Banking License in Anjouan
Anjouan has become an increasingly popular offshore jurisdiction for entrepreneurs, fintech companies and financial service providers seeking to establish an international banking presence. Operating under International Banks Act 2005 and regulated by AOFA, it offers an easier route to obtaining International Banking License via tax-exempt offshore banking structure.
Compared to many traditional banking jurisdictions, Anjouan provides a more accessible licensing route with simplified corporate requirements, no mandatory minimum share capital requirement and a relatively fast application process.
At Legalaes, we offer a complete turnkey solution for acquiring bank license in Anjouan, where we will assist in the entire banking licensing process from incorporation, preparation and submission of banking license application, coordination of due diligence, preparation of corporate documents, liaising with local service providers and assisting in implementation stage.
Regulatory Framework to Obtain Banking license in Anjouan
The Anjouan Banking License is regulated under the International Banks Act 2005 and administered by the Anjouan Offshore Finance Authority (AOFA), the authority responsible for offshore financial services in Anjouan. The framework is designed to allow businesses to establish an international banking presence and provide banking and financial services to non-resident clients through a licensed offshore structure.
Anjouan is a jurisdiction that has increased in popularity due to being relatively straightforward in comparison to most existing jurisdictions. The application stage does not require a huge amount of share capital and also does not require any local directors or a large number of staff to be in place prior to applying for a banking license.
Anjouan is particularly suitable for entrepreneurs and financial services providers including Fintech companies who wish to engage in a simple and affordable banking license. Licenses must however still function within the approved business plan and satisfy the banking license conditions.
1. Licensing Requirements
1. Licensing Requirements
- Company Incorporation: The applicant must establish an International Business Company (IBC) in Anjouan. The company serves as the legal entity through which the Banking License is obtained and operated.
- Directors and Shareholders: A standard KYC document from all Directors and Shareholders (passports and proof of residential address) must be presented in the course of the Due Diligence.
- Due Diligence and compliance review: All applications are subject to a Due Diligence and compliance review, and further documentation may be required depending on the ownership structure and planned business activities.
- Business Model evaluation: The proposed business model is assessed, and the intended banking and financial activities, target market and operational setup are carefully studied. The ultimate scope of activities will conform to the stated Banking License.
- Corporate documents: The required corporate documents, application forms and all information in support of the application must be presented to secure the license issuance and incorporation process.
- License Issuance: Following successful completion of the due diligence process and regulatory review, the Banking License and corporate documentation package are issued, allowing the company to commence implementation of its banking project.
2. Ongoing Compliance
2. Ongoing Compliance
- Licensed entities are required to operate within the permitted activities of their Banking License and must adhere to their license conditions.
- Corporate records and company information are required to be maintained and updated for the duration of the company’s existence.
- If a company employs any banking, payment or financial infrastructure partners then they are likely required to adhere to the partners onboarding, due diligence and ongoing monitoring processes.
- It is possible that other compliance standards may be imposed on a company by a banking institution, payment service provider or third party depending on the size and type of the business.
- The Banking License requires to be renewed on an annual basis and upon paying the relevant renewal fee.
3. Recent Developments
3. Recent Developments
Anjouan continues to enjoy increasing interest among fintech companies, brokerage companies, payment service providers and international financial projects looking for a more convenient banking jurisdiction alternative. Anjouan’s jurisdiction continues to be recognized as being known for its user-friendly licensing, fiscally responsible tax system and relatively uncomplicated and rapid application procedure.
Over the past several years, entrepreneurs have sought out the Anjouan financial services license due to its low capitalization requirements and lack of complicated operational obligations typical of many financial centres. Anjouan continues to position itself as an excellent choice for offshore banking and financial services project catering to non-residents.
Services Permitted Under Banking License in Anjouan
Anjouan Banking License holders may conduct a range of international banking and financial activities, subject to the approved business model and the conditions attached to the Banking License.
- Offshore Banking Operations: Provision of offshore banking services to non-resident clients in accordance with the International Banks Act 2005.
- International Financial Services: Conducting international financial and banking activities through a licensed offshore banking structure.
- Foreign Exchange Activities: Providing foreign exchange and currency conversion services, subject to the approved business model.
- Fintech & Trading Projects: Supporting fintech, brokerage and trading-related business models, including MetaQuotes-compatible structures.
- Corporate Financial Services: Providing banking and financial solutions to international corporate clients.
