Eternity Law International News Offshore bank license in Comoros

Offshore bank license in Comoros

March 9, 2023

The Comoros Islands are a group of tropical islands in the Indian Ocean south of the Zanzibar Islands. The Comoros banking sector is very small, but offers customers a variety of services, including opening bank accounts, credit services, investment products and more.

The largest banks in Comoros are Banque Fédérale de Commerce (BFC) and Banque Moroni International (BMI). BFC is the largest bank in Comoros and provides services to both legal entities and individuals. The bank offers a wide range of services, such as opening accounts, deposits, loans and investments. BMI is another major bank in Comoros and offers a similar range of services.

Banking license in Comoros

A bank license in Comoros Islands is a permit issued to a bank to carry out banking activities. The permission gives the bank the right to collect deposits from customers, issue loans and carry out other monetary operations.

In the Comoros there is a regulator responsible for issuing banking licenses – the Central Bank of the Comoros (Banque Centrale des Comores, BCC). A permission from BCC gives the right to carry out banking actions in accordance with Comoros law.

How to obtain bank license in Comoros

In order to acquire a banking license in the islands, it is needed to fulfill a number of demands and documentary procedures established by the BCC. To begin with, the applicant must be a legal entity registered in Comoros. In addition, the applicant must have sufficient capital to ensure stable monetary activities of the bank.

Other requirements may include:

  • Availability of appropriate premises and infrastructure for carrying out banking activities;
  • Appropriate qualifications and experience of the bank’s management;
  • Absence of violations of legislation in the field of banking activity;
  • Appropriate level of adjustment and supervision of relevant authorities.

Benefits of obtaining Comoros banking license

Acquiring a banking license in Comoros can have several advantages:

  1. Ability to attract customers from different countries of the world: Comoros has a poor reputation in the field of banking, so such a license can attract customers who are looking for banking services within a jurisdiction with a high degree of confidentiality.
  2. Low tax rates: Comoros has low tax rates, which can provide businesses with reduced taxation costs.
  3. Broad opportunities in the banking sector: Banks in Comoros can offer various types of banking services, including bank accounts, loans, deposits, electronic payments and others.
  4. High level of confidentiality: Comoros is known for its high level of confidentiality and protection of personal information of customers, which ensures greater privacy and protection of customer data.

Documents that need to prepare

In order to achieve a banking permission in Comoros, you usually need to prepare the following documents:

  • Request for obtaining a banking license.
  • A copy of the company’s charter and registration certificate.
  • A business plan containing information about the organization, monetary model, planned revenues and other key aspects of the bank’s activities.
  • Documents confirming the company’s financial stability, such as the balance sheet and profit and loss statement for previous years, information on the company’s assets and liabilities, etc.
  • Documents confirming the experience and qualifications of the company’s management personnel, such as resumes and professional references.
  • Documents confirming the source of the company’s capital, if necessary.
  • In addition, additional documents may be required depending on the specific demands of Comoros regulators.

What service you could provide

A bank with a banking license in the Comoros Islands can offer the following banking services:

  • Storage and management of clients’ funds.
  • Lending (provision of loans) to clients.
  • Issuance of bank guarantees and letters of credit to facilitate foreign trade.
  • Maintenance of current accounts and issuance of bank cards for clients.
  • Issuance of money orders and checks.
  • Investment services, including asset management and investment portfolio.
  • Financial consulting and planning.
  • Some banks may also offer other favors such as risk management, auditing, tax advice, etc. However, the available services may differ depending on the specific banking license and the conditions for obtaining it.

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