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In 1999, the government decided to create an offshore sector in order to encourage foreign investment and economic development. Laws were passed which offer International Companies and Trusts which are tax-exempt. The laws include provision for banking, mutual funds, insurance companies, internet online gaming, shipping and air transport.
The government hopes that after successfully adopting Anjouan as a virtual home, many foreign businesses may be encouraged to maintain a physical presence on the island in a new free trade zone, which is seen as 'phase two' of the Offshore Centre. The island has one of the best deep water harbours in the region, able to accommodate cargo liners and container ships, and is strategically located on international shipping routes, allowing substantial development potential for investors.
The Offshore Centre is also intended to stimulate international commerce and exports generally, and foreign investment in major projects such as the new GSM network or rebuilding power plants. Its laws are carefully crafted to be modern and flexible, based on study of the experiences of other offshore centres over the past forty years. Combining high due diligence standards with utmost confidentiality allows for a business-friendly, liberal and stress free regulatory environment.
The Offshore Centre has been further strengthened by the island's new constitution, adopted by referendum in March 2002 in a long-awaited vote overseen by impartial observers from the European Union and the OUA. The new constitution clarifies and reinforces Anjouan's status as a self-governing island within the new Union of Comoros. Article 10 specifically grants the government of the State of Anjouan full control over economic development and foreign investment, thereby reinforcing the offshore legislation from 1999.
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Offshore Finance Authority
Creation
