The Monegasque société civile (non-trading company) is an ideal vehicle for holding, managing and sharing real estate and personal property.

These are better known by the acronym “S.C.P” and are required to keep accounts recording all financial transactions through a statement of income and expenditure.

Managers are liable to fines ranging from 18,000 to 90,000 euros in the event of non-compliance. Accounting documents and supporting evidence must be kept at the registered office for at least five years.

In addition to this legal and regulatory dimension, it may be necessary to keep accounts for practical reasons, such as tax returns in France or Monaco when the SCP owns property, for example.

Managers may delegate responsibility for keeping financial records to a chartered accountant, a property manager or a legal adviser involved in the management of non-trading companies, but they must inform the Direction de l’Expansion Économique in advance.

For these managers, it is essential to fulfil their accounting obligations diligently and rigorously, just like a commercial business. Finally, sound management will help to preserve the initial objectives, such as succession or the management and family communication of property and movable assets.