Comoros International Brokerageand Clearing House License
Comoros International Brokerage
and Clearing House License
The International Brokerage & Clearing House License introduced in 2007 allows for the license holder to engage in activities such as:
- Stock Brokerage
- Securities Brokerage
- Financial Advisory
- Asset Management
- Fund Management
- Custody Services
- Transaction Clearing
- Payment Processing
- Currency Trading (FOREX)
- Issuance of Securities
- Underwriting of Securities
Issued and regulated Comoros Financial Services Authority in Mwali, autonomous island of the Union of the Comoros
Lower licensing fees and operational costs compared to other jurisdictions.
Strong commitment to privacy protection and data security.
Requirements
Operational Requirements
- In order to apply for a license, the applicant must first establish an International Business Company (IBC) in Comoros;
- The IBC should have a minimum of one director who can be of any nationality and resident anywhere;
- The IBC should have a minimum of one shareholder which can be an individual also acting as director or a Company registered in any other jurisdiction;
- Minimum share capital is EUR 250,000, it should be either paid-up to the company’s account or presented as a balance of the shareholder’s bank statement balance.
Requirements
Requirements for Directors and Shareholders
- Notarized copies of operative pages of passport;
- Certified utility bill as a proof of address;
- Bank statement with a residential address as a secondary proof of address;
- Bank reference letter;
- CV;
- Bank statement of the UBO with EUR 250,000 on the balance as a guarantee of share capital payment.
If the holding company is involved (i.e. where shareholder is a company):
- Certificate of Incorporation;
- Memorandum and articles of association;
- Details of Registered Office and Principal place of Business and directors, shareholders;
- Recent set of accounts and Resolution approving Investment/shareholding as appropriate;
- Any corporate brochures;
- Personal KYC as per requirements above for all the shareholders/UBOs/directors of the holding company.
Process of License Obtaining
Process of
License Obtaining
-
I
Phase I Collection of Information
-
1. Due diligence and KYC checks. 2. Name check and reservation
-
II
Phase II Preparing Application Forms, Drafting and Compiling Documentation & Reviewing of Application
-
1. Providing client with the information, documents and requirements for applying for the License;
2. Assisting client in answering questions about the application process and requirements for a Comoros International Brokerage & Clearing House License;
3. Checking the scans of the filled documents and forms;
4. Reviewing, suggesting amendments to finalize the application form and questionnaires;
5. Reviewing all documentation;
6. Drafting the Memorandum and Articles of Association of the Company;
7. Sending client the Memorandum and Articles of Association for review and confirmation. Upon confirmation this will be signed by local secretary as the Subscriber.
-
III
Phase III Filing Application with the MWALI
-
Once the application is ready, it will be files with the MWALI together with the requisite fees.
-
IV
Phase IV Follow up and liaising with MWALI
-
Follow up with MWALI, attend to any queries until the outcome of the application is given by MWALI.
Requirements
Requirements
Requirements for Directors and Shareholders
- Notarized copies of operative pages of passport;
- Certified utility bill as a proof of address;
- Bank statement with a residential address as a secondary proof of address;
- Bank reference letter;
- CV;
- Bank statement of the UBO with EUR 250,000 on the balance as a guarantee of share capital payment.
If the holding company is involved (i.e. where shareholder is a company):
- Certificate of Incorporation;
- Memorandum and articles of association;
- Details of Registered Office and Principal place of Business and directors, shareholders;
- Recent set of accounts and Resolution approving Investment/shareholding as appropriate;
- Any corporate brochures;
- Personal KYC as per requirements above for all the shareholders/UBOs/directors of the holding company.
Annual Renewal
Annual Renewal
 Service
|
 Cost
|
|---|---|
| Professional and Legal Fees for Annual Maintenance: 1. Company Annual Fees; 2. Corporate Secretary Fees. |
€ 10, 000 |
| Government Fees – License fee | € 20, 000 |
| Government Fees – License fee | € 1, 200 |
| Total | € 31, 200 |
Annual Renewal
Additional Services
|
Service
|
Cost
|
|---|---|
| Bank account opening assistance | € 3, 000 |
| E-money account opening assistance | € 2, 500 |
| Card payment solution opening assistance | € 1, 500 |
| Legal opinion (depending on the complexity of the request) | from € 3, 000 |
| Additional consulting, partner, hourly rate | € 400 |
| Additional consulting, associate or consultant, hourly rate | € 150 |
Costs and Timelines
Timeline
Assuming client provides the Regulator with all the necessary information they require, such a license can be obtained within 6 weeks.
Gain a comprehensive understanding of costs and timelines by downloading our informative PDF.
Find all the essential details and empower yourself to make informed decisions.
Ready to seize the opportunities of Comoros International Brokerage and Clearing House License?
Begin your licensing process effortlessly with our user-friendly online application. Or schedule a call to speak directly with our experts to discuss your goals, requirements, and start your journey towards success.
