Monaco, April 3, 2025 – The National Council has adopted Bill No. 1094 giving rise to Law No. 1.573 of 8 April 2025 on the modernisation of company law published in the Journal de Monaco on 18 April 2025, marking a major step forward in the Principality’s corporate law framework. This comprehensive reform seeks to boost Monaco’s economic appeal while reinforcing legal certainty, transparency, and efficient corporate governance. A Reform Tailored for a Modern, Competitive Business Environment Monaco’s updated corporate legislation reflects the country’s commitment to providing businesses with a robust, flexible, and transparent legal framework. The adoption of Law No. 1.573 introduces key improvements aimed at supporting entrepreneurs and investors alike. Highlights of Law No. 1.573 The reform introduces several significant advancements, including: Creation of the Sole Limited Liability Company (SURL): a new vehicle tailored for individual entrepreneurs wishing to operate through a corporate structure. Legal recognition of the Société Civile de Moyens (SCM): a flexible framework for professionals to pool resources. Legal personality granted upon registration: companies now acquire legal status immediately upon incorporation. Authorization of industry contributions: SARLs and SAMs may now include non-monetary contributions such as know-how or services. Remote meetings: board and shareholder meetings may be held via videoconference. Minority shareholder alert rights: enhanced tools for corporate governance and minority protection. Streamlined formalities: simplified procedures for changes to share capital, company name, or registered office. Recognition of preferred shares: enabling tailored economic and voting rights for shareholders. Introduction of a conciliation procedure: a preventive and amicable mechanism to resolve company difficulties. A Stronger Legal Framework to Attract and Retain Business With this reform, Monaco strengthens its position as a dynamic, forward-looking jurisdiction offering legal clarity and operational flexibility for businesses of all sizes. 📄 Learn more: https://www.conseil-national.mc/2025/04/23/n1573-loi-relative-a-la-modernisation-du-droit-des-societes-2/

The 2025 edition of the Spear’s guide, a leading publication for high-net-worth advisory services, has listed Édouard Mousny, Partner and Head of the Yachting Department at Gordon S. Blair Law Offices, among the top lawyers in yachting and aviation law.   He is recognised for his experience advising on the purchase and sale, construction, financing, chartering and registration of large yachts and vessels.   This recognition highlights the firm’s ongoing commitment to providing tailored legal support in complex and cross-border matters involving high-value maritime assets.   🔗 Read the full article on Spear’s: https://spearswms.com/law/best-aviation-yacht-lawyers-high-net-worth-individuals/

On December 20, 2024, the promulgation of Law No. 1.569 of December 12, 2024, concerning internships in professional environments, was published in the Journal de Monaco. This new legislative text strengthens the regulation of professional internships undertaken in the Principality by young individuals and closely resembles the provisions already in place in our neighboring state, France.   Unsurprisingly, the new law introduces an age limit for undertaking professional internships (29 years old), requires host organizations to formalize this contractual relationship through an internship agreement, strictly limits the duration of an internship to six months, and mandates financial compensation in the form of a stipend for any internship lasting more than two months.   Furthermore, these legal provisions define the conditions under which a non-European Union student can undertake an internship.   Naturally, these new regulations also serve as a reminder to businesses that an intern is not an employee! Law No. 1.569 limits the number of interns present at the same time, based on the size of the host organization’s workforce.   This reminder should not be taken lightly, as courts have the power to disregard the intern classification if the employer integrates the intern into their workforce and assigns them tasks as if they were a permanent employee, without providing the training they are entitled to.   This risk is significant, as in the event that an internship agreement is reclassified as an employment relationship—by default, an open-ended contract—the intern may be entitled to back pay, paid leave compensation, and severance payments. Additionally, the employer could face criminal penalties for violating employment regulations.   To ensure compliance with this new legislation, our employment law team is available to discuss the matter and assist you.