Procedure for the Purchase

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Procedure for the Purchase of a Comoros International Business Company and License

All clients MUST have a Comoros International Business Company before they can apply for any License. The IBC and License can be applied for at the same time. An application form  is available from the web site.

IBC AND LICENSES APPLICATION FORM

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  1. Client completes the application form (If it’s for a company without a license then the client just completes the IBC part of the application form)
  2. After the application form is completed it is checked and we will confirm that a) the name applied for is available and b) the form is corrected completed and signed.
  3. The applicant will then submit all the due diligence documents (See KYC below)
  4. All the due diligence is checked and kept in a secure file, no Due Diligence is available to the public.
  5. Invoices are prepared based on client’s requirements and then sent by email to the client. (No documents are issued until full payment is received and cleared by our nominated bank, this usually takes 3/5 working days)
  6. After the Due Diligence documents are completed and filed if the applicant has just applied for an International Business Company (meaning they do NOT want a License) then the documents are prepared, checked and issued. If the company has applied for a License continue;
  7. KYC Documents required for each Individual Director for an International Business company only.
    1. A copy of passport or current photo driving licence or national identity card showing the name, photo, date and place of birth, nationality, signature of holder and date of issue/expiry.
    2. includes an original utility bill, bank or credit card statement or any official document, must be less than 3 months old.
    3. Personal professional Reference for each director.
  8. KYC Documents required for each Individual Director for an International Business company and License.
    • A business plan of the company:
    • Activities of the entity
    • The percentage of ownership of all the shareholders owning over 5% of the shares.
    • 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 and shareholders.
    • Professional reference for all the beneficial owners and directors
    • Clear certified passport copies of all beneficial owners and directors
    • Proof of addresses for all directors (utility bills less than 3 months old)
    • If applying for a Banking Licenses, we will require a letter from a Lawyer or a Police Clearance document to confirm that the Directors do not have a criminal record.
    • NOTE: FOR ALL DOCUMENTS THAT ARE CERTIFIED WE REQUIRE THE CERTIFYING COMPANIES NAME, ADDRESS & CONTACT NUMBER
  9. IF THE SHAREHOLDER IS A CORPORATION OR PARTNERSHIP THEN THE FOLLOWING IS REQUIRED.
    1. Certificate of incorporation or registration and the memorandum and articles of association or constitution or deed of partnership or Act de Société as the case may be.
    2. Company Reference.
    3. A certified true copy of latest audited account or annual report if more than 1 year old.
    4. List of substantial shareholders (who hold more than 5% of the voting power exercisable at the meeting of shareholder/member)
    5. A list of directors.
    6. Corporate structure. (Organisation chart would be helpful)
    7. A certified copy of Board resolution granting authority to its managers, officers or employees to transact business on its behalf.
    8. A Certificate of good standing.
    9. For trusts acting as shareholders the following is required
      • Certificate of registration and trust agreement
      • List of all trustees
      • Trust structure
  10. If the applicant has applied for a company and a license the full application form must be completed and signed where indicated.
  11. For Corporate/Partnership acting as shareholder
    1. Certificate of incorporation or registration and the memorandum and articles of association or constitution or deed of partnership or Act de Société as the case may be. Document must be certified by banker, lawyer, notary, accountant or a person holding a recognized professional qualification.
    2. Company Reference.
    3. A certified true copy of latest audited account or annual report if more than 1 year old.
    4. A Certificate of good standing
    5. List of substantial shareholders (who hold more than 5% of the voting power exercisable at the meeting of shareholder/member)
    6. A list of directors.
    7. Corporate structure. (Organisation chart would be helpful)
    8. A certified copy of Board resolution granting authority to its managers, officers or employees to transact business on its behalf.
  12. For trusts acting as shareholders
    1. Certificate of registration and trust agreement
    2. List of all trustees
    3. Trust structure
  13. Capital The minimum Authorised share capital is €250,000, (can be increased) the paid-up capital must be no less than 25% of the issued capital which must be paid by bank transfer directly into the Comoros Government specified account and must remain in place for the duration of the License. So if a company has an issued share capital of €250,000 the minimum payment to the Comoros Government is €62,500.
  14. Payment When the application is completed and the KYC documents supplied, the applicant will be invoiced for the total amount. The payment can be made by bank transfer or via Bitcoin, once payment is received and cleared by our nominated payment provider, the process will start.
  15. Timing In general an International Business company ( IBC ) can be processed within 48 hours, subject to receiving all the required due diligence. Banking Licenses can take up 2/5 weeks for documents to be issued after all KYC has been approved. All original documents are sent by DHL.
  16. SWIFT Membership All Licenses are issued by the Comoros International Banking Authority and the Comoros Finance Commission who are both authorised by the Central Bank of Comoros therefore companies can apply directly for SWIFT membership.