Monaco: Doing business and staying in touch
Doing Business in Monaco
A suit should be worn and prior appointments are necessary. Business meetings are formal. It is considered impolite to begin a conversation in French and then revert to English.
Office Hours
Mon-Fri 0900-1200 and 1400-1700.
Economy
Service industries, especially property and financial services, account for the bulk of Monaco's economy. Tourism is also a major source of revenue, contributing about 25% of government revenue, as well as being the mainstay of local retail businesses. There is also a highly successful, custom-built business conference venue. The dearth of land precludes any agriculture, but there is some light industry, the main products of which are pharmaceuticals, plastics, electronics, paper and textiles.
Monaco attracts many extremely wealthy individuals as residents, by virtue of its pleasant climate, reputation and environment as well as the absence of income or inheritance tax and lack of financial reporting requirements. Migrant, non-resident labour supplies the menial workforce.
Almost all the principality's external trade is conducted with France - and France, along with Italy, supplies the bulk of Monaco's visitors (both as tourists and foreign labour).
Monaco is a year-round leisure and business destination and there are extensive conference facilities. The Forum Grimaldi Cultural and Exhibition Centre, one of Europe's largest venues for conference events, provides three terraced auditoria, the largest with 1,900 seats and two massive exhibitions halls. Large parts of the new complex are built under water.
Other conference venues include the 1,100-capacity Convention Centre and Auditorium (built on land reclaimed from the sea), including technical support and exhibition areas; the International Conference Centre (with a capacity for 450 persons); and the Meridien Beach Plaza Club, which can seat up to 1,624 people. For further information, contact the Direction du Tourisme (see Contact Addresses).
GDP
Monaco does not publish its GDP.
Main exports
Pharmaceuticals, perfumes and clothing.
Main imports
Electricity.
Main trading partners
France and Italy.
