I am an entrepreneur, trader or self-employed

I am an entrepreneur, trader or self-employed

Last update: 29/04/2020

To support you during these unusual times and ensure the stability of our economy, the Prince’s Government has introduced immediate support measures to help affected businesses, regardless of their size.

Interest subsidy

The extension of the interest subsidy for financial assistance (authorised overdrafts or cash flow loans) is being granted to traders, businesses and craftspersons in Monaco to help them address temporary cash flow problems resulting from the COVID-19 health crisis.

Under certain conditions, the State will subsidise the interest rate charged by the lending institution, reducing to 0% the interest rate paid by the company in receipt of the loan or overdraft.

My company has a lot of payments due and my cash flow has been severely impacted by the health crisis.

The Prince’s Government has introduced a procedure that allows businesses in the Principality which have been affected by the health and economic crisis to make use of the Monegasque Guarantee Fund. This enables them to benefit from a 100% counter-guarantee from the State.

Using simplified procedures, business owners will be able to access up to €50,000 to pay salaries and rent, which are their primary fixed costs. These loans from the bank will be guaranteed by the State, such that in the event that the borrower defaults, the State will reimburse the bank. This means that the risk to the bank is nil. The State has budgeted €50 million to guarantee these loans.

A measure has been put in place for cash flow loans and overdraft facilities amounting to between €50,000 and €500,000, granted to businesses affected by the crisis.

Please contact your bank to take advantage of this measure.

For more information about these measures, please consult the Public Services for Businesses website.

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The Department of Tax Services will grant deferment of payment for a period of three months, provided that the declaration obligations have been met.  It is the responsibility of taxpayers to make the usual declarations; only the payment will be deferred.

For more information, you can contact the Department of Tax Services on the following adress : ContactsDSF_Monaco@gouv.mc

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Deferment of social security contributions

Employers and self-employed workers in the Principality who are experiencing a significant drop in activity due to the Coronavirus epidemic can contact the Social Security Contributions Collection Office to request staggered payment of their contributions.

Deferment of supplementary pension contributions (AG2R)

If your company is experiencing significant cash flow problems, you can defer all or part of your Agirc-Arrco supplementary pension contribution payments due on 25 April.

For more information about these measures, please consult the Public Services for Businesses website.

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The Committee for Assistance to Businesses in difficulty (COMED), will be reactivated in a new form to deliver the best possible response to the economic difficulties faced by Monegasque companies impacted by the COVID-19 crisis.

Information and submission procedures will be available soon on Public Services for Businesses website, following the introduction of other emergency measures.

For any further information, you can contact the COVID-19 Businesses unit by email : covid19entreprises@gouv.mc

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Depending on your circumstances, you may be able to claim the Exceptional Minimum Income, which is set at EUR 1,800 to which is added a flat-rate aid of EUR 3,200 per month.

This measure expired on 15 May 2020.

Beneficiaries who received the aid for the month of March will automatically receive it for the months of April and May.

However, any new applications received after 15 May will not be accepted.

Details of the procedure are available on the Public Services for Businesses website.

Businesses operated from a state-owned apartment

With regard to those authorised to run a business from home, the associated fees will be lifted. A letter will be sent to those concerned to inform them that there will be no charge from 1 January 2020. Those who have already paid will be reimbursed as soon as possible.

State-owned commercial premises

Traders who are forced to close will automatically be exempted from rent and charges for the second quarter of 2020. Those affected will not need to complete any formalities, and will be notified by a letter from the State Property Authority. Rent and charges for March 2020 will be reimbursed to the retailers concerned

For any further information, you can send an email to administration.domaines@gouv.mc or call 98 98 44 66.

State-owned office and industrial premises

Consideration is currently being given to measures to support businesses affected by the crisis who experience a significant drop in revenue. Details and procedures will be published on this website soon.

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Yes.  Companies and self-employed workers in the Principality who are experiencing a significant decrease in trade can ask to stagger their payments to the SMEG and Monaco Telecom.

More information : spe.gouv.mc

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Le Gouvernement a mis en place la Commission d’Accompagnement de la Relance Economique (CARE) qui étudie, au cas par cas, les dossiers des entreprises ayant un chiffre d’affaires inférieur à 5 millions € et une perte d'au moins 50% du chiffre d'affaire. Ces entreprises doivent présenter un bilan prévisionnel sur les mois de juillet à septembre.

L’aide de l’Etat se traduira par la prise en charge jusqu’à 50 % des frais fixes auxquels pourront venir s’ajouter des dépenses liées directement à la relance de l’activité (communication, déplacements de prospection, etc.), aide plafonnée à 35 000 euros.

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