How to request help from Economic Recovery Support Commission
9, Rue du Gabian (1er étage)
MC 98000 MONACO
Cellule Covid19 - Entreprises :
(+377) 98 98 98 99
Opening Hours : from 9.00am to 5.00pm from Monday to Friday
Principle and conditions
Following the phase of emergency measures adopted to address the COVID-19 health crisis, a new phase has been initiated with the establishment of the Economic Recovery Support Commission (CARE).
From this point forward, prompted by the gradual resumption of economic activity, the Government will be pursuing a pragmatic, tailored support policy. It is putting in place a variety of targeted assistance, investment and support programmes for the national economy.
Businesses which have experienced a severe and lasting impact as a result of the crisis caused by the COVID-19 pandemic will be able to present their difficulties for review by CARE
The Government intends to help businesses that contribute to the country’s wealth in terms of jobs, tax revenue and reputation.
CARE aims to provide targeted support to eligible companies:
- Particular attention will be focused on the sectors hardest hit by the global health crisis, such as the tourism and events industries, for example
- The specific needs of companies will be reviewed, along with their business recovery plan(s)
- The support offered will be tailored to each situation
- The period to be reviewed will cover the months from March to September 2020
Potential support depending on situation
- In some cases, partial coverage of outstanding fixed costs to be paid by the company may be considered. The amount allocated by CARE will be paid in one instalment
- The company may be asked to contact its bank in Monaco for access to the State Guarantee Fund and the loans granted to companies to support business recovery following the health crisis (this scheme was launched on 1 July 2020)
- CARE may also recommend that the State acquires a stake in some strategic businesses facing difficulties
On condition that they are duly registered in the Principality’s Trade and Industry Registry or hold a ministerial authorisation and that their current accounts were in credit as of 31/12/2019, companies or businesses making an application must meet all of the following conditions:
- Have seen their business be completely or substantially interrupted due to the COVID-19 pandemic
- Be able to demonstrate that their business has suffered a severe and lasting impact as a result of the consequences of the COVID-19 crisis, despite the lifting of the lockdown on 4 May 2020
- Have had a turnover of strictly no more than €5 million in 2019 (excluding taxes, including tax refunds)
- Have experienced at least a 50% decline in turnover before tax, on 30 june 2020, compared with the same period last year
- Be able to present evidence on the basis of the documents and information required as part of the application procedure
The following are not eligible to apply to CARE: Associations and Federations, Non-trading companies, Companies involved in court-ordered insolvency procedures and/or in difficulty prior to the COVID-19 crisis, property developers, single and multi-family offices, CSPs, banks and portfolio management companies, insurance firms and companies partially owned by one or more legal entities.
Date and conditions for receipt of applications
- The completed application form should be sent to the Commission between 1 and 31 July 2020
- The complete application must be sent, by email only, to firstname.lastname@example.org
- The form: CARE - Formulaire de demande d'intervention must be completed electronically (no handwritten information will be accepted)
- The application must include all required documents and information
- No incomplete applications will be considered
Collating the documents
1. Download and complete electronically the form: CARE - Formulaire de demande d'intervention The following information is required:
- Information on the representative authorised to submit the application
- Information on the company or business experiencing difficulties that is the subject of the application
- A detailed presentation of the current economic difficulties linked to the COVID-19 crisis
- A summary of financial indicators
- A summary statement of outstanding fixed costs to be paid by the company or business
2. A cash flow plan describing the detailed needs to be covered until the end of September 2020, which must take account of all assistance received.
3. The financial position of the business in 2018.
4. The financial position of the business in 2019 (audited or in the process of being audited).
5. Full and recent bank account details (RIB) of the company or business making the application.
6. The last justification of rent paid.
7. The VAT declaration for June 2019.
8. The VAT declaration for June 2020.
Sending off the documents
Completed applications must be sent by the applicant’s legal representative to the COVID-19 Businesses Unit between 1 and 31 July 2020, by email only, to the following address: email@example.com
The Welcome Office team will acknowledge receipt of the full application by email to the email address provided in the application, and inform the applicant of their eligibility.
If any changes are required, the application will need to be fully updated and resubmitted using the same procedure.
Applications that are incomplete or do not comply with the requirements cannot be considered.