accounting records in accordance with Monegasque law, file its annual financial statements, and, in certain cases, have its financial statements audited. Behind this requirement, which may seem fairly standard, lies a peculiarity that many entrepreneurs discover too late: in Monaco, public accounting is a regulated and closed profession, with access restricted primarily by the government.

This situation changes the way one goes about finding a firm. It also explains why Monegasque certified public accountants have a relatively low online presence and why the selection process relies more on referrals, institutional sources, and professional directories than on traditional advertising.

A Closed Profession, Regulated by Law No. 1.231

Law No. 1,231 of July 12, 2000, which replaced Law No. 406 of January 12, 1945, governs the professions of certified public accountant and certified accountant. The principle is quite clear: no one may practice this profession or use the title without administrative authorization issued by ministerial decree.

This has three practical implications.

First, the number of authorized professionals is limited. A sovereign ordinance, issued after consultation with the Order’s Council, sets the maximum number of certified public accountants and certified accountants permitted to practice in the Principality. The Monegasque market therefore remains relatively small, with only a few dozen professionals. This inevitably limits choice but also helps regulate the profession.

Second, authorized professionals are required to be members of the Order of Certified Public Accountants and Certified Accountants of the Principality of Monaco, which has legal personality. In particular, the Order ensures compliance with ethical standards and, since 2011, has implemented the Monegasque Standards of Professional Practice. These are technical guidelines specific to the Principality, distinct from French standards.

Finally, this is likely the most important point for a company seeking a firm: advertising is prohibited for certified public accountants, regardless of how they practice. A Monegasque firm therefore cannot purchase keywords or run a traditional advertising campaign. However, its public-facing materials must state its practice model, identity, professional titles, and membership in the Order’s registry.

This rule makes the landscape quite difficult to map out. Firms do exist, but they cannot promote themselves as a traditional business would. To identify them, one must therefore consult institutional sources or use a structured professional directory.

Certified Public Accountant or Certified Accountant?

The law distinguishes between two titles: “certified public accountant” and “certified bookkeeper.”

A certified public accountant has the broadest scope of practice and may, in particular, serve as a statutory auditor. A certified bookkeeper operates within a more limited scope, primarily related to bookkeeping and the preparation of financial statements.

This distinction has practical implications. If your company is likely to eventually reach the thresholds requiring a statutory audit, it may be advisable to work with a certified public accountant from the outset. This makes it easier to prepare for the transition from bookkeeping services to audit services.

What the Law Actually Requires of Your Company

Accounting and Annual Financial Statements

Every company operating in Monaco must maintain accounting records, prepare its annual financial statements, and have them approved by the appropriate governing body. Record-retention rules and filing procedures may vary depending on the company’s legal form.

The principle, however, remains the same: Monegasque accounting is based on rules similar to the French framework, though not entirely identical. This is one of the reasons why guidance from a professional familiar with Monegasque law remains particularly valuable.

When a Statutory Auditor Is Required

Statutory audits are governed, in particular, by Law No. 408 of January 20, 1945. In Monaco, only certified public accountants registered with the Order may serve as statutory auditors. The appointment is personal and is carried out on an individual basis, not on behalf of an organization.

The requirement depends primarily on two factors: the company’s legal form and, in certain cases, whether certain thresholds are exceeded.

For SARLs, the requirement applies in particular when the share capital reaches 150,000 euros, or when two of the following three thresholds are exceeded for two consecutive fiscal years: total balance sheet of 1.5 million euros, pre-tax revenue of 2.5 million euros, and twenty employees.

However, these thresholds must be verified on a case-by-case basis with a professional, particularly because the regulatory framework is currently undergoing changes.

A Reform Under Review

On July 24, 2025, the Prince’s Government submitted Bill No. 1,112 to the National Council. This 103-article bill focuses, in particular, on public accounting, statutory audits, and corporate financial statements. It builds upon Law No. 1,573 of April 8, 2025, concerning the modernization of corporate law.

