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.
Key Features
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.
Legal Requirements
|
Requirements |
Description |
|
General |
|
|
International Business Company |
|
No |
|
Share capital or equivalent |
|
|
· Minimum paid up capital |
USD 100,000 |
|
Directors |
|
|
1 |
|
Yes |
|
No |
|
Shareholders |
|
|
1 |
|
Yes |
|
No |
|
Service Providers Required |
|
|
Yes |
Tax Treatment
Income derived from sources outside Comoros are tax exempt
Duration to Set Up
About 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 Valsen 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