Business Centers and Business in Monaco – COVID-19 and the Monegasque Economy

Since its independence in 1861, the Principality of Monaco has always demonstrated innovation in its management and development. More than a financial, commercial, and strategic hub, Monaco is a place of growth for its businesses and residents. Strong in its social-liberal model, the city-state demonstrates pragmatism: it anticipates future needs by drawing on past experiences.
To always remain as close as possible to your daily needs, AAACS draws inspiration from this model. Flexibility is the watchword of our team. Always available for you, we support you throughout your business project. From the creation of your legal structure to your installation in our business centers, we remain constantly at your disposal.

The global COVID-19 crisis could have challenged the effectiveness of the Monegasque system; in reality, this was not the case. The Monegasque government, its residents, and its businesses demonstrated rare resilience during this health crisis. The government supported economic activity by implementing exceptional support plans. Despite the isolation, residents showed solidarity through the implementation of common actions and activities. Finally, businesses fought to maintain the sustainability of their activities, despite a difficult macroeconomic context.

It is for these various reasons that, at AAACS, we are convinced that economic activity will rebound. With certain needs brought to light, many commercial opportunities are emerging, and it is up to us to seize them! Monaco is, and will remain, a leading international hub for business. Entrepreneurship has never been so supported; certain organizations like FEDEM or MEB are fully committed to this approach.

Our objective is simple: to simplify your life for the development and sustainability of your business.

From this crisis, we must draw valuable lessons. Firstly, we can improve our work organization. The flexibility offered by remote work is a real opportunity for many businesses; it often results in significant time and productivity gains. Secondly, the necessity of using digital tools can no longer be disputed. We must therefore continue the development of these digital tools to gain efficiency (for example, through the digitalization of administrative procedures). On an ecological level, new technologies also present a tremendous opportunity to fully embrace the ecological transition. Finally, we will remember that the entire Monegasque system managed to stay afloat, while many other states faltered or even stumbled.

With conviction, we reaffirm our optimism regarding the future: Monaco will rebound because its businesses will rebound. Our entire team remains at your full disposal for any inquiries; please do not hesitate to contact us for further information.

By Mathieu PIMORT
The AAACS Team