Several proposed changes could have a direct impact on businesses. In particular, the requirement to appoint two auditors would apply only to companies with a higher risk profile, as assessed based on their size, business activity, or the complexity of their structure.

The bill also proposes extending the term of office from three to six fiscal years, making it mandatory to appoint at least one alternate auditor, and strengthening the rules on conflicts of interest to preserve the auditors’ independence.

For a SAM currently in the process of being formed, this change should therefore be taken into account when structuring the entity. However, since the text has not yet been enacted, the provisions of Law No. 408 currently in force remain applicable.

Two Roles That Should Not Be Confused

Accounting services and statutory auditing serve two different purposes.

Accounting services are primarily a support role. The firm maintains the books, prepares the financial statements, and may also advise the company in various areas.

Auditing follows a different approach. The auditor acts as an independent reviewer, certifies the financial statements, and assumes personal liability for the work performed.

The conflict-of-interest rules set forth in Law No. 1,231 prohibit certified public accountants from engaging in any activity that could compromise their independence. In practice, this means the firm that handles your bookkeeping cannot also audit your financial statements.

A SAM must therefore work with multiple service providers. This is a factor that should be factored into the budget from the outset, rather than discovered only after the company has been incorporated.

Five Criteria for Choosing an Accounting Firm

Sector-specific expertise. Monaco’s economy is particularly diverse. A firm experienced in yachting, wealth management, or retail will not necessarily face the same challenges as one specializing in the professional services or service industries. It is therefore preferable to request references specific to your sector rather than focusing solely on your company’s legal structure.

Multilingual capabilities. A significant number of executives based in the Principality work with foreign counterparts. Some firms even list the languages they speak in the Bar Association’s directory. If your shareholders, your bank, or your parent company operate in English or Italian, this factor can quickly become important.

Firm size. Large international networks with a presence in Monaco offer a structured approach and a reputation recognized abroad. This can be advantageous when a company works with international investors or financial institutions. Independent firms, on the other hand, often provide a more direct relationship with the partner.

A young limited liability company (SARL) obviously does not have the same needs as a group with multiple subsidiaries and consolidated financial statements.

The scope of the engagement. It is also important to carefully review exactly what is included in the service. Bookkeeping, payroll, filings with social security agencies, electronic VAT filings, legal secretarial services, or assistance with filing financial statements may be included or billed separately.

Price differences often depend more on the scope of services than on the hourly rate alone.

Anticipating Thresholds. If your company’s growth is likely to bring you close to the thresholds requiring a statutory audit, it’s best to be warned well in advance. A firm that truly monitors your company’s progress should be able to alert you before the requirement becomes urgent.

Tax and Social Security Matters, Often Underestimated

The image of a tax-free Principality does not truly reflect the reality for a company based in Monaco.

In particular, Monaco applies French VAT under the 1963 Franco-Monegasque agreements, with similar rates and rules. Income tax applies to companies that generate more than 25% of their revenue outside Monaco or derive their income from intellectual property. Social security contributions, meanwhile, are administered by Monaco’s Social Security Funds, under a system specific to the Principality.

These various deadlines—for VAT, corporate income tax, and social security obligations—must be tracked simultaneously. Managing them represents a significant part of the added value provided by a firm with in-depth knowledge of the Monegasque context.

This also explains why the accounting for a Monegasque company cannot easily be managed remotely as if it were a standard French accounting system. The choice of a firm often coincides with the selection of a corporate bank and, for some companies, a business center.

Where to Find a Firm in Monaco

The Order’s directory, published annually in the Journal de Monaco and available on the OECM website, is the official source. It lists professionals authorized to practice and provides their contact information as well as, in some cases, the languages in which they work.

For a search by practice area, KaliDirectory also lists Monegasque firms under the category “Attorneys, Notaries & Certified Public Accountants, ” which is part of the Principality’s broader financial and legal services sector.

Each entry may specify, among other things, the legal form, RCI number, NAF code, and address of the headquarters. This is qualification information that is not always available in general business directories.

All listed organizations can be accessed throughthe Monegasque business directory.