Company Services:
- Issuance of its own deposit products.
- Provision of loans and borrowing of funds.
- Conduct of currency exchange transactions.
- Holding assets, capital, precious metals, bonds, shares, or other financial instruments for third parties.
- Acceptance of cash deposits of any type (depositary transactions).
- Offering current accounts to corporate and individual clients.
- Offering fixed-term deposit accounts.
- Providing guarantees of any type (guarantee business).
- Offering multi-currency accounts.
- Providing asset management products.
- Offering investment consultancy services.
- Acting as an intermediary in securities trading.
- Providing other permitted financial services.
License Cancellation:
The License shall automatically be cancelled, without prior notice, upon the occurrence of any of the following events:
- The Company engages in activities prohibited by internationally recognized standards or regulations concerning Know Your Customer (KYC), anti-money laundering (AML), or anti-terrorism legislation, as issued by the World Bank, United Nations, or other relevant authorities recognized by the Union of the Comoros, or acts contrary to any applicable law or enactment in force within the Union of the Comoros.
- The Company shall not, except as permitted by the Anjouan Offshore Finance Authority (AOFA):
- Carry on business in the Union of the Comoros (other than financial and company services) or own an interest in immovable property in the Union of the Comoros, other than for leasing premises necessary for conducting its business.
- Engage in activities such as insurance, sea or air transport, gambling, or other activities requiring a specific license.
- Operate with fewer than one member or director at any time.
- Solicit public subscriptions for shares or debentures in the Company.
Business Location and Activities:
For the purposes of this License, the Company shall not be considered to be conducting business in the Union of the Comoros solely by:
- Conducting business with another company incorporated under the applicable Act, or in furtherance of the Company’s business conducted outside the Union of the Comoros.
- Leasing premises as permitted by the Act.
- Making or maintaining deposits with licensed banking entities in the Union of the Comoros.
- Receiving professional services from registered agents, legal counsel, accountants, bookkeepers, trust companies, management companies, investment advisors, insurance brokers, or agents operating within the Union of the Comoros.
- Preparing or maintaining company records within the Union of the Comoros.
- Holding meetings in the Union of the Comoros for the Company’s directors or members.
- Holding shares, debt obligations, or securities in a company incorporated under the Act.
- Issuing shares, debt obligations, or securities in a company incorporated under the Act.
Liabilities and Responsibilities:
- The individuals conducting the business of the Company shall be personally, jointly, and severally liable for any actions, omissions, irregularities, costs incurred, and violations committed by them after the cancellation of the License, regardless of the reason for cancellation. Further, the individuals shall hold the Comoros International Banking Authority and its agents harmless from all actions taken in good faith.
- The individuals responsible for the business of the Company must have its financial records audited annually by a qualified accountant, in accordance with IFRS, UK GAAP, US GAAP, or similar standards. The Company must provide a clean audit certificate.
Non-payment and Suspension:
Failure to make the renewal payment by the due date will result in the immediate suspension of the License.
Non-transferability:
This License is issued exclusively to the Company and cannot be sublicensed, transferred, or sold to any other company or entity.
Compliance and Amendments:
Compliance with all terms and conditions, as well as the applicable regulations, is a fundamental requirement of this License. Failure to comply with these conditions may result in penalties, as determined at the sole discretion of the AOFA.
This License constitutes the entire agreement between the parties regarding the subject matter hereof and supersedes any prior negotiations, representations, warranties, conditions, or agreements, whether oral or written. Any modifications or additions to this License must be made in writing.
Governing Law:
This License shall be governed, construed, and enforced in accordance with the laws of the Union of the Comoros.
Notifications and Approvals:
All resignations of directors or shareholders must be notified to the AOFA or its appointed service provider, along with a resolution. Any new director appointments must be preceded by the submission of required due diligence documentation and a signed confirmation of the individual’s intent to act as a director, as well as payment of any applicable fees for each director. Any changes in shareholding must also be reported in writing to the AOFA or its appointed service provider.
By accepting this License, the Company confirms its agreement to adhere to the terms and conditions outlined herein.