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GBO excels in offering B2B forex regulation and licensing services in Anjouan, Comoros. With a deep-rooted expertise that spans over 15 years, GBO has a strong track record in setting up complex financial corporate structures. These include various elements like bank accounts, merchant accounts, and other crucial components.
The Anjouan, Comoros Forex License has gained recognition as one of the most desirable licenses for international forex brokers and fintech entrepreneurs. It is widely seen as the go-to option for companies and individuals stepping into the forex industry.
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Forex Licensing in Anjouan Comoros: A Comprehensive Guide
Anjouan Comoros is becoming an increasingly attractive destination for businesses, especially in the investment and finance sector. Its strategic geographical location combined with its lack of income tax draws in numerous global investors and entrepreneurs seeking conducive conditions for business growth.
The Anjouan Comoros Advantage
Acquiring a forex license in Anjouan Comoros is fast, fairly inexpensive, and quite straightforward. This licensing option can provide a quick solution for St Vincent forex companies affected by new regulations or white-label forex startups seeking an affordable regulatory solution.
The sudden interest in Anjouan Comoros forex licenses, more accurately referred to as international brokerage licenses, is largely due to the Financial Services Authority of St Vincent and the Grenadines’ recent Memorandum dated 6 January 2023. Essentially, it requires forex companies operating in St Vincent and the Grenadines to prove they are regulated in another jurisdiction by March 10th. Thus, Anjouan Comoros becomes an attractive alternative.
Moreover, with new substance requirements recently introduced, Vanuatu’s forex license has become overpriced, making Anjouan Comoros an appealing option, especially for Chinese-based forex companies.
Provisions for a Brokerage and Forex License in Anjouan-Comores
This license permits the promotion, management, and operation of a platform for trading and speculation in foreign exchange currency. It also permits the trading of stocks, CFDs, FX, commodities, and any other regulated security.
This License expires on the date printed on the back, or when the licensee is no longer incorporated in Anjouan Comoros, whichever occurs first, unless the Anjouan Offshore Finance Authority revokes it earlier.
This License conforms to any modifications made to “Government Notice No. 004 OF 2005” or “The Government Notice No. 5 OF 2005.”
The mission and objectives of the Company are to provide diverse brokerage services to non-resident public, corporate, and private consumers of the Autonomous Republic of Anjouan.
The company will engage in one or more of the following activities:
Providing direct investment consultations to clients, including issues on securities price, investment in securities, purchasing and selling of securities, and related foreign exchange transactions.
Non-guaranteed distribution of the issuer’s securities.
Managing clients’ investment portfolios and funds for securities operations
Holding clients’ investment funds and/or securities, providing safekeeping, custody, and nominee services for securities
Conducting transactions in securities for their own account using their own funds (proprietary trading).
Guaranteed distribution of the issuer’s securities
Lending and borrowing securities to and from clients and using their own funds for the acquisition of securities.
Business services
Issuing proprietary deposit products.
The lending and borrowing of money (loan transactions).
Conducting foreign exchange and currency transactions.
Holding for third parties assets, capital, precision metals, bonds, shares, or other financial instruments.
Accepting all financial deposits (deposit transactions).
Current Account for Business and Individual Customers.
Accounts for fixed-term deposits.
Issuing Bank References and Good Standing Certificates.
Issue securities and conduct credit card transactions.
Any type of guarantee provision (guarantee business).
Accounts that Support Multiple Currencies.
Products comparable to Asset Management.
Investment Advisory Services.
Financial Engineering (Combining Private Banking and Wealth Management Product Solutions).
Serving as an intermediary in the trading of securities.
Foreign Exchange Currency Operator (utility token and security token)
Evaluating St Vincent’s Forex Decision
Over the years, St Vincent and Grenadines has been a favorite jurisdiction for forex businesses seeking light regulation. Numerous legal opinions and established practices allowed forex companies to offer their services from St Vincent to the world in an unregulated manner.
The sudden regulatory decision now requires all forex companies registered on the island to prove they are regulated elsewhere by March 10th. This deadline is expected to be extended, as even legitimate forex businesses regulated elsewhere are unlikely to meet this deadline due to paperwork requirements.
Anjouan Comoros Forex Brokerage Licenses: A Simple and Affordable Alternative
Where can St Vincent forex brokers go if they need to show they are regulated in another jurisdiction urgently? More established jurisdictions like the UK’s FCA and Cyprus’ CySEC are likely out of the price range for most smaller brokerages. The regulation process in Mauritius, Seychelles, and Dubai can’t be completed anywhere near the deadline.
Hence, Anjouan Comoros emerges as the only alternative. It offers a quick and easy forex licensing process, light regulation, no substance requirements, low costs, and is a non-blacklisted jurisdiction. It’s not on the EU or FATF blacklists and enjoys warm relations with the Middle Eastern states.
Anjouan Comoros Forex Brokerage License: A Suitable Option for Startups and Smaller Forex Brokerages.
Despite the confusion, an Anjouan Comoros forex brokerage license could be useful for St Vincent forex companies trying to comply with the March deadline and for new forex brokerage startups. While not as prestigious as a UK or Cypriot forex brokerage license, it is much cheaper, quicker, and hassle-free.
Obtaining a Comoros Forex License
An Anjouan Comoros forex license, officially known as an International Brokerage license, allows various financial services, including stock brokerage, futures, and CFD. It can be issued to a local IBC or a foreign company.