- International Banking Business: Operating an international banking institution within the scope of the issued Banking License and applicable license conditions.
A single business may carry out more than one activity, depending on how its services are structured and described.
Overview of Requirements to Obtain an Anjouan Banking License
- Completed International Business Company (IBC) Registration;
- Completed Banking License application form;
- Certified true copy of each director and shareholder’s passport;
- Proof of residential address for each director and shareholder;
- Satisfactory completion of the Know Your Customer (KYC) and due diligence process;
- Payment of the prescribed licensing fee;
- Annual renewal of Banking License.
Estimated time frames to obtain an Anjouan banking license
Gathering Documents
1-2 weeks
KYC and Due Diligence Review
1 week
Company Registration
1 week
Regulatory review & license issuance
2-3 weeks
Legal services to Obtain Banking License in Anjouan
Anjouan Company + Banking License
39,800 USD
Complete turnkey solution for obtaining a new Anjouan Banking License.
- Initial business model and licensing suitability review
- Registration of an International Business Company (IBC)
- Preparation and submission of Banking License application
- KYC and due diligence coordination
- Legal Support
- Coordination with local Corporate Service Provider
- Registration of company and license on official register
- Banking License issuance
- Complete corporate documentation package
- Post-licensing support
Ready-Made Banking Company
Price upon request
Acquire an existing licensed Anjouan Banking Company and enter the market faster.
- Existing licensed Anjouan Banking Company
- Legal Support
- Ownership transfer coordination
- Due diligence and onboarding review
- Review of existing corporate records
- Transfer of corporate and licensing documentation
- Corporate restructuring support where required
- Assistance with shareholder and director changes
- Post-acquisition implementation support
Eriks Fijalovs
Head of Blockchain and Crypto
Detailed Requirements for Obtaining an Anjouan Banking License
To obtain an Anjouan Banking License, applicants must satisfy a number of regulatory, corporate, compliance and operational requirements. Below is an overview of the key requirements applicable to the licensing process.
List of required documents
- Banking License Application Form – An application form to be completed providing the necessary details of the proposed company, ownership structure and planned activities.
- Company Information – The details required about the company’s proposed name, ownership structure and business.
- Business Description – A short summary outlining the proposed banking and financial services to be offered by the Banking License.
- Identification Documents – Copies of valid passports for all the company directors, shareholders and beneficial owners.
- Proof of Address – Proof of residential address, current within the past 3 months (such as an utility bill, bank statement or an official correspondence) for each of the shareholders and directors.
- Ownership Information – Details to demonstrate ownership and control of the company including any ultimate beneficial owner, where applicable.
- Source of Funds Information – Details to demonstrate the source of the funds to be used for establishment and operation of the business if required by the reviewing authority.
- Additional Documentation – Any additional information or supporting documentation that may be requested by the authorities during the due diligence process based on the type of business and ownership structure.
Business premises requirements
- Registered Address : There is no statutory requirement to operate from a physical office for the banking license in Anjouan, although the company will require a registered address and the company needs to remain in good standing during the license period.
- Office solutions : Office address and office solutions may be arranged separately through local service providers where required.
- Operating Structure: There are no formal local staffing or substance requirements to the licensing stage. However, the business should have the appropriate operational arrangements in place to ensure it is able to perform the services it is intending and meet the demands of any banking partners, payment providers and other financial institutions it may have dealings with.
Share Capital and Government Fees
Share Capital: One of the advantages of the Anjouan Banking License structure is that there is no set minimum share capital that is required at the licensing phase. As opposed to a number of other established offshore jurisdictions applicants need not have very substantial paid-up capital requirements in order to gain the license.
Government Fees: The major fee payable in the structure is an annual Banking License fee which incorporates the company formation and the actual license together with government and administration fees. Optional services can also be included, such as document legalisation, nominee services, office address solution and contacts within the banking and payment provider sectors depending on the business model.
Personnel Requirements
- Directors and shareholders: An Anjouan Banking License can only be applied if the directors and shareholders are already appointed. Directors and shareholders will be subjected to identification checks, KYC and due diligence.
- Due diligence: The applicant has to produce copies of the passport and proof of residence of all directors and shareholders. Depending on the structure of ownership, source of funds and proposed activities, other documents and proof may be required by regulators during their examination of the application.
