- Comoros: Brief Information
- International Business Corporation in Comoros: Advantages
- How to Incorporate an IBC in Comoros in 2023
- KYC and Due Diligence for IBC Incorporation in Comoros
- Brokerage License in Comoros: Conditions and Regulations in 2023
- Can a License Be Canceled?
- How to Register an IBC in Africa (Comoros) online?
Relocation of an international business structure to a country with a favorable tax policy is a challenge that many foreign entrepreneurs face. Many jurisdictions (including European ones) offer zero taxes nowadays. However, there are not so many countries (and their number dwindles with every year) where IBCs can additionally obtain an offshore brokerage license and bring their business to the global market in this niche.
South Africa and its Union of Comoros is a chance not just to optimize taxes and set up an international business structure but also to get a license that will give you the right to engage in brokerage activities (forex), gambling, insurance, or banking. It would be quite difficult to independently pass all the stages of IBC registration, though. Fortunately, the experienced specialists of International Wealth can guide you through the process without much hassle.
It is impossible to get a license for your business in Comoros and in some other countries without registering an IBC. If you want to choose the most suitable place to relocate your offshore international company, please get in touch with our experts by leaving your contacts or filling out a form on the website.
Comoros: Brief Information
Comoros is an archipelago of volcanic origin located in the Indian Ocean that belongs to the continent of South Africa. The economy of the island jurisdiction is mainly focused on agriculture: export of ylang-ylang, vanilla, tourism, and fishing.
This is a poorly-developed country with a low GDP, which is an indirect reason why it offers advantageous conditions for offshore business structures and obtaining licenses. At the same time, Comoros provides tax incentives only to international companies that are not managed in the country of registration and do not derive income from local sources.
The islands have a hybrid legal framework, being a combination of the French Civil Code and Islamic sharia.
Each island of the Comoros archipelago is an independent part of the Union: it has its own constitution, governor, parliament, and a financial center that is in no way controlled by the Comoros Central Bank. Mwali, one of the Union’s autonomous islands, is selected by many investors who want to register an international business and obtain licenses for gambling, brokerage, or cryptocurrency activities.
International business in Mwali has a lot of advantages, but you should know that there is one restriction: an IBC cannot own real estate on the island.
Where can you open a bank account in Africa or on any other continent remotely and without any risks? Get in touch with our specialists today to receive all the information you need: we have dozens of options for you!
International Business Corporation in Comoros: Advantages
IBC (International Business Corporation) is an organizational and legal form of business that can be set up in Mwali (Comoros).
Advantages of a Comoros IBC:
- High level of confidentiality for business owners and founders.
- The international business structure can be used to keep and manage private assets and conduct activities outside Comoros.
- IBC in Mwali (Comoros) is not a tax resident of the island, so it does not pay taxes on income generated in other countries.
- International Business Corporations in Comoros have no obligation to file accounting reports or audit the company.
- IBCs are not subject to currency control and can freely manage their assets – keep, transfer, or accumulate them in the accounts opened with foreign banks or payment systems.
- The corporations can be formed with 100% foreign capital and have one founder, director, and shareholder represented by one person (individual or legal entity).
- The companies are most often limited by the authorized capital, but they may also be limited by a guarantee, or both of these.
- Mwali offers the quickest and the most affordable IBC registration in the world completed in a matter of 24 hours.
Comoros require a special license to engage in banking, insurance, gambling, and brokerage activities.
If you want to set up an offshore business in Mwali (Comoros, Africa), you will have to use the services of a registered agent approved by Mwali Offshore Finance Authority. In addition to that, the foreign company owner will have to pass a check and prepare and submit documents in English (fortunately, there is no need to be present in person).
Mind that company registration in Africa mediated by unverified partners may result in loss of funds due to a large number of fraudulent offers. Get in touch with our experts and use professional services to establish an offshore structure safely and within a short term!
How to Incorporate an IBC in Comoros in 2023
The procedure of International Business Corporation registration in Comoros in 2023 means that you will have to take the following steps:
- Choose a unique name for your company. You can use the following corporate abbreviations: Corp, Inc, Ltd, Kft, GmbH, PLC, BV, SPRL, SARL, NV, BVBA, SA, RT, AG LLC, etc.
