Anjuan offshore bank license

What is a general banking license class A

It is understood in a majority of jurisdictions as a license for the providing of banking services at the place of registration or international bank services for the public. The bank acts as any other banking entity; it can accept deposits from the public and performs common bank services with residents or non-residents. In an overwhelming majority of countries, however, the activity is limited to providing services to non-residents, i.e. offshore banking services only. This type of offshore banking is established in view of providing commercial bank services in an offshore regime.

What is a restrictive banking license class B

Is a license, which limits territorial activities of the bank, possibility of providing services in foreign currencies or to certain persons. In a majority of cases, the bank cannot accept deposits from the public and it can provide its services only to those entities, which are provided for in the bank license. This bank is used as the so-called corporate bank for active Cash Flow management.

Banking

Class B banking licenses are the only type of offshore banking license granted on the island of Anjouan . This is a full-unrestricted banking license. Class A banking Licenses being reserved for Anjouan onshore banks. The National Bank of Anjouan has certain requirements to be satisfied by all offshore banks, namely;

  • 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 National Bank of Anjouan or in the form of a deposit at the National Bank of Anjouan both types of banking license may be granted to international companies
  • Obtaining a banking license is a relatively quick process due to the lack of bureaucracy. Approval can be granted swiftly providing the necessary due diligence requirements are met.
  • There are no requirements for local offices or employees, however local companies in Anjouan can provide representative offices. Correspondent accounts can sometimes be arranged depending on the strict due diligence and subject to negotiable fees and due diligence. Offshore offices are now also available in Anjouan with French, English and Arabic speaking secretaries.

Banking Law

The key features of the Law are as follows:

  • The Law establishes a licensing regime for banks and savings institutions; the National Bank of Anjouan or the Offshore Finance Authority can issue banking licenses. âA' Licenses are for banks with physical branches in Anjouan and offering services both internationally and domestically; âB' licenses are for offshore banking only.
  • The Anjouan Offshore Finance Authority can specify the minimum capital required for a bank.
  • A Bank must inform the Anjouan Offshore Finance Authority about any change in its share ownership.
  • A number of rules govern prudential and fiduciary aspects of bank operations, although they are mostly subject to variation at the behest of the Anjouan Offshore Finance Authority.
  • There are reporting requirements, but they apply mostly to âA' license banks.
  • There are rules dealing with the supervisory regime of the National Bank of Anjouan; again, these mostly apply to âA' license banks.
  • Banks with existing licenses need to re-apply annually.
  • The Law does not contain any Islamic (shari'a) banking rules.

Legal Structure

The Anjouan offshore banking laws, which were passed in February 2005, have been structured to be modern and flexible and are based on years of close study of the experiences of other offshore centres around the world.

With extremely high due diligence standards, the right conditions for a friendly and hassle free business environment exist. It is necessary to obtain positive identification of company owners for central registry records, a task that is not implemented in major jurisdictions. This will eradicate many of the problems that similar haven nations have experienced over the years.

Our Staff will be quite happy to discuss your specific needs and requirements. We can provide you with the insight that you will require to make an informed decision.

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