National Council passes company law and bank account reforms

The National Council has unanimously adopted two pieces of legislation that reshape key parts of Monaco's legal and financial framework. Bill No. 1112 continues the modernisation of company and business law that has been underway for several years, aiming to bring the Principality's commercial rules closer in line with international standards while reinforcing legal certainty for firms operating here.

The second text strengthens the right to a bank account, a measure designed to address practical difficulties faced by both individuals and companies in accessing basic banking services in Monaco. Government officials describe the two bills as the product of close cooperation between government departments, the National Council and representatives of the private sector, rather than a measure imposed top-down.

For residents and business owners, the right to a bank account provision could prove the more immediately useful of the two, particularly for smaller companies and private individuals who have previously struggled to open or maintain accounts with Monaco banks. The company law reforms, meanwhile, are aimed at strengthening the Principality's attractiveness to investors and firms considering setting up here, part of a broader effort to keep Monaco's commercial code competitive with other European jurisdictions.

Both texts now move through the formal promulgation process before entering into force. Business owners and residents affected by banking access issues should watch for implementing details, which will determine how quickly the new right to a bank account can be exercised in practice.