Monaco may be one of the smallest countries in the world, but it hasn’t stopped the flurries of entrepreneurs and business owners making the move to call the affluent nation home.
Synonymous with incredible wealth, the city-state nestled along the French Riviera has long been an attractive destination for family offices and it continues to attract international entrepreneurs and business owners.
Monaco Economic Board (MEB) Deputy CEO Justin Highman explained at Sir Anthony Ritossa’s 11th Global Family Office Investment Summit that it is the very set-up of Monaco that draws these prospects as well as ultra-high-net-worth individuals to the coastal country.
"Monaco is a unique destination from a business perspective because we really are geographically, very well placed within Europe," he said. "Very well connected by air, sea, road and train.
"We are a sovereign and neutral country with great infrastructure, a great healthcare and education system – very lucky also with the climate and quality of life."
One of the alluring aspects for entrepreneurs is the certainty Monaco offers.
With the Grimaldi family reigning for more than seven centuries, there is a sense of political and economic reliability.
"Especially in these challenging times we live in, stability is a key attribute," Justin said.
Investing in Monaco by supporting business owners, entrepreneurs, UHNWIs and family offices is one of MEB’s core missions.
"Our aim is to really showcase Monaco as a potential business platform – an international hub like Singapore or Dubai where you can locate your business, your family and be very close to Europe but also the Middle East and Africa with a fantastic local and multilingual workforce as well as modern infrastructure," the executive said. "More importantly, Invest Monaco is there to really give the best advice, the best council – obviously free of charge as we’re a government organisation – and full confidentiality to any businessman who wishes to look at Monaco from a business point of view."
Another mission of the entity is to create global connections both within Monaco and abroad.
Through hosting a range of networking events and soirees, the nation can connect like-minded business brains for optimal possibilities.
"The MEB can really help enhance your networks because we work very closely with the diplomatic corps," Justin said. "Being a member of the MEB also gives you access to all these different, very well-placed individuals economically speaking, which can give you access to whole new business opportunities worldwide."
The entity, which is a member of the International Chamber of Commerce (ICC) and the World Economic Forum (WEF), also endeavours to coordinate all entities in Monaco from different spheres such as sports, science, environment and culture with economy to maximise visibility and impact abroad as well as enhancing its soft power.
It is these factors which steadfastly place Monaco in a unique position for investors, entrepreneurs, business owners and family offices to consider as a future business destination.
"The economy has grown every year in the last five years at an average of 5%," Justin said. "We’re now up to nearly 60,000 jobs and over 6,000 companies in a country of two square kilometres.
"Monaco is one of the lesser known but very best places to work, live and invest from."