Objectives

The objectives of the Offshore Finance Authority are to stimulate international commerce and exports generally, and foreign investment in major projects such as the new GSM network or rebuilding of power plants.

Although Anjouan is clearly not an international centre, it maintains the advantage of being a relatively unknown offshore haven which has not attracted attention or bad publicity.

Legal structure

The legal framework has been 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 and standards with utmost confidentiality allows for a business-friendly, liberal and stress free regulatory environment. It is also intended to keep Anjouan amongst the top flight offshore havens even as it is 'discovered'.

Due diligence standards are high. For example, positive identification of company owners is required and held by the central registry, which is not the case in major jurisdictions such as the USA and the UK, not to mention many offshore islands - which will prevent many of the problems experienced by other haven nations.

On the other hand, confidentiality standards are excellent too. Anjouan will absolutely not co-operate with foreign governments except in serious criminal cases, which do not include tax-related matters. Anjouan is not a party to any treaties regarding taxation or exchange of information or Mutual Legal Assistance, and it is not subject to pressure from any dominant foreign government. Few countries even maintain diplomatic relations with Anjouan, making it extremely difficult for foreign governments to intervene.

Correct approach

Being a small offshore centre, Anjouan can also afford to be flexible and proactive. It is easy and fast to get answers directly from the responsible people in government about proposed business projects.

Formation of companies

The law requires that companies registering or licensing in Anjouan must appoint a local representative or registered agent, who in turn requires authorisation to engage in such business.

The only current authorised agent is the Offshore Finance Authority.

There are no requirements for a local director or any domicile requirements. One-director companies are allowed, and any director may be a corporate entity.

International Companies

• International companies are regular companies which can be incorporated for any purpose but may not carry out business in or with Anjouan. They are not subject to any taxes or reporting requirements whatsoever.
• In order to carry on banking, insurance, gaming, air or sea transport a special license is required.
• IBC's have their own legal personality and ownership is not a matter of public record. Incorporation usually takes 48 hours from receipt of confirmed order and payment.
• Corporate endings in most languages are acceptable, including: Corp, Inc, Ltd, AG, GmbH, PLC, SA, SARL, SPRL, BV, BVBA, NV, RT, Kft…etc
• Companies are usually limited by share capital, but may also be limited by guarantee, or, unusually, by both.
• The minimum number of shareholders is one who can be an individual or a company.
• Documentation is available in English or in French.
• All companies may open a current account at Global Bank Limited (a recognised Class A commercial bank in Anjouan).

A certified copy of the passport of beneficial owner or director is required. This is guaranteed to remain confidential and is only reserved for the files of the Anjouan authorities.

Costs and expenses

Fees as following are payable in advance (all government fees and taxes are included):

• Opening of bank account at Global Bank Limited, is free;
• Constitution and maintenance of company (first year) US$400;
• Maintenance of company, registered office etc (per year) US$400;
• Provision of nominee director (per year) US$500;
• Courier and postal fees at cost

Discounts are available to incorporators using larger quantities of Anjouan IBCs.

Trusts

The Anjouan trust is a modern, simple yet flexible legal vehicle. Its main purposes are protection of assets and avoidance of fixed inheritance rules and taxes which may otherwise be incurred on the settlor's death. Creating a trust allows a high net worth individual to maintain full control over his assets even after death.

Trusts may also be formed to enable confidential ownership of trading companies, since assets will be held in the name of the trust and Anjouan law guarantees total confidentiality in all offshore business.

To form a trust, a certified copy of the passport of beneficial owner of settler is required. This is guaranteed to remain confidential and is only reserved for the files of the Anjouan authorities.

Discounts are available to incorporators using larger quantities of Anjouan trusts.

Apart from fees as above, trusts are exonerated from any tax, including inheritance tax.

Banking Law

The key features of the Law are as follows:

• The Law establishes a licensing regime for banks and savings institutions; licenses can be issued by the National Bank of Anjouan or the Offshore Finance Authority. 'A' Licenses are for banks with physical branches in Anjouan and offering services both internationally and domestically; 'B' licenses are for banks with limited client pools.
• The Offshore Finance Authority can specify the minimum capital required for a bank.
• A Bank must inform the Offshore Finance Authority about its external transactions and any change in its share ownership.
• Banks with 'A' licenses must deposit an amount of at least 10% of their assets with the National Bank of Anjouan, which will pay interest at a rate it fixes itself; banks with 'B' licenses must deposit US$100,000, which is non-interest bearing.
• A number of rules govern prudential and fiduciary aspects of bank operations, although they are mostly subject to variation at the behest of the Offshore Finance Authority.
• There are reporting requirements, but they apply mostly to 'A' license banks, and with some exceptions the Offshore Finance Authority must keep information it receives confidential.
• There are rules dealing with the supervisory regime of the bank of Anjouan; again, these mostly apply to 'A' license banks.
• The Law disapplies the existing Banking Law of the Comoran Federation, and requires banks with existing licenses to re-apply.
• The Law does not contain any Islamic (shari'a) banking rules.

Banking

Anjouan now offers only one type of offshore banking license, known as CLASS B. This is is an unrestricted offshore banking license. Class A being reserved for onshore banks and they need to be approved by President Bacar.

The Class B license allows the taking of deposits and the offer of financial services to members of the public worldwide, as well the administration of trusts, and the provision of a normal range of banking services.

For Class B Banks, a reserve of USD 100,000 is required, which may either be in the form of an irrevocable guarantee from a foreign bank that is approved by the Offshore Finance Authority, or in the form of a deposit at the National Bank of Anjouan (Anjouan's central bank).

Both types of license may be granted to international companies at a fee of:
Class A is US$50,000 per year, and Class B is US$25,000 per year.

Formation

The bureaucracy involved in forming a bank is minimal and approval can be granted very quickly.

There are no requirements for local offices or staff, although local firms can provide representative offices, correspondent accounts, credit card issuance etc. as required on a case by case basis and subject to negotiable fees. All Anjouan companies and banks may open accounts at Global bank Limited.

Although there are nit yet any SWIFT connections in the Comors, Global Bank Limited is able to offer account holders full access to international payment systems such as SWIFT through its correspondent accounts in Europe, and also access to world currency and financial markets.

Betting and Gaming

Gaming and gaming licenses are issued only to Anjouan companies, but allow a company to engage in as many different kinds of gambling promotion under as many different brand names or web addresses as desired. Local nominee directors are acceptable.

A fixed fee of US$50,000 per year is charged for virtual casino licenses. The Server may be located on the island, or anywhere else in the world, and profits maybe cleared through Anjouan offshore banks or possibly using the nearby island of Mauritius which has better-established credit card possessing facilities.

Ship and Aircraft Registration

Anjouan is an island nation relying much on maritime and air transport, and as such could be an ideal place to register anything from a yacht to a container ship. Registration is fast and efficient based on tonnage, and there is no need for a physical inspection in Anjouan.

Aircraft can also be licensed in Anjouan, and licenses are granted to run airline companies.

Airline companies are generally available for a fee of around US$500,000.