- Good repute and Suitability: Directors, shareholders and ultimate beneficial owners should present a reputable business background and submit any further information requested by the reviewer in their conduct of due diligence and compliance. The purpose of the due diligence and compliance review is to assess transparency of ownership and the fitness and propriety of the intended structure.
By satisfying the applicable regulatory, corporate and compliance requirements, applicants may successfully obtain an Anjouan Banking License. The licensing framework is designed to ensure that banking institutions operate in a transparent, secure and well-governed manner, while maintaining compliance with applicable regulatory standards and international best practices.
Roadmap to Obtaining an Anjouan Banking License
Anjouan offers a dedicated regulatory framework for international banking institutions seeking to provide banking and financial services through a licensed offshore structure. Banking licenses are issued by the relevant regulatory authority and allow eligible institutions to conduct a range of banking activities, subject to compliance with applicable regulatory, corporate governance, AML/CFT and operational requirements. Foreign investors may generally establish and operate an Anjouan banking institution, provided that the licensing, capital, compliance and ongoing regulatory obligations are satisfied.
For a more detailed roadmap of the project and a tailored commercial offer, please get in touch with our banking licensing professionals.
Eriks Fijalovs
Head of Blockchain and Crypto
Initial Consultation and Business Model Assessment
The process begins with reviewing the proposed business model, target markets and intended banking or financial activities. Most suitable corporate structure and licensing regulations for Anjouan Banking License are evaluated.
Company Incorporation
Following the initial assessment, the International Business Company (IBC) is being incorporated in Anjouan. This involves the preparation of the incorporation documents and the formation of the corporate structure as required by the Banking License application.
Collection of KYC and Due Diligence Documentation
The required due diligence documentation for directors and shareholders is being collected and reviewed. This typically includes passport copies, proof of address and any additional information required as part of the KYC review process.
Banking License Application
Once the corporate structure and due diligence package are ready, the Banking License application is being prepared and submitted together with the supporting documentation required for the licensing process.
Regulatory Review and License Issuance
During the review stage, communication with local service providers and the relevant authority is being coordinated, while any requests for additional information are addressed. Once review has been completed successfully, the Banking License and company documents are issued.
Post-Licensing Implementation
Following license issuance, the project proceeds to the implementation stage. This may include banking and payment infrastructure arrangements, corporate maintenance, document legalisation, office address solutions and other operational requirements necessary for launching the business.
Estimated Timeframes to Obtain an Anjouan Banking License
The complete company incorporation and banking license obtainment process generally takes approximately 2–4 weeks, depending on the applicant’s responsiveness and completeness of the submitted documentation.
1. Application Preparation and Document Gathering
Time Frame: ~ 1 week
The banking license application package is prepared and the required corporate, KYC and due diligence documentation is collected and reviewed.
2. Company Incorporation and Corporate Setup
Time Frame: ~ 1 week
During this stage, the International Business Company (IBC) is incorporated and the initial corporate documentation package is prepared.
3. KYC and Due Diligence Review
Time Frame: ~1 week
The submitted information is reviewed as part of the identity verification and compliance assessment process.
4. Government Processing and License Review
Time Frame: ~1-2 weeks
Once the application has been submitted, it proceeds through the regulatory review and processing stage with the relevant authority.
5. Issuance of Banking License and Corporate Documentation Package
Upon approval, the Banking License together with the complete corporate documentation package is issued.
Total indicative timeline:
~2–4 weeks, depending on complexity and responsiveness during review.
Advantages of obtaining Banking license in Anjouan
Obtaining an Banking License in Anjouan offers a range of strategic, operational and commercial advantages for financial institutions seeking to establish an international banking presence. The jurisdiction provides a dedicated banking regulatory framework, a streamlined licensing process, competitive setup and operational costs, and flexibility for international investors. These features make Anjouan an attractive option for institutions looking to offer banking and financial services through a regulated offshore structure. Here are some of the key advantages:
01
Faster Market Entry
The Anjouan licensing framework is relatively fast in comparison with many traditional banking jurisdictions. Businesses are able to structure and set up their banking operation and the implementation can start relatively quickly.
02
No Minimum Share Capital Requirement
One of the main advantages of the Anjouan Banking License is the absence of a mandatory minimum share capital requirement at the licensing stage, reducing the initial financial burden for applicants..
03
Tax-Exempt Environment
Anjouan is recognized as a leading tax free jurisdiction suitable for any international business, including projects utilizing offshore banking and other financial services.
