We assist in creating, restructuring and transforming the business activities of our clients who wish to develop or to diversify their business as part of their global growth strategy.
Whether caused by your new ideas, technological developments, we introduce you business opportunities both within Monaco as well as other countries.
You may consider a wide variety of measures to strengthen your (financial) position. We can help you assess your options and navigate through the legal challenges related to them, by debt restructuring, corporate optimization (including acquisition or sale of assets), the change of business model, or the review of the agreements with your suppliers and/or creditors.
Corporate structuration & governance / Cross-border and national mergers & acquisitions (M&A)
Whether you are planning a merger as part of your growth strategy, thinking about diversifying into new sectors or looking for new funding options, we offer you the right mix of legal and strategic advice.
Richard Marcon, with over 25 years’ experience in Western Europe, is the preferred M&A adviser to several corporate and financial institutions, and has topped the deal tables by volume for a number of consecutive years. With our efficiency, we can quickly manage your cross-border strategic operations.
We add value by thinking and acting beyond our traditional role to secure the competitive edge you need in an ever-changing business environment. Whether a global multinational group or a dynamic domestic business, we can deliver a tailored, commercial, cost effective solution for you, covering areas such as Mergers & Acquisitions, shareholders agreements and share purchase agreements, private equity, group restructuring.
Our expertise concerns sectors such as banking, energy, infrastructure, lifesciences, technology and media. This means we can help you in saving your time and money by understanding your specific issues, providing advice within context and pinpointing the commercial issues and risks in your transaction.
Property development & construction
We regularly assist in contract negotiations.
We operate in contractual structuring of real estate development & construction projects.
Our practice acts for a wide range of real estate investors, such as wealthy individual investors and families, may it be through their SFO, MFO, pension funds, property companies and property funds, as well as commercial and residential developers, in relation to a wide range of development projects.
Private equity operations
Over the past fifteen years, our firm has worked on major capital investment transactions.
Considering the significant level of capital committed to the private equity sector, we propose a cohesive strategy to ensure that you acquire the right assets and obtain maximum value from your portfolio.
We are able to provide a comprehensive offering to private equity funds. We assist clients through all stages of a fund’s life – from fund formation and administration to actual investments and portfolio monitoring.
Richard Marcon has a long-standing and close relationship with the private equity industry in Monaco, and around the world. With us you benefit from uniquely connected lawyers (both internationally and in their respective local markets) providing clients with access to the latest market information and opportunities as well as helpful introductions to industry contacts.
With banking, commercial expertise, we can also assist in the protection and growth of your funds and investments. Whether your deal is in the upper or mid private equity or venture market, our specialist lawyers can guide you towards the best business outcome in your home markets and across multiple jurisdictions.
Understanding the industries in which our clients transact is crucial when it comes to providing effective commercial and legal advice. We are organised along industry sector lines, we have particularly strong experience in life sciences, healthcare, infrastructure, financial institutions and services, energy and utilities, technology, media and communications and real estate transactions.
Setting up businesses
We regularly assist our clients in creating their businesses in Monaco through setting up legal entities.
Monaco companies are often created through a limited company with a minimum share capital of 15.000 euros. Such type of limited company is called “SARL” which stands for “Société à Responsabilité Limitée”. This is the most common type of business entity in Monaco.
Another type of company which is commonly used in Monaco to set up a business is the so-called “SAM” which stands for “Société Anonyme Monegasque”. The minimum share capital of a SAM is 150.000 euros. The creation of any business in Monaco either through a SARL or a SAM must be specifically authorised by the Government. The authorization process may take up to 3 months, starting from the date the complete application is filed. For large investments and significant businesses, setting-up a SAM is preferable than a SARL.
Another option in order to set up a business in Monaco is by registering as a sole entrepreneurship. As for the SARL and the SAM, the sole entrepreneurship must be specifically authorized by the Government.
– Unregulated personal investment vehicle:
Companies and individuals willing to set up an investment vehicle to manage their own assets may do so through the creation of a so-called “SCP” which stands for “Société Civile Particulière”.
The SCP may manage and invest its own assets (real estate, boats, securities, etc.). The SCP is only allowed to manage and invest assets for its own account. It shall not carry out any business or investment for third parties.
– Regulated financial activity:
The financial authority in Monaco is called the “CCAF” which stands for “Commission de Contrôle des Activités Financières”. Any person willing to advise and invest securities for third parties must apply for a financial license with the CCAF.
– Setting up and advising single family offices (SFO):
A single-family office in Monaco may hold family assets directly, hold underlying assets, such as business assets and private wealth management instruments, or only oversee and control independent entities such as trusts, and manage foreign real estate and banking assets abroad and in Monaco.
Establishing a single-family office is, in fact, not that easy. Where do you start? What do you need to organise? Do you need to draft a family office business plan? Is there a best family office structure? How wealthy do you really need to be for a family office? Might the use of a multi-family office actually be a better solution? In most jurisdictions, finding professional guidance on this complex topic is a challenge and even in more established jurisdictions holistic advice can be hard to find. As true project managers we work together with you to implement the necessary modules and help you to establish your own unique family office.
Every family is unique and therefore every single-family office will be unique. The process a family should follow when establishing a single-family office is, to the contrary, not unique. Many elements can be encountered in almost all single-family offices as wealthy families ultimately all face very similar challenges. We help our clients with the structuring of the unique single family office.
– Setting up and advising multi family offices (MFO):
Unlike single-family offices which manage the affairs of a single family, a multi-family office’s purpose is to provide services to several families, independently from one another, by aggregating various professionals specialised in the issues affluent families are faced with.
Monaco’s authorities have been aware of the development of this new activity worldwide and wished to reinforce the appeal of our jurisdiction through the creation of a specific regime to license and regulate multi-family offices in the Principality.
The activity of multi-family office must be constituted in the form of a Société Anonyme Monégasque, subject to the prior administrative authorisation issued by ministerial order and, depending on the services offered, to the prior authorisation by The Commission for the Control of Financial Activities, pursuant to the conditions laid down by Law No. 1.338 of 7 September 2007.
The law provides that the multi-family office can receive no remuneration other than that received directly and exclusively from its client and establishes an obligation of insurance covering the civil and professional liability of its officers and directors.
The regulation of the multi-family office activity is part of the policy of attractiveness of the Principality aiming to favour the development of an onshore economic activity.
The Monegasque multi-family office has thus become a regulated and protected label that shall guarantee a high professional standard, professional secrecy and protection of clients’ best interests.
We are ready to inform, advise and assist you with respect to this business activity.