Comoros Banking License
The Law establishes a licensing regime for banks and savings institutions; the National Bank of Anjouan or the Offshore Finance Authority can issue banking licenses. Class A Licenses are for banks with physical branches in Anjouan and offering services both internationally and domestically; Class B licenses are for offshore banking only.
Class B banking licenses are the only type of offshore banking license granted on the island of Anjouan. This is a full-unrestricted banking license. Class A banking Licenses being reserved for Anjouan onshore banks. The National Bank of Anjouan has certain requirements to be satisfied by all offshore banks, namely;
A reserve of USD 100,000 is required, which may either be in the form of an irrevocable guarantee from a foreign bank that is approved by the National Bank of Anjouan or in the form of a deposit at the National Bank of Anjouan both types of banking license may be granted to international companies.
Obtaining a banking license is a relatively quick process due to the lack of bureaucracy. Approval can be granted swiftly providing the necessary due diligence requirements are met.
There are no requirements for local offices or employees, however local companies in Anjouan can provide representative offices. Correspondent accounts can sometimes be arranged depending on the strict due diligence and subject to negotiable fees and due diligence. Offshore offices are now also available in Anjouan with French, English and Arabic speaking secretaries.
The Anjouan offshore banking laws, which were passed in February 2005, have been structured to be modern and flexible and are based on years of close study of the experiences of other offshore centres around the world.
With extremely high due diligence standards, the right conditions for a friendly and hassle free business environment exist. It is necessary to obtain positive identification of company owners for central registry records, a task that is not implemented in major jurisdictions. This will eradicate many of the problems that similar haven nations have experienced over the years.
Corporate vehicle permitted International Business Company
Local physical office required No
Share capital or equivalent
Minimum paid up capital USD 100,000
Directors Minimum number 1
Corporate directorship allowed Yes
Local director required No
Minimum number 1
Corporate shareholders allowed Yes
Local shareholders required No
Service Providers Required
Company Secretary Yes
Income derived from sources outside Comoros are tax exempt
Duration to Set Up
About 6-8 weeks
Distinctive Benefits of Licence
Privacy – strict laws concerning bank confidentiality protects the interests of clients
Asset protection – assets deposited into a client’s account are protected against forfeiture
Tax protection – favourable tax regime
The Smith & Smith Advantage
End to end comprehensive service
Speedy and efficient service
Expert advice on structuring options
Dedicated ongoing compliance support
Extensive network pool of service providers