Business

Business

Last update: 03/07/2020

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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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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No.  To support traders, Monaco City Hall is making traders who rent municipal premises exempt from paying their rent or other fees for the month of March and until the end of the crisis.

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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.

The Prince’s Government has decided to allow the Principality’s employers access to its supply lines for masks, offering them the opportunity to purchase alternative masks for their employees working in the Principality at cost price, subject to availability.

You can order the masks online and collect them according to the procedures that you will receive following your order.

Please note : The distribution centre will close on Wednesday, July 15. Requests can be made until July 14 at 6 pm. After this date, companies will no longer have access to the online service and will no longer be able to purchase masks.

Find out all the information about this procedure on Public Services  for Businesses website.

Any question about coronavirus ?
  92 05 55 00
The Covid19 call centre is available 7 days a week from 8am to 8pm
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