Financial Crime World

Establishing a Forex Company in the Comoros Islands: A Comprehensive Guide

The Comoros Islands offer an attractive location for Forex companies due to its favorable business environment and relaxed regulatory framework. Here’s a step-by-step guide on how to establish a Forex company in the Comoros Islands.

Registration Requirements

To register a Forex company in the Comoros Islands, you’ll need to meet the following requirements:

  • At least one shareholder (individual or legal entity): The shareholder can be a resident or non-resident of the Comoros Islands.
  • At least one director: The director can be the same person as the shareholder. They must be at least 18 years old and have a good understanding of the Forex industry.
  • Registered agent: You’ll need to appoint a registered agent who will act as your local representative and receive official communications on behalf of your company.
  • Registered office address: Your company must have a registered office address in the Comoros Islands.

Steps for Opening an International Business Company (IBC)

Here are the steps to follow when opening an IBC in the Comoros Islands:

  1. Check company name availability: Verify that your chosen company name is available with the relevant government authority on your chosen island.
  2. Appoint a registered agent: Choose a reputable registered agent who will act as your local representative and receive official communications on behalf of your company.
  3. Draft company documents: Prepare the necessary company documents, including those demonstrating compliance with national regulations.
  4. Submit documents to registered agent: Send all the documents to your registered agent, who will submit them to the relevant registrar of companies on your chosen island.
  5. Pay incorporation fees: Pay the specified company incorporation fees as required by the business registry of the chosen island.

Required Documents for Opening an IBC

To open an IBC in the Comoros Islands, you’ll need to submit the following documents:

  • Memorandum of Association
  • Articles of Association
  • Notarized copies of passports: Provide notarized copies of the passports of your shareholders and directors.
  • Proof of address: Include proof of address for every shareholder and director.
  • Comprehensive business plan: Submit a detailed business plan outlining your company’s objectives, strategies, and financial projections.
  • Minimum required capital: Demonstrate that you have the minimum required capital to operate a Forex business in the Comoros Islands.
  • Registered agent information: Provide details about your registered agent, including their name, address, and contact information.
  • AML/CFT compliance documents: Submit documents outlining how your company will comply with local and international regulations, including AML/CFT.
  • Legal opinion letter: Obtain a legal opinion letter from qualified legal counsel confirming the legality and compliance of your IBC with local and international laws.
  • Proof of paid registration fees: Provide proof of payment for the registration fees.

Process for Obtaining a Forex License

To obtain a Forex license in the Comoros Islands, follow these steps:

  1. Prepare required documents: Gather all necessary documents as specified by the regulator of your chosen island.
  2. Pay application fees: Pay the applicable application fees as required by the regulatory authority.
  3. Submit application form and documents: Submit the completed application form and accompanying documents to the regulatory authority.
  4. Undergo due diligence and background checks: The regulatory authority will conduct a thorough review of your company’s documents, business plan, and financial statements.

Ongoing Requirements for Forex Licensees

To maintain your Forex license in the Comoros Islands, you’ll need to comply with ongoing requirements:

  • Maintain accurate records: Keep comprehensive records of all transactions, client information, and financial activities in accordance with regulatory guidelines.
  • Submit periodic reports: Submit periodic financial statements, transaction reports, and compliance reports demonstrating continuous adherence to national regulations.
  • Implement AML/CFT procedures: Implement robust AML/CFT procedures, including thorough due diligence on clients and monitoring of client transactions.

If you’re interested in starting Forex trading and obtaining a Forex license in the Comoros Islands, our team at Regulated United Europe can assist you with incorporating a Forex company and applying for a Forex license. We can also help you find a viable Forex license for sale and purchase a ready-made solution in the shortest possible time.