Comoros offers a unique opportunity for investors who want to establish an international banking business. On January 1st, 2013, Comoros enacted the Banking Law. The law aims to turn the country into a responsible and reputable international financial hub that meets global standards and best practices. The law also offers several incentives, e.g., tax benefits, for international banking businesses. Are you interested and willing to learn more about the opportunity? At Q Wealth, we provide comprehensive services for both company registration and banking license acquisition in Comoros. You can contact us to arrange a consultation at any time (either a paid, one-hour meeting with an expert in registration and licensing, or a fifteen-minute, complimentary session).
Why choose Comoros?
Comoros is a small nation in the Indian Ocean, off the east coast of Africa. It consists of three main islands: Grande Comore, Mohéli, and Anjouan, and lies between Madagascar and Mozambique.
The Comoros islands are known for their strategic location, political stability, and strong financial sector, making them an attractive destination for banking activities.
Establishing a company with a banking license in Comoros offers you multiple advantages:
- Optimizing financial services: You can access and use monetary services that are in line with your financial goals and strategies.
- Maintaining confidentiality and security: The banking sector in Comoros is committed to protecting the privacy and safety of its clients and the assets they hold.
- Diversifying across borders: Bank customers can make outgoing payments to other countries, reducing their exposure to investment and geopolitical risks.
- Benefiting from a favorable legal environment: Comoros has a business-friendly legal system that respects confidentiality. Trying to attract more investors, the country also actively promotes its international banking services.
- Saving on registration and licensing costs: The fees for registering a company and obtaining a license in Comoros are relatively low, which makes it an affordable option for those who want to establish a banking business in the region.
Offshore corporations in Comoros do not pay any corporate income tax or capital gains tax. They are only taxed on the income they earn within the country, not abroad.
Comoros has no currency controls, allowing free movement of capital in any currency. This freedom enables entrepreneurs with a banking license to offer a variety of services to global clients.
In Comoros, company owners are not personally liable for their businesses’ debts. As a result, your personal assets are reliably shielded from any claims.
Legal framework
The government of Comoros has undertaken major efforts to foster a favorable business environment, aiming to attract foreign investments and stimulate economic growth. Here are the key features:
- The offshore banking sector in Comoros is governed by a strong legal framework that ensures its integrity and stability.
- Banks need to obtain and maintain a corresponding banking license as provided for under relevant laws and regulations.
- Legal documents for offshore banking activities specify the principles, requirements, and procedures that banks need to follow.
- The Central Bank of the Comoros is the regulatory authority that monitors and enforces banks’ compliance with the legal framework, protecting the reputation and integrity of the country’s financial sector.
Although it is just a small island state in the Indian Ocean, Comoros offers a favorable business environment for company registration and licensing. With a variety of services Q Wealth has to offer you can always find the best option for your needs!
Licensing requirements in Comoros
To obtain a banking license in Comoros, your company must meet certain requirements and follow the established regulations. These involve showing your business’s financial soundness, stating the authorized capital, submitting a realistic business plan, and passing a thorough due diligence. You will likely receive a license issued by the Anjouan Offshore Finance Authority, based on the island of Anjouan, and is highly reputable.
The company is required to appoint at least one director who has qualifications or experience in the banking sector. The director(s) will liaise with the regulator and ensure that the company meets the set regulatory standards in Comoros.
The banking sector in Comoros is regulated to prevent illegal activities and ensure transparency. All licensed companies must follow anti-money laundering (AML) and know your customer (KYC) rules.
Terms and conditions for obtaining a banking license
The banking license is valid till the date shown on the back of it or until the licensee’s registration in Anjouan is discontinued, whichever is sooner, unless the Anjouan Offshore Finance Authority cancels it earlier.
Any changes or amendments to Government Notice No. 004 of 2005 or Government Notice No. 5 of 2005 apply to the above document.
These are the activities that licensees are allowed to perform in Comoros:
- Accept deposits from legal entities and individuals (deposit operations).
- Offer loans and credit (loan operations).
- Effect foreign exchange transactions.
- Issue securities and credit cards.
- Store, manage, and trade securities (securities operations).
- Be intermediaries in securities trading.
- Provide guarantees (guarantee operations).
- Process payments and open accounts for legal entities and individuals.
- Hold assets, capital, precious metals, bonds, stocks, or other financial instruments for third parties.
- Do e-commerce.
- Be financiers, promoters, and concessionaires, and carry out various financial, commercial, industrial, trading, operational, developmental, agency, and other activities. They can also fund concessionaires, inventors, and patent holders, as well as advance money to the above and other entities, both with and without security.
The license is automatically revoked, ipso facto and without prior notice, if any of the following events occur:
- The company engages in any activity prohibited by or conflicting with any legislative act or law currently in effect in Anjouan.
- The company operates in the marine or air transport insurance or gambling industry without the necessary license.
- The company does not pay the yearly license fees.
Mind that your license may be revoked for any other reason provided for under the corresponding Comoros laws.
Discuss the details with an expert
Check the list of required documents, and get the details of the process, terms, and costs.
Contact a consultantLet’s talk via messenger
Service fees
To set up a company and get a banking license in the Comoros, you need to pay these fees:
- Registration fee: EUR 11,750,00.
- Class A license fee: EUR 69,000 (for a general license)
- Class B license fee: EUR 49,000 (for a limited license).
Take a look at what penalties you may face in Comoros for not paying the annual fees on time:
- Class A license: EUR 4,500 per month.
- Class B license: EUR 3,500 per month.
To establish a banking company in Comoros, follow these steps:
- Fill out your application and pay the registration fees.
- Choose a company name and reserve it.
- Prepare the required documents.
- Wait for 4 to 6 weeks for the company formation procedures to be over.
- Pick a license type (A or B) and pay the corresponding fee.
To get a banking license, you need at least EUR 500,000 or USD 500,000 in capital. You can prove you dispose of the corresponding funds by showing them in a corporate or personal account. Alternatively, you may use cryptocurrencies for the above purpose.
To register a company in the Comoros and get a banking license, follow these steps:
- Fill out the application and prepare the required documents
- Email all the documents for verification
- Pay the fees as invoiced.
Mind that in Comoros, you will have to wait for 4 to 6 weeks for the company registration and license approval.
We are here to help you acquire your license and establish an offshore company in Comoros or many other locations around the world. Speak to our experts for guidance in a consultation, to see if it is the best fit for your needs, discuss the options, and get the process started. You can arrange a consultation of your choice. A free fifteen-minute meeting to get some questions answered or an overview, or a deeper dive in a one-hour session with an expert (priced at 300 euros, reduced from 500). We can assist from start to finish and provide ongoing support.