04
Simplified Regulatory Framework
The licensing framework is designed to be more accessible than many traditional banking jurisdictions, with fewer corporate, staffing and operational requirements during the application process.
07
Cost-Effective Alternative to Traditional Banking Jurisdictions
Anjouan provides an accessible solution for a financial institution seeking a recognized banking structure in comparison to most traditional or offshore banking jurisdictions
05
No Mandatory AML Officer or Audit Requirement
A distinct advantage over regulated financial jurisdictions is that there is no need to appoint a full time AML officer or have a detailed audit of your financials conducted when first applying for the license.
06
Suitable for Fintech and Financial Services Projects
The jurisdiction is a favored choice for many fintech businesses, financial service providers, brokerage entities, and other international business projects which require a licensed banking structure.
Links for Legislation Related to Banking License in Anjouan
The principal legislation governing the licensing and operation of international banks in Anjouan.
Supplementary regulations outlining the operational and licensing requirements for international banking institutions.
The legislation establishing the Anjouan Offshore Finance Authority (AOFA) and its regulatory powers.
The primary legislation regulating the incorporation and operation of International Business Companies (IBCs) in Anjouan.
Regulations governing the administration and ongoing maintenance of IBCs within the jurisdiction.
The legislation establishing the anti-money laundering and financial crime prevention framework in Anjouan.
The official regulatory authority responsible for licensing and supervising offshore financial institutions in Anjouan.
Taxation of Anjouan Banking Companies
One of the key advantages of the Anjouan Banking License is the jurisdiction’s tax-efficient framework for international business activities. Companies operating through an International Business Company (IBC) structure may benefit from a tax-exempt environment when conducting qualifying offshore activities.
Corporate Income Tax
Corporate Income Tax
- Corporate Income Tax Rate: Anjouan is generally regarded as a tax-exempt jurisdiction for offshore banking and international business activities. An International Business Company undertaking eligible offshore activities may be in a 0% corporate income tax regime.
Value Added Tax (VAT)
Value Added Tax (VAT)
- VAT Rate: There are generally no charges for VAT in relation to offshore banking activities and international operations which satisfy certain criteria and take place out of the jurisdiction.
Dividends/ Withholding Tax
Dividends/ Withholding Tax
- Dividends/ Withholding Tax: No dividend withholding tax or capital gains tax is generally imposed on qualifying offshore activities and international business operations.
Tax Exemption Certificate
Tax Exemption Certificate
- Tax Exemption Certificates are also provided to licensed entities with the incorporation and licensing package to confirm the relevant tax treatment to eligible activities offshore.
FAQ About an Anjouan Banking License
1. Do I need an Anjouan Banking License to provide international banking services?
Yes. Businesses wishing to operate as an international banking institution through an Anjouan structure should obtain the appropriate Banking License before commencing regulated activities.
2. How long does it take to obtain an Anjouan Banking License?
The overall process is generally completed within approximately 2-4 weeks, subject to the timely provision of documentation and successful completion of the due diligence process.
3. Is minimum share capital required?
No. One of the main advantages of the Anjouan Banking License is that there is no mandatory minimum share capital requirement imposed at the licensing stage.
4. Do I need a local office in Anjouan?
No. A physical office is not mandatory for obtaining the Banking License, although registered address and office solutions may be arranged separately if required.
5. Do I need a local director?
No. The licensing framework does not impose a mandatory local director requirement.
6. Can foreign individuals or companies own 100% of the structure?
Yes. Foreign individuals and legal entities may generally own 100% of an Anjouan International Business Company, subject to the applicable due diligence requirements.
7. Is an AML Officer required?
No. The appointment of a dedicated AML Officer is generally not required as part of the licensing process.
8. What activities can be conducted under an Anjouan Banking License?
Depending on the approved business model, the license may be used for international banking activities, offshore banking operations, foreign exchange services and various financial service projects.
9. What are the annual renewal costs?
The Banking License is subject to annual renewal fees. The exact costs depend on the selected structure and any additional services maintained by the company.
10. What documents are required to apply for an Anjouan Banking License?
The application process is relatively straightforward and typically requires a completed application form, company information, a description of the proposed banking activities, passport copies and proof of address for directors and shareholders, together with any additional information requested during the due diligence review process.
Each of our projects receives unique and tailored solutions in accordance with the initial objectives and vision of the shareholders.
May also interest you
