Société Anonyme Monégasque (SAM)

The Société Anonyme Monégasque is a limited liability company in which the liabilities of the shareholders are limited to the extent of their capital contributions.

The SAM is governed by the Sovereign Ordinance of 5 March 1895 as amended, among other laws.

The company consists of a minimum of two shareholders and is incorporated subject to approval of the notarised articles of association of the company and to the obtaining of a government licence issued by ministerial decree.

The minimum share capital of an SAM is set at 150,000 euros and must be fully paid up on incorporation.

The company is managed by a board of directors consisting of at least two directors chosen from among the shareholders.

The company appoints a statutory auditor with a permanent and general responsibility for oversight of the company.