Finance

Comoros Services > License Types > Finance

Finance

A Comoros company which has been issued with an Offshore Finance License can offer financial services to both private individuals and corporations worldwide, with no limitations on number of customers, amounts on deposit or number of currencies. ( other than local Union of Comoros citizens)

The Finance company can offer virtually anything a fully licensed bank can offer, but the word “bank” cannot be included in the name. Activities of a Comoros company which has been issued with an Offshore Finance License can include but are not limited to:

  • Deposit taking & lending.
  • Debit and credit card services
  • Issuing of financial guarantees and instruments
  • Cash management services
  • Current accounts
  • Cheque (Checking) accounts
  • Savings accounts
  • Term deposits
  • Wire transfer services
  • Payment processing services
  • Fund management
  • Marketing of investments

Although a Comoros Company with an offshore Finance License is not subject to Bank supervision and regulation, its activities are regulated by the Comoros International Banking Authority Act.

IBC AND LICENSES APPLICATION FORM

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Formation

Forming a company with a Finance License is a relatively quick process due to the lack of bureaucracy. Approval can be granted swiftly if the necessary requirements are met. There are no requirements for local offices or staff, although we would suggest that all companies have this facility which can be arranged at a minimal cost. Application for permission for a finance license should be made to the CIBA after an IBC is obtained after completing an Application Form from the Registrar of International Businesses.

On top of the KYC and due diligence requirement, the following documents are required:

  • A detailed business plan of the company: Activities of the company; Countries in which the bank is looking to invest; The percentage of ownership by the shareholders; The details of the ultimate beneficial owners (chart may help if many); Any other useful information to support the application.
  • CVs of all the directors
  • Full contact details of the directors 
  • Bank reference for all the beneficial owners and directors
  • Clear certified passport copies of all beneficial owners and directors
  • Proof of addresses (utility bills)
  • Business or legal reference for the beneficial owners
  • Legal document for the shareholding companies (articles, certificate of incorporation etc)
  • Latest audited financial statements for all shareholding companies (if any)

Furthermore, all companies with finance licenses are required to submit their annual accounts to the CIBA within 3 months of the year end.