Establishing a gaming company in the Comoros starts with the registration of an International Business Company (IBC). There are various conditions and formalities to be met, which we invite you to discover in this article. We would like to point out that you will be provided with the specialized assistance offered by our BridgeWest team for a smooth and fast incorporation process.
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What are the conditions for opening an IBC in Comoros?
The International Business Company (IBC), suitable for gaming/gambling activities, can be registered taking into account the following conditions & formalities:
- must have a legally registered address in Comoros, plus a local representative agent;
- around EUR 250,000 is the minimum capital required. In some jurisdictions, there is no minimum capital imposed to open an IBC for gaming activities;
- must draft the Articles of Incorporation for the gaming company in question;
- a detailed business plan is also required, comprising a financial forecast among other essential information.
Once all paperwork is completed, the gaming license application part of the IBC registration will be done with the Anjouan Offshore Finance Authority (AOFA).
What is required from company shareholders & directors?
The financial authorities request clear criminal records for all company staff and proof of funds on behalf of gaming company shareholders in the Comoros.
What mandatory policies are required for a gaming company in Comoros?
The Anti-Money Laundering & Know-Your Customer policies are mandatory to be implemented in a gaming/gambling company in the Comoros. Company owners, through their representative officers, must ensure the implementation of all responsible gaming practices available in the Comoros.
Is software certification required for setting up a gaming/gambling company in the Comoros?
Yes, a company of this type cannot conduct its activities until certified software is implemented. Such software must be certified by independent auditors in the Comoros.
How much is the gaming license application fee in Comoros?
Around EUR 17,000 – EUR 19,600 is the license application fee for gaming companies in Comoros. Here are other costs:
- around EUR 4,750 as a company formation fee,
- about EUR 13,000 – EUR 14,000 as annual license fee,
- around EUR 2,000 as a key person fee per year.
How long does it take to obtain a gaming license in the Comoros?
Compared to other offshore jurisdictions, the gaming licensing process in the Comoros can take around 8 weeks, but it all depends on the documents prepared and their status.
What are the recommended areas for gaming activities in Comoros?
Anjouan and Mwali are the most popular destinations/jurisdictions for setting up companies in the gaming sector of the Comoros.
Is Comoros an offshore jurisdiction?
Yes, Comoros is an appreciated offshore jurisdiction that provides a wide range of business benefits to international entrepreneurs.
Why is Comoros an appealing offshore jurisdiction for gaming activities?
These are some of the key benefits of opening a gaming/gambling company in Comoros:
- No public disclosure for company owners & managers,
- 100% foreign ownership permitted,
- 0 taxation on Gross Gaming Revenue (GGR),
- 0% corporate income tax on gaming activities.
Are you interested in complete information about how to open a gaming/gambling company in the Comoros? We invite you to contact our local representative and request a free case evaluation first. We offer tailored company formation services in the Comoros.