If you want to set up a banking business and you intend to make it international, you need a license, and Comoros gives entrepreneurs a unique opportunity to get one. The country elaborated the Banking Law which took effect on January 1, 2013, and it is focused on making Comoros a reliable international financial haven with a high reputation in the market that complies with global best practices and standards. International banking businesses are offered generous tax incentives, which is a real draw for potential bankers from around the world. Click on the link to get more practical information on banking license acquisition in Comoros or talk to a specialist about your particular situation. You can use the live chat during office hours.
Why Comoros?
Comoros is located between Madagascar and Mozambique, and it comprises three major islands: Anjouan, Moheli, and Grande Comore. The country is known for its political stability, advantageous geographical location, and robust financial sector, which makes it an appealing jurisdiction for those who want to engage in banking activities.
You will be able to enjoy the following benefits if you set up a company in Comoros and obtain a local banking license:
- A business-friendly legal environment you can take advantage of. The legal system in Comoros is truly favorable to companies, with confidentiality being its primary concern. The country is actively promoting its global banking services to attract more investors.
- Security and privacy standards. The financial institutions in Comoros are focused on ensuring the confidentiality and safety of their customers and the assets they possess.
- Lower licensing and registration costs. Comoros offers affordable company registration and license acquisition fees, which makes it an excellent option for those who have a limited budget at the time of company establishment.
- Diversification. You will have an opportunity to make seamless outgoing payments across borders, and their exposure to geopolitical and investment risks will be minimal.
- Optimization of financial services. You certainly have some financial goals and strategies, and the Comoros banking sector is sure to provide all the monetary services you need to realize them.
If you set up an offshore company in Comoros, you will not have to pay a capital gains tax or a corporate income tax. The only exception is the case when you generate your profits within the country.
There are no currency controls in Comoros, which means that you can freely move any currency in and out of the country. As a result, entrepreneurs who have acquired a banking license can render an extensive range of services to customers from all over the world.
In Comoros, the liability of company owners is limited, which means that their personal assets enjoy reliable protection from any business-related claims.
Local Legal Framework
Comoros authorities have done their best to create a business-friendly environment and make it appealing to non-resident investors as foreign capital boosts the country’s economic growth.
The stability and integrity of the Comoros offshore banking sector are regulated by a reliable legal framework. The relevant laws and regulations require the country’s banks to acquire a banking license and keep it valid at all times. The legal documents pertaining to offshore banking operations set out the requirements, principles, and procedures that the banks need to comply with. The local regulatory authority (the Central Bank of the Comoros) protects the integrity and reputation of the financial sector in the country by monitoring and enforcing compliance of each banking institution with the relevant laws and regulations.
Requirements for Potential Licensees
The company that intends to acquire a Comoros banking license is required to comply with the regulations set and fulfill certain conditions. In particular, it will need to successfully pass a thorough due diligence check, show that your business is financially sound, provide a realistic business plan, and state the authorized capital.
Your company will need to have at least one director, and this person must have relevant experience in the banking sector or appropriate qualifications. The director (or several directors) will monitor the company’s compliance with the regulatory standards adopted in Comoros by liaising with the local regulator.
Comoros has a well-regulated financial sector which helps to ensure transparency and prevent illegal activities. It means that all license holders are required to comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) rules.
Banking License Acquisition: Terms and Conditions
The banking license you obtain in Comoros remains valid until one of the events below occurs:
- It expires (the expiration date is shown on the back of the document)
- The license holder’s registration in Anjouan is discontinued
- The Anjouan Offshore Finance Authority cancels the license
License holders are entitled to engage in the following activities:
- Grant credits and loans to customers
- Be the issuer of credit cards and securities
- Play the role of intermediaries in securities trading
- Process payments
- Serve as concessionaires, promoters, or financiers
- Set up accounts for natural persons and legal entities
- Carry out all kinds of financial, industrial, operational, agency, developmental, trading, and commercial activities
- Accept deposits from natural persons and legal entities
- Provide funds to patent holders, inventors, and concessionaires
- Carry out foreign exchange transactions
- Advance funds to any entities, with collateral provided or without it
- Keep, manage, and trade securities
- Provide bank guarantees
- Hold precious metals, capital, stocks, bonds, assets, or other financial instruments for third parties
If any of the events below occur, the license is subject to automatic revocation ipso facto and without prior notice:
- The company fails to pay the annual license fee.
- The company is engaged in gambling business or marine/air transport insurance without possessing a valid license.
- The company carries out any operations that are prohibited or in conflict with any law effective in Anjouan.
Service Fees
Here are the fees you will need to pay to get a Comoros banking license:
- Registration fee: 9,750 euros
- General license: 69,000 euros
- Limited license: 49,000 euros
Should you fail to pay the annual license fee on time, you will have to pay the following penalties:
- 4,500 euros per month for the general license
- 3,500 euros per month for the limited license
Conclusion
Interested in obtaining a Comoros banking license? Please follow the above link to discover what steps you will need to follow to set up a banking license in Comoros. The whole procedure will take 4 to 6 weeks (along with license approval) if you seamlessly make all the required steps or use professional assistance (talk to an expert on the portal above to ask any questions or seek professional help). We wish you success in your business endeavors!
