Mr. Jean-Paul Samba is President of the ‘Ordre des Experts-Comptables’, which has 30 members who are observers highly involved in the economic life of Monaco.
Which projects is the Ordre des Experts Comptables working on at the moment?
The aim of our work in progress is to enhance Monaco’s attractiveness to business leaders wishing to set up here. So we are working on the draft bill for the modernisation of Monaco’s business law, some articles of which date back to 1895! And we need to examine some 315 articles! Understandably they need freshening up. The goal is to keep what works to everyone’s satisfaction but to adapt and improve some procedures. We need to simplify the processes for those aiming to set up their business in Monaco. The set up procedures need to be centralised and fast. However, the preliminary authorisation system must be retained.
We imagine this reflection will be long and difficult
The really positive thing is that we are working hand in hand with all the sector’s players: notaries, bankers and estate agents. And the topics addressed are very varied: from the drafting of dispositions on S.A. limited companies, to private companies limited by shares, and on to articles of association of corporate foundations, which do not yet exist in Monaco. We are also working on the law on trusts, as well as on all projects affecting the economy either directly or indirectly.
Last January, did you mention a comparative study of Monaco’s accounting standards and the IFRS? (International Financial Reporting Standards).
That’s correct, the IFRS are used in most industrialised nations and it is important to position Monaco’s standards in line with them. A specialised firm compared Monaco’s accounting standards with the IFRS and the French ones. The aim was to understand the differences between the different frames of reference, and measure the gaps between the accounts of a Monegasque entity and the IFRS frame of reference. The study was completed in late 2012. It enabled us to create a new frame of reference: 26 standards applicable to the accounting profession, with continuity of the international auditing standards.
The second phase we are now applying pertains to quality control: all members can be controlled. Compliance with standards is checked. The current minimum target is 3 controls per year.
Don’t the “controlled parties” resent this?
Just the opposite, it establishes and shapes the responsibility of them all, so they now know exactly how they need to work. Control is of great interest to accountants. It can only be conceived in the perspective of improvement.
How are your relations with the tax authorities going?
They are very good, I would even say excellent. When you are fortunate enough to come under the Monegasque tax system, you need to know it well and be able to justify your actions.
