Monaco Business 2025: how to successfully navigate business challenges and opportunities in the Principality?

Is Monaco a mountain to climb for young talent? Perhaps not! The 13^th edition of Monaco Business focused on entrepreneurship and attractiveness.

“The Monegasque economy has demonstrated […] its resilience, its robustness, its creativity, its imagination and its ability to adapt to all the economic challenges of the day,” declared the Minister of State in his opening speech at the 13th Monaco Business trade show, which took place on 18 September at the Méridien Beach Plaza’s Sea Club. At the heart of Monaco’s economic vitality, Christophe Mirmand praised the remarkable results achieved in the business start-up sector, with “565 [start-ups], compared with 371 last year”, illustrating the Principality’s continuing appeal for professionals.

Prince Albert II meets Monegasque companies at Monaco Business fair

A successful economic model

There’s no doubt about it: this autumn’s watchword is attractiveness. This is borne out by the recent appointment of Ludmilla Raconnat Le Goff as delegate in charge of attractiveness. She attended the show, restating Monaco’s unique assets: “unrivalled political and institutional stability”, “zero public debt”, “simple and visible taxation” and “a compact, agile economic ecosystem with particularly rapid access to decision-makers, authorities and networks.”

Sandrine Sauval-Chanteloube, director of the start-up incubator Monaco Tech, also stressed the favourable environment: “Monaco is a fantastic ecosystem for launching a business. The Principality projects an image of stability and economic vitality that stimulates innovation. Given the size of its territory, there is a wide diversity of businesses and it is also ‘easier’ to meet investors. At Monaco Tech, that is our precise role – as a facilitator and driving force in the development of start-ups in their early years.”

In her speech to Monegasque professionals, the Monegasque Delegate for Attractiveness stressed: “Attractiveness cannot be decreed, it has to be built every day through constant dialogue and an ability to adapt and demonstrate agility. My job is to turn your feedback into concrete proposals for improving existing systems.”

Obstacles to be overcome

Despite these advantages, starting a business in Monaco can be expensive: “the biggest obstacle is obviously the costs an entrepreneur might have to face. In particular, the main fixed cost is the high price of property,” says Annalisa Cellario, Office Manager at Monaco Boost. This is particularly true for young companies, which have to deal with substantial start-up costs, as Hanna Derrien, President of the Jeune Chambre Économique de Monaco (JCEM), pointed out. “Official authorisation procedures, opening a bank account and the costs of finding a place to work, such as a business centre, are all difficulties that entrepreneurs face.”

Structured support to overcome difficulties

Fortunately, the Principality has developed a particularly dense support ecosystem and can count on the essential support of committed local stakeholders to help overcome these challenges. Monaco Boost, a “100% state-owned company designed to help Monegasque entrepreneurs or their spouses to set up or grow their businesses,  currently home to 55 companies from a wide range of sectors, offering much lower prices than the private sector.”

Its support goes beyond providing premises. Monaco Boost organises workshops, training courses and professional gatherings. VAT, recruitment and even artificial intelligence – “an emerging theme in terms of requests for support,” according to Annalisa Cellario – are just some of the issues that professionals need to address.

As for the JCEM, in addition to an extensive programme of conferences, it completes the package with its business start-up competition, providing up to €40,000 for the Prince’s Government Prize, which will “give you a head start on setting up your own business in Monaco,” explains Hanna Derrien.

What if you’re a female entrepreneur? “Starting a business as a woman in Monaco is not necessarily more difficult than elsewhere, but there are challenges: the mental burden, finding a balance between work and family life, or the need to find a way into certain networks,” says Anastasiia Rose, an accredited translator and AFCEM member.

Monaco hosts first European summit of women entrepreneurs

“What sets Monaco apart is the quality of its environment: a reliable education system that supports families, an ecosystem on a human scale, accessible networks and institutions that actively encourage female entrepreneurship. What you do is visible immediately: it’s both a pressure and an opportunity for those who are just starting out.  But that proximity also fosters real solidarity between female entrepreneurs, making the process less lonely. Through the Association des Femmes Chefs d’Entreprises de Monaco (AFCEM), we work together every day to help get past these obstacles and turn challenges into opportunities.”

Premium positioning

Monaco is now fully embracing its high-end strategy. “We need to fully embrace our position as a premium hub, guaranteeing an unrivalled experience and service for our businesses,” says Ludmilla Raconnat Le Goff. A calculated bet. With 565 business start-ups in 2025, the Principality is proving that its recipe works. The challenge now is to build on this momentum over the long term and continue to attract the talent and creativity that will build the Monaco of tomorrow.