Banking and Offshore Services
Mohéli has positioned itself as an emerging hub for banking and offshore financial services within the Union of Comoros. This is a sector that combines opportunities for domestic financial inclusion and international business.
On the local banking front, Mohéli is served by a handful of commercial banks and microfinance institutions. Opening a bank account in Mohéli is relatively easy for residents and investors alike – requirements typically include identification (passport or national ID) and a minimal opening deposit. Banks offer services such as savings and checking accounts in Comorian Francs, and often in Euros or U.S. Dollars as well, given the peg to the Euro. International transfers can be made, and with improved internet connectivity, online banking is being rolled out for customer convenience. Notably, the presence of banks means businesses can access credit facilities (loans, overdrafts) to expand their operations. Interest rates in Comoros have been historically high (reflecting the small banking sector), but efforts are underway to increase competition and introduce credit guarantee schemes that would allow banks to lend more freely to SMEs at lower risk.
Opportunities
For those in the offshore sector, Mohéli (through MISA) offers registration of International Business Companies (IBCs), offshore banks, insurance companies, and even specialized licenses for activities like foreign exchange trading and online gaming. Under Comorian law, these entities enjoy confidentiality, zero or low taxation on foreign-sourced income, and a supportive regulatory framework. The process to obtain, say, a Forex Brokerage License or a Crypto exchange license on Mohéli has been streamlined by consultancies working with MISA . Typically, applicants must register an IBC in Mohéli (which as noted can be done swiftly), then apply for the specific financial license, meeting certain capital and compliance requirements (e.g., showing fit-and-proper status of directors, putting in place anti-money laundering measures, etc.).
The cost of obtaining these licenses and maintaining an offshore company in Mohéli is competitive globally – part of Mohéli’s appeal to international financial firms is cost-effectiveness and relatively quick turnaround. For example, an offshore company might pay a fixed annual license fee and in return have no corporate income tax on its earnings outside Comoros , no withholding taxes, and no exchange controls interfering with moving money in and out. This has attracted businesses such as brokerage firms, fintech startups, and holding companies to use Mohéli as a base.
To ensure credibility, MISA keeps a close eye on compliance. Only companies that pass due diligence are granted licenses, and periodic reporting is required. The government knows that reputation is key for a small offshore center, so it cooperates with international regulators to prevent illicit use of the jurisdiction (for instance, implementing recommendations of the Financial Action Task Force on Anti-Money Laundering). For local professionals, the burgeoning offshore sector is creating new career paths in accounting, legal services, and corporate administration. We are seeing accounting firms in Mohéli expanding their services to cater to IBCs, and youth taking an interest in qualifications in finance and law to work in this sector.
If you’re an investor or firm interested in offshore services in Mohéli, this portal provides resources like the MISA guidelines, application forms for various licenses, and contacts of licensed trust service providers who can help navigate the setup. It’s worth noting that while Mohéli’s offshore regime is welcoming, it operates with transparency to legitimate authorities – i.e., while privacy is ensured, Mohéli cooperates on matters such as preventing terrorism financing or tax evasion as per international treaties.
Beyond offshore, Mohéli’s banking aspirations also include possibly setting up a development bank branch or credit union that focuses on financing local development (small agriculture, housing, etc.). Talks have been in progress about establishing an Islamic banking window as well, reflecting Comoros’ Islamic heritage and providing alternative finance products compliant with Shariah (like profit-sharing investments instead of interest loans) – an innovation that could attract customers regionally.
