Joombaah Comoros Financial Institution License – Operate Banking and Financial Services Legally
Comoros Financial Institution License \u2013 Operate Banking and Financial Services Legally

Permit Information

  • PERMIT_POSTED_BY: admin
  • PERMIT_POSTED_ON: Dec 17, 2024
  • Views : 36
  • Category : Africa » Eastern Africa » Comoros
  • Description : Looking to establish a financial institution in Comoros? The Financial Institution License is mandatory for businesses offering banking, lending, investment, or other financial services. Learn about the requirements, process, and benefits of obtaining this critical license.
  • Phone : +269 773 5400
  • Email : financiallicense@bcc.km
  • Website : http://www.gov.km/

Overview

  • Comoros Financial Institution License – Operate Banking and Financial Services Legally

    Introduction

    As Comoros continues to strengthen its financial sector, businesses seeking to offer financial services such as banking, lending, or fund management must obtain a Financial Institution License. Regulated by the Central Bank of Comoros (Banque Centrale des Comores), this license ensures compliance with financial and regulatory standards.

    What is a Financial Institution License?

    The Financial Institution License is an official permit issued to entities engaged in financial services such as:

    • Commercial and investment banking
    • Microfinance and lending institutions
    • Payment service providers
    • Fund management and financial advisory services

    Requirements for a New Application

    To apply for a Financial Institution License in Comoros, the following documents are typically required:

    • Completed Application Form: Signed and duly filled.
    • Business Registration Certificate: Proof of company incorporation.
    • Tax Identification Number (TIN): Issued by the Comoros Tax Authority.
    • Detailed Business Plan: Outlining financial operations, services offered, and growth strategy.
    • Proof of Capitalization: Evidence of meeting the minimum capital requirements (amount set by the Central Bank).
    • Directors and Officers’ Information:
      • Proof of qualifications and experience
      • Police Clearance Certificates for key personnel
    • Compliance and Risk Management Framework: Including Anti-Money Laundering (AML) and Know Your Customer (KYC) policies.
    • Financial Projections: Audited statements and forecasts for the first 3–5 years.
    • Office Infrastructure: Proof of business premises readiness.
    • Professional Indemnity Insurance: Covering financial liabilities and risks.
    • Application Fee Payment Receipt: Proof of payment for the license application.

    Requirements for Renewal or Update

    • Updated audited financial statements.
    • Renewal of risk management and compliance policies.
    • Evidence of continued adherence to capital requirements.
    • Payment of renewal fees.

    Validity and Benefits

    • Validity: 1–5 years, renewable.
    • Benefits:
      • Legal authorization to offer financial services in Comoros.
      • Access to local and international financial markets.
      • Enhanced credibility and trust with clients and investors.
      • Compliance with Central Bank regulations to ensure transparency and stability.

    Fees

    • Application Fee: Approx. USD 5,000–10,000, depending on the financial services offered.

    Joombaah Assistance

    Joombaah simplifies the Financial Institution License application process, ensuring compliance with regulations from the Central Bank of Comoros for timely approvals.