In terms of due diligence, Anjouan Comoros is more complicated than St Vincent. However, you receive an officially issued International Brokerage License and are subject to regulation. To obtain a license, you will need to provide personal KYC on all directors and owners, a bank reference on the company, a business plan, an AML Manual including major compliance policies, an application form, and a financial guarantee. The financial guarantee can be satisfied in three ways: cash deposit, local financial guarantee, or an international financial guarantee. The minimum required is EUR 50,000.
Among the various licenses available to International Business Corporations (IBCs) registered in Comoros, the forex license remains the most sought after. Other licenses such as banking, cryptocurrency, and gambling are also popular but not as much as forex. So, what should you know about this license, its duration, and company requirements?
The Comoros forex (brokerage) license has a specific validity period which can often be found on the back of the document. If the licensee discontinues its operations in Mwali (Comoros), the license is automatically revoked.
The types of activities permitted for an International Business Corporation holding a brokerage license in Comoros include:
Share services
Securities-related services
Financial advisory
Asset and fund management
Depository services
Transaction clearing
Payment processing
Foreign exchange (Forex)
Issuance of securities, and more.
It’s important to note that Comoros-licensed brokerage IBCs can only offer their services to individuals who are non-residents of the country in which the business is registered and licensed.
Mwali International Services Authority (MISA
Mwali International Services Authority (MISA) is the regulatory body for financial services on the island of Mwali (also known as Mohéli), one of the three islands that make up the Union of the Comoros. This authority is responsible for the registration, supervision, and issuance of various licenses, including forex and banking licenses, for international enterprises.
As of September 2021, the history of MISA, its functions, licensing procedures, and regulations were not widely known or understood. In light of this, the following information may be general or outmoded; for the most accurate and up-to-date information, please consult a legal professional or regulatory authority in the Comoros.
History – Composed of Grand Comore, Anjouan, and Mohéli, the Union of the Comoros is a sovereign archipelago island nation in the Indian Ocean. In 1997, Mohéli declared independence and began offering offshore financial services to attract foreign investment. MISA was established as the oversight agency for these services.
Function – MISA regulates and oversees international commercial activities in Mohéli. It is responsible for the registration of international enterprises and the issuance of licenses for a variety of financial activities, including foreign exchange trading and banking. MISA also monitors compliance with financial regulations and conducts business due diligence reviews.
Permissions Procedure – A business plan, KYC (Know Your Customer) documents for directors and owners, and evidence of the requisite capital may be required to obtain a license from MISA. Additionally, a financial guarantee may be required. Depending on the form of license being sought, the specific requirements may vary.
MISA is responsible for enforcing compliance with Mohéli’s financial regulations. This includes monitoring licensed businesses to ensure they operate transparently, fairly, and in accordance with international standards.
The Comoros Financial Regulator
Given their advantageous location halfway between Africa and the Middle East, the Comoros Islands, an archipelago off the east coast of Africa, have made efforts to establish themselves as an offshore financial hub. Comoros’ financial industry is governed by a regulatory body, as is the case in many other nations.
The Central Bank of the Comoros (Banque Centrale des Comores, BCC) is the main financial regulator for the Union of the Comoros.
After the Comoros gained their independence from France in 1975, the Central Bank of the Comoros was established. It took the place of the previous Comoros Issuing Institute, which was shared with other French colonies.
Responsibilities:
The BCC is in charge of establishing and carrying out the nation’s monetary policy.
Financial Stability: It keeps an eye on the financial system’s stability and makes sure it runs securely.
The BCC is the only entity authorized to print the Comorian franc, the nation’s official currency.
The bank is in charge of managing and controlling the nation’s foreign exchange reserves.
Financial Oversight: To ensure compliance with laws and regulations, the BCC monitors banks, financial institutions, and other significant players in the financial sector.
Economic Research: The bank studies economic developments and offers guidance to the government on fiscal and economic matters.
Activities:
regularly keeping an eye on the nation’s finances and economy.
putting policies in place to prevent inflation and maintain financial stability.
regulating and granting licenses to financial institutions.
maintaining the nation’s foreign exchange reserves while conducting foreign exchange operations.
Regulation:
The BCC oversees a number of organizations, including:
Business banks
financial institutions
Microfinance organizations
insurance businesses
Others in the financial industry – The island of Mohéli (or Mwali) within the Comoros Union has its own distinct financial sector and regulations, supervised by the Mwali International Services Authority (M.I.S.A. ), as previously mentioned. While the Central Bank of the Comoros has these general responsibilities, it’s important to note that these are only applicable to the Comoros Union as a whole. This organization is responsible for policing Mohéli’s offshore financial services and the Moheli Forex License.
FAQ
Forex license in Comoros, Anjouan cost?
Obtaining a forex license in Comoros, Anjouan, typically costs between $20,500 to $30,000, inclusive of registration, renewal, and associated fees
How to get a Comoros license?
To get a Comoros Forex license, apply with GBO’s Forex EXperts, provide the necessary documentation, and pay the associated fees.
What are the Comoros Forex license requirements?
For a Comoros Forex license, applicants must submit a business plan, KYC documents of directors and shareholders, proof of domain registration, and software agreements to the Anjouan Offshore Finance Authority.
About the Author: GBO experts
GBO has been a trusted business partner since 2009, offering corporate solutions like global company setups, banking, and gaming licenses. We also provide turnkey solutions in crypto, gaming, and industries. For more insights, connect GBO on LinkedIn or directly at: info@gbo-il.com
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