Serge Pierryves, a Monegasque citizen born in Monaco in 1963, holds a degree in Marketing and Communications. He started his career in 1983 as a marketing assistant with Christian Lacroix SNC, where he was involved in launching the creator's own fashion house. He returned to Monaco in 1989 and joined the Tourist and Convention Authority, where he rose through the ranks to become the Assistant Director in 2002. In 2006, he transferred to the State Property Authority, once again as Assistant Director, before being appointed Housing Department Director in 2008. Serge Pierryves has been the Director of the Business Development Agency since December 2010. He was made a Knight of the Order of Saint-Charles in 2009. He told us about the role of the Business Development Agency.
Many of our foreign followers are unfamiliar with the Business Development Agency, so my first question is: what are the main missions of the Business Development Agency?
Under Article 2 of the Sovereign Decree No. 11.986 of 2 July 1996, as modified by Sovereign Decree no. 3.188 of 17 March 2011, the Business Development Agency's responsibilities include:
- examining and providing administrative support for applications for the creation or amendment of businesses;
- keeping the trade and industry register;
- monitoring all legal cases related to its scope of activity, as well as proposed updates to the applicable laws and regulations and, where necessary, drafting new legislation;
- inspecting businesses;
- examining applications, granting and monitoring financial aid packages for businesses;
- granting industrial property rights and registering them in the national records.
The Agency is also authorised to:
- implement, maintain and optimise long-term contacts and relationships with all professional and business partners;
- take part in any prospecting or economic development operations organised by the competent institutions.
One of the Agency's departments, the Monaco Welcome and Business Office, is specifically tasked with developing a high-quality service to welcome newcomers and provide support for measures targeting entrepreneurs.
What is the Agency's relationship with the Ministry of Finance and Economy? Do you work with the CCAF (Financial Activities Supervisory Commission)?
As stated in paragraph one of the first article of the Sovereign Decree I mentioned previously, the Business Development Agency is an administrative agency which reports to the Ministry of Finance and Economy.
We regularly consult the CCAF, through its state commissioner, on applications for the authorisation of businesses governed by law no. 1.338 of 7 September, 2007 on financial activities, which also require CCAF approval.
It is also represented at the quarterly meetings of the coordination committee for the different agencies which are responsible for inspecting financial activities, meetings which the Business Development Agency attends.
How does the Business Development Agency contribute to the Principality's economic development?
We mainly contribute by processing business creation and modification applications as quickly as possible, and by granting intellectual property rights.
While the law allows us up to three months to process applications, in practice we have brought that down to just over 30 days.
Since 2011, the Agency has also been saving Monaco residents time by handling all the formalities of legal registration and publication in the Journal of Monaco for company creation and modification.
The Business Development Agency is also the key point of contact for financial professionals and the customers and helps guide them as they implement their ideas.
One last question, what major changes have you seen in the Principality's economy since you took on your job?
I would say the increasing number of business centres, which has more than tripled in just a few years. That phenomenon is closely linked to the dearth of office space available in Monaco.
The Government has now regulated their offers and prices.
