An Anjouan company which has been issued with an Offshore Finance License can offer banking services to both private individuals and corporations worldwide, with no limitations on number of customers, amounts on deposit or number of currencies. ( other than local Anjouan, Union of Comoros citizens)
The OFL can offer virtually anything a fully licensed bank can offer, but the word "bank" cannot be included in the name. Activities of an Anjouan company which has been issued with an Offshore Finance License can include but are not limited to:
Deposit taking & lending
Debit and credit card services
Issuing of financial guarantees and instruments
Cash management services
Cheque (Checking) accounts
Wire transfer services
Payment processing services
Marketing of investments
Although an Anjouan Company with an offshore Finance License is not subject to Bank supervision and regulation, its activities are regulated by the Anjouan Offshore Finance Act 004 of 2005.
Forming a Finance Company is a relatively quick process due to the lack of bureaucracy. Approval can be granted swiftly if the necessary requirements are met. There are no requirements for local offices or staff, although we would suggest that all companies have this facility which can be arranged at a minimal cost (see Local office facility)
Application for permission for a finance licence should be made to the Anjouan Offshore Finance Authority after an IBC is obtained and after completing an Application Form?from the Registrar of International Businesses. On top of the KYC and due diligence requirement, the following documents are required:
A detailed business plan of the company:
Activities of the finance company
Countries in which the finance company is looking to invest.
The percentage of ownership by the shareholders
The details of the ultimate beneficial owners (chart may help if many)
Any other useful information to support the application.
CVs of all the directors
Full contact details of the directors and shareholders (KYC questionnaire)
Bank reference for all the beneficial owners
Clear certified passport copies of all beneficial owners
Proof of addresses (utility bills)
Business or legal reference for the beneficial owners
Legal doc for the shareholding companies (articles, certificate of incorporation etc)
Latest audited financial statements for all shareholding companies (if any)
A certificate to prove that the beneficial owners do not have a criminal record
Furthermore, all companies with finance licenses are required to submit their annual accounts to the Anjouan Offshore Finance Authority
KYC AND DUE DILIGENCE
A charge is made for each director / shareholder for due diligence (cost is dependent of country of residence), in the event that a client is not accepted for a license this due diligence payment is not refundable
Please submit the following documents for each of the beneficial owner, director, manager, authorised signatory, shareholder/member of the Entity or agent under power of attorney.
(a) For Individual
A certified copy of passport or current driving licence or national identity card showing the name, date and place of birth, nationality, signature of holder and data of issue/expiry. The document must be certified by a banker, lawyer or actuary or notary or accountant holding a recognized professional qualification.
Proof of residential address. Acceptable evidence includes an original utility bill, bank or credit card statement.
Original Bank Reference.
(b) For Corporate/Partnership
Certificate of incorporation or registration and the memorandum and articles of association or constitution or deed of partnership or Act de Soci?t? as the case may be. Document has to be certified by banker, lawyer or actuary or notary or accountant holding a recognized professional qualification.
Original Bank Reference.
A certified true copy of latest audited account or annual report.
A Certificate of good standing (for Soci?t?).
List of substantial shareholders (who holds not less than 5% of the voting power exercisable at the meeting of shareholder/member) and a list of directors, and corporate structure.
A certified copy of Board resolution granting authority to its managers, officers or employees to transact business on its behalf.