Guide to Obtaining a Forex License in the Comoros Islands

The Comoros Islands of the eastern African coastline are a preferred option for forex brokers looking for a low-cost, efficient licensing option. Of its islands, Anjouan is a financial hub that is of interest to offshore forex companies wanting a quick licensing process, low capital requirements, and a tax-friendly regime.

The Comoros forex license is a means of trading in a compliant manner yet having a forex-friendly system of regulation. As a stand-alone trader, a brokerage business, or an investor looking to start an offshore forex business, a forex license in Comoros is a strategic move to pursue. 

From licensing benefits to application procedures, this guide is a one-stop guide to help you get started in beginning your forex brokerage.

Comoros Forex License Advantage

Getting a forex license in Anjouan is beneficial in many ways, making it one of the most in-demand options for forex brokers in the world.

Speedy Licensing Process

The process of applying for a forex license is quick and efficient, done in a working time of 15 working days.

As compared to other offshore jurisdictions, it is a great opportunity, allowing brokers to get up and running without a hitch.

Low Cost of a Forex License

The forex license in Comoros is low-cost, having a minimum capital starting from €250,000.

There is also an application fee plus a supervision fee starting from €7,500 per annum, making it one of the lowest-priced offshore forex licenses.

Tax-Friendly Regime

Offshore forex companies enjoy a waiver of company tax. There is also a waiver of taxes on capital gains, forex trading profits, or profits distributed in the form of dividends.

Lack of Currency Controls

Forex brokers enjoy freedom of money transfer across countries without restrictive controls. Such a system allows businesses to operate across the world.

Geographical Advantage

Strategically located between Africa and Asia, the Comoros Islands offer a convenient geography for the forex trading business.

These facts put offshore forex licensing in Comoros in a compelling position for brokers interested in business expansion in a low-cost method.

Requirements of Comoros Forex License

Pre-requisites to obtain a forex license in Comoros are:

• Company Incorporation in Anjouan

Register a forex brokerage company in Anjouan as a company of International Business (IBS). Forex trading to be company's principal business.

• Capital Requirements

Capital deposit of a minimum starting from €250,000 to be completed before licensing.

• Directors and Shareholders

A minimum of one non-resident director is required, the shareholder can be a natural or a juridical person.

• Physical Presence

Physical presence in Comoros is not required. The business can be controlled remotely to keep business expenses low.

• Regulatory Requirements

Need to be in line with the Ministry of Finance rules, i.e., Anti-Money Laundering (AML) rules, and Know Your Customer (KYC) requirements. 

Comoros Islands Regulations in Forex Business

The Comoros Islands, more precisely Anjouan, have rules to enable forex business to be done in a legal manner.

Role of the Ministry of Finance and Budget

The Ministry of Finance regulates forex trading business rules to enable forex brokers to be in line with licensing requirements.

Anti-Money Laundry (AML) and Know Your Customer (KYC) Standards

Forex brokers licensed to carry on forex business need to apply AML/KYC procedures to prevent fraud. Customer identification and scrutiny of transactions are required.

Ongoing Reporting and Oversight

Ongoing financial reports and audits of conformity to rules need to be furnished to continue to hold a license.

Types of Comoros Forex Licenses 

The Comoros has different forex licenses based on trading business nature:

1. International Brokerage & Clearing House License

Suitable forex trading, security brokerage, and trading of precious metals, especially for brokers interested in providing overseas business.

2. Special Licenses for Specialized Business

Some businesses can obtain custom licenses based on their forex business structure.

If you require a forex license in Anjouan, it is advisable to obtain a relevant one to cater to forex regulation requirements.

How to Open a Forex Company in the Comoros Islands?

Opening a forex brokerage in Comoros is a procedure that is guided by a set of rules:

Step 1: Formation of a company

Certify your International Business Company (IBC) in Anjouan.

Step 2: Capital deposit

Deposit required capital in a local banking institution.

Step 3: Preparation of documentation

• Submit the following documentation:
• Certified directors/shareholders' passport copies.
• Address proof.
• Forex trading business plan.
• AML/KYC regulation-compliant policies.

Step 4: Submit the application to obtain a license

Submit fees and documentation to the Ministry of Finance.

Step 5: Regulatory review and approval

The regulator examines applications and requires clarifications.

Step 6: Issue of a license

Upon approval, a forex company is issued for the business.

Overview of application procedure

• The process of licensing is completed in around 15 working days.
• Government fees and recurring charges
• Fees to apply: Varies based on licensing institution.
• Annual supervision fee: €7,500.
• Post-Licensing Obligations: Ongoing regulation conformity, such as regular audits and reporting.

Obtaining a forex license in Comoros, preferably in Anjouan, is a low-cost, time-saving, and strategic move for forex brokers. With a quick process of licensing, tax relief, and a deficiency of strict controls over money, it is a convenient route for offshore forex licensing.

For forex brokers interested in starting a forex brokerage in a low-cost manner without strict regulation, an Anjouan forex license is a high-preference option in the forex market across the globe.

Seek our professional on-the-ground guidance, contact us via mail at info@radiantbiz.com or WhatsApp & call us at  +971 55 234 7124!

FAQs - Forex license in Comoros

How much is a forex license for in Comoros?

• The required capital starts from a minimum of €250,000, plus a supervision fee starting from €7,500 per annum.

How long would it take to obtain a Forex license in Anjouan?

• The process is completed in 15 working days.

Must I have a physical office in Comoros to continue a forex business?

• No, a physical office is not required.

What forex licenses can I obtain in Comoros?

• The International Brokerage & Clearing House License, forex, dealing in precious metals, and securities.

Are offshore forex companies in Comoros tax-friendly?

• Yes, zero corporate tax, zero taxes on capital gains, zero taxes on dividends, and zero taxes on foreign exchange transactions.

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