- Prepare the documents in English and make sure to legalize them (no apostille is required).
- Send all the documents to the registered agent.
- If necessary, obtain a license for your business through the local agent.
- Pay all fees and duties required.
If you have done everything correctly, your IBC in Comoros will be incorporated within 24 hours.
What other countries offer advantageous conditions for those that want to obtain a banking or brokerage license? We will be happy to share this information upon your request if you want to consider all the opportunities before making a final decision!
KYC and Due Diligence for IBC Incorporation in Comoros
What documents will the foreign entrepreneurs have to provide to the registered agent who will take care of offshore business setup in Comoros (Mwali) in 2023? You will have to strictly follow the regulations set and transfer notarized translation of the following documents (if they are executed in a language other than English) to the registered agent.
Personal data on the individual founder/shareholder:
- Copy of passport or another ID document that specifies citizenship and the date of birth
- Confirmed address of residence (original utility bill or bank card statement)
- Bank certificate (original)
Data on the legal entity that is an IBC founder in Comoros:
- Certificate of Business Registration
- Memorandum of Association
- Articles of Association or Act of Partnership/Company
- Original Bank Certificate
- Copy of Accounting Reports or Annual Report for the past period
- Certificate of Good Standing
- List of Shareholders that own more than 5% of stock with the right to vote
- List of Company Directors
- Decision on the provision of powers to company managers and officials to conduct business on behalf of the legal entity
Contact our specialists for updated information on the documents required to set up an IBC in Comoros.
You may be interested to read an article on Comoros Forex License.
Brokerage License in Comoros: Conditions and Regulations in 2023
Forex license remains in highest demand among a large number of licenses available for IBCs registered in Comoros (banking, cryptocurrency, and gambling licenses are a little less popular). What are the main things you should know about this license, its term, and requirements for the company?
- Forex license (brokerage license) in Comoros has a certain validity period that may be specified on the back of the document. If the licensee ceases its activities in the territory of Mwali (Comoros), the license is automatically canceled.
- Permitted kinds of activity for an International Business Corporation that obtained a brokerage license in Comoros are as follows:
- Servicing shares
- Services related to securities
- Financial consultancy
- Assets and funds management
- Depository services
- Clearing of transactions
- Processing of payments
- Foreign exchange (Forex)
- Issuance of securities, etc.
- Comoros brokerage IBCs can only provide their services to non-residents of the country where the business is registered and licensed.
The cost of Forex brokerage license in Comoros starts from 25,000 euros. Register a world-class brokerage company quickly and safely by booking a session with our experts!
Can a License Be Canceled?
There are a number of circumstances under which a Forex license in Comoros can be legally canceled by the regulator.
- Conducting an activity prohibited by Mwali’s laws.
- Use of local clients by the international business structure.
- Possession of real estate on the island of Mwali (except for renting it for business purposes).
- Carrying out other licensed kinds of business without a relevant license. These may include insurance, sea or air transportation, banking, and so on.
- Less than one founder at any period of time.
At the same time, an IBC has the right to:
- Establish commercial relations with another similar international business structure whose activities are carried out outside Mwali.
- Rent premises on the island to conduct business.
- Use the services or provide similar services to a brokerage company (deposits) that has a license in Comoros.
- Use the services of an agent, lawyers, accountants, and other specialists that reside on the island.
- Keep accounting reports in Mwali and conduct meetings with company directors in the territory of the island.
- Own or issue shares and securities.
The license may also be suspended by OFA for late renewal or non-payment for the services.
How to Register an IBC in Africa (Comoros) online?
The safest option of registering an international offshore business abroad is to get professional support. Contact the specialists of our portal to obtain a full range of services connected with IBC formation in Comoros or any other state.
- Free consulting at all stages of company registration
- Opening a bank account abroad for personal and offshore company settlements
- Checking the documents and help with their preparation/legalization
- Registration of offshore structures (any organizational and legal form), including non-profit organizations, trusts, and foundations
- Services of an accountant, secretary, professional director (nominee service), audit, etc.
If you think that setting up an international offshore company in Comoros or in another jurisdiction is a good opportunity, please get in touch with us to ask any questions and receive professional help!