How to Open a Bank Account in the Comoros

Foreign nationals are entitled to apply for banking services in the Union of the Comoros, an island country not far away from Madagascar. Delta West Credit Bank is one of the leading banks in the Comoros. The bank is registered in the jurisdiction and it is regulated and monitored by MISA (Mwali International Service Authority). The bank offers financial services of a high level, which leads to an increase in the number of its clients. Delta West Credit Bank has been providing services to corporate clients from all over the world as well as international organizations for more than 6 years. If you are an international entrepreneur looking to set up a foreign bank account for your company, you should consider banking in the Comoros as a viable opportunity. You can find more interesting content on the topic here.

Advantages of opening a bank account with Delta West Credit Bank

The main advantages of setting up an account with the bank include the following ones:

●     SWIFT transactions are possible (including regular and express transactions);

●     Full client support 24/7 (client support in English is available);

●     User-friendly internet banking interface;

●     Debit MasterCard cards are available that can be used all over the world;

●     The bank does not cooperate with FATCA;

●     It does not report to the OECD;

●     It does not apply the CRS;

●     The bank does not have any hidden commission.

What companies does the bank provide services to?

The bank has no restrictions as far as the country of the company registration is concerned. Your company can be registered in Europe or anywhere else including most offshore jurisdictions. LPs and LLPs registered in Scotland, Ireland, Wales, and Canada are welcome to apply for banking services. A company registered in Hong Kong can become a customer of the Comorian Bank without having any economic substance in the country. Companies registered in Singapore and the UAE can also set up accounts with the bank but document legalization is going to be required in their cases. It is quite possible to open a non-resident bank account with Delta West Credit Bank.

In addition, the bank puts no restrictions on the types of business activities that the applicant company is engaged in. IT companies are also welcome to apply for opening bank accounts with Delta West Credit Bank.

Bank tariffs

The tariffs for the key services of Delta West Credit Bank are as follows:

The procedure for account opening

One of the main advantages that the Comorian Bank offers is the opportunity to set up a corporate bank account remotely – your presence is not required.

The first step towards opening an account with Delta West Credit Bank is obtaining a preapproval of your application for services. The procedure of applying for preapproval consists of the following stages:

1) Fill out the application form for account opening. A person authorized to act on behalf of the company has to fill out several forms that the bank will provide and sign them. After that, the forms have to be scanned and sent to the bank in the electronic form.

2) Supply contact information for the authorized person so that the bank can get back to him/ her.

When your application for banking services is preapproved, the bank administration will send you a bill: you will have to pay the account opening fee.

3) When the bank receives the payment and all the required documents, it will set up an account for you and you can start using it straight away. You will have a personal manager and you will get detailed instructions on using the online banking application.

Bank account opening timeframe: the account is opened within 2 weeks.

Application documents required

1. Completed bank forms.

2. Company’s corporate documents:

●     Memorandum and Articles of Association;

●     Registration Certificate;

●     Business plan.

3. A notarized copy of the company owner’s passport.

Some specific characteristics of Delta West Credit Bank

The bank can give you a separate IBAN for transactions in euros. As far as the IBAN for dollar transactions is concerned, the bank will be indicated as the payment recipient and the name of your company will be indicated in the transaction details. The details can look as follows (we are using the UAE bank only as an example):

Remitter: Abu Dhabi Commercial Bank

Recipient: DELTA WEST CREDIT BANK

Details: your company name

Correspondent banks of Delta West Credit Bank

Currently, it is Raiffeisen Bank for euro transactions and banks in Africa and the UAE for dollar transactions. With the view of the fact that the bank provides services to high-risk clients, correspondent banks can change sometimes.

Basic facts for those who want to travel to the Comoros

Even though you don’t have to go to the Comoros to open a bank account there, you may do so anyway. After all, splashing in the Indian Ocean is an experience not to be missed.

Visas

Citizens of some countries don’t need visas to enter the Union of the Comoros while others can obtain 30-day visas on arrival. You can get a visa at the airport or the seaport. You have to submit your passport, an invitation or a hotel booking, and a return ticket.

Children under 16 can enter on their parents’ documents. Vaccinations are not required but vaccination against malaria is recommended

Customs rules

You can bring as much cash (foreign or local) as you wish. Euros can be easily exchanged into Comorian francs. You cannot bring the following items to the Comoros: weapons (including pneumatic and underwater hunting equipment), vegetables, fruits, plants, non-canned meat and meat products, and printed and video products in conflict with the norms of Islam. You cannot take away the following items from the Comoros: shells, corals, and turtle shell products.

Internet and telephone

Some hotels in the Comoros have Internet connections. The local operator Societe Nationale des Postes et Telecommunications operates in the GSM 900 band. Roaming opportunities are available to citizens of some countries.

Money and currency exchange in the Comoros

The national currency is the Comorian franc (CF). Probably the best bank where you can exchange currencies is Banco Internacional des Comores (BIC). You’d better bring euros to have the best exchange rates. You can find BIC offices in Moroni (the capital of the country) and Mutsamudu. You could also exchange currencies at supermarkets, hotels, and restaurants, but the exchange rates are going to be much less attractive. Credit cards and traveler’s checks are seldom accepted even though some banks in the country including BIC do accept them.