Our Solution - Bank License

Global Money Consultants S.A. is one of the industry's leader in the procurement of financial licenses in Offshore Banking, Forex, Asset & Fiduciary Management, Payment Service Providers (PSP) & Electronic Money Institutes (EMIs), Free Zones and other related services.

Our firm has been serving customers from all over the world for more than 30 years. We continue to help clients to overcome the challenges of regulations with resourceful solutions.

Start or increase your business exposure in a regulated offshore, onshore or free zone financial environment and attract new customers with trust building licensing to conduct your business affairs.


FINANCIAL LICENSES AROUND THE WORLD
READY TO APPLY VIA OUR NETWORK

1. FOREX/SDL LICENSES
2. FREE ZONE FINANCIAL LICENSES FOR CRYPTOCURRENCY BUSINESSES & ICO LAUNCHES; BANKING; PAYMENT PROCESSING; FOREX & BINARY OPTIONS; CRYPTOCURRENCY EXCHANGE & CRYPTOCURRENCY TRADING
3. PAYMENT SERVICES PROVIDERS LICENSES & ELECTRONIC MONEY ISSUING LICENSES
4. ESTABLISHMENT OF HEDGE FUNDS & INVESTMENT FUNDS FOR EQUITIES, CRYPTOCURRENCIES ETC
5. ESTABLISHMENT OF PRIVATE BANKS OF VARIOUS TYPES: GENERAL BANK LICENSES (A-CLASS); RESTRICTED BANK LICENSES (B-CLASS); CRYPTOCURRENCY BANKS
6. ESTABLISHMENT OF ASSET MANAGEMENT, TRUSTEES & FIDUCIARY COMPANIES
7. ESTABLISHMENT OF FOUNDATIONS
8. ESTABLISHMENT OF OFFSHORE & ONSHORE COMPANIES
9. PROVISION OF INNOVATIVE BANKING SOFTWARE & PLATFORMS

Bank A-Class / general and unrestricted license from the Comoros and its autonomous regions.

General Information
As the world becomes a global village and more investors look beyond their geographical boundaries for security, strength and opportunity, there is a great business case for forming your own bank in tax-neutral environment. These international banks offer great benefits to the owners as they enjoy more privacy and ease of use than their domestic units.

The Comoros Islands—Grande Comoro (Ngazidja), Anjouan, Mohéli, and Mayotte (which is not part of the country and retains ties to France)—constitute an archipelago of volcanic origin in the Indian Ocean, 190 mi off the coast of Mozambique). The autonomous Comoran islands passed their Offshore Banking Act in 2001 and currently has more than eight registered institutions. The international Services Authority is dedicated to providing as much business freedom and flexibility as possible, along with strong statutory confidentiality for legitimate offshore banking clients, whilst maintaining a strong compliance culture in anti-money-laundering and anti-terrorist financing matters.

Offshore banking licenses may be approved expeditiously subject to successful background checks on directors and shareholders and approval of the business plan by the banking regulator's office. If desired, the application for an IBC may be submitted simultaneously with the bank license application.

Since January 01, 2013 the Autonomous regions entered with new Banking Act 2013 into a new epoch. The purpose of the Act is to foment the development of the island as a responsible international financial center complying with global best practice and regulatory standards, and to provide incentives by way of tax exemptions for international banking business carried on from the islands.

In preparing the application, particular attention should be paid to the business plan. The regulator will be looking to ensure that the proposed bank is sufficiently capitalized for its planned operations. Banks with the minimum permitted capital will typically be licensed solely for in-house treasury functions, whereas banks looking to accept deposits from the general public will be expected to have higher capitalization and Human Resources depending on their expected operations. The Comoros regulators demand high liquidity at all times.

We are experienced in providing a comprehensive "bank manager" service, or clients may take an 'a la carte' approach keeping costs low by using only the services they need as business grows. Besides the basic registered agent and application processing service, available services (subject to negotiation) include:

  • Business plan preparation, in consultation with clients and their professional advisors
  • Provision of professionally qualified managers and directors
  • Development of AML policy and compliance manual
  • Assistance with opening correspondent accounts internationally
  • Assistance with application for SWIFT/BIC code
  • Provision of local presence, dedicated employee, phone line, etc.
  • Opening of representative offices in other countries
  • Provision and hosting of Internet banking software
  • International credit and debit card programs
  • Setting up of payment depositary agent to gain access to the international SWIFT system

LEGAL SOURCE
International Banking Notice of 2005
International Bank Act 2013
International Business Companies Act of 2005
International Business Company Regulation 2005
International Insurance Act of 2005

PERMITTED ACTIVITIES

To accept cash deposits of any type (depositary transactions).
To provide loans and borrow funds (loan transactions).
To carry out currency and exchange transactions.
To issue securities and credit cards processing.
To provide securities safekeeping, manage securities and accomplish securities purchase or sale.
To act as intermediary in securities trading.
To provide guarantees of any type (guarantee business).
To effect payments (opening of accounts for legal entities and individuals).
To hold assets, capital, precision metals, bonds, shares or other financial instruments for third parties.
To undertake electronic commerce (e-commerce).
To provide other financial services

…and to carry on business as capitalists, financiers, promoters, and concessionaires and participate in, undertake, carry on and execute all kinds of financial, commercial, industrial, trading, exploitation, development, agency and other operations and to advance or provide money, with or without security, to concessionaires, inventors, patentees and others, for the purpose of improving and developing or assisting to improve and develop any concessions, lands or otherwise, or of experimenting, improving, testing or developing any invention, design or process industrial or otherwise.

 

CAPITAL REQUIREMENTS
No paid-up capital or securities deposits required

LOCAL STAFF REQUIREMENTS
No local staff needs to be acquired

REPORTING
Quarterly and annual reporting need to be files for the Authorities.

BANK ACCOUNT OPENING OPTIONS GIVEN
Via own depositary agents, e.g. in Georgian Free Zones with the licenses to conduct businesses also on behalf of the Comoros bank or any other Payment Services Provider enabling the Comoros banks access.

OPTIONAL SERVICE: SWIFT OPTIONS
Yes, after the license is obtained, licensees can apply for a SWIFT Code for Verification Purposes (BIC 1). A direct processing through SWIFT is not possible.

MINIMUM PERSONS INVOLVED
One Director and Shareholder, can be the same person Code for Verification Purposes (BIC 1).

LICENSES FEES (INCLUDED IN SETUP PRICE)
Rates available on request, depending on license type and region.

LOCAL PRESENCE AND OFFICE
Usually not, depending on region and activities to be undertaken. We consult.

DURATION OF APPLICATION WITH THE REGULATORS
If all documents fit the regulators requirements usually between 4-8 weeks.

TAXATION
None.

REGISTER, STAMP & OTHER FEES
Rates available on request, depending on license type and region.

OPTIONAL: DEBIT CARD OPTIONS
Yes, possible. The requirements of the MasterCard or Visa card.

TAXATION
The structure should be completely tax-free.

Depositary Agent - Your safe gateway to accept customer payments and process payment orders on behalf of third parties.

We are setting up for you a part of the banking license and the IBC in the Comoros also a deposit / and debit collector. These companies are to be registered onshore in a special economic environment, e.g. in Free Zones in the Republic of Georgia.

The depositary agent is a tax free entity maintaining full IBAN bank accounts multi currency and is processing the payments on behalf of the Comoros A-class bank. Usually depositary agents carrying the same or similar name as the bank in order to avoid misunderstandings with clients and to strengthen the reputation. Our package includes already the setup of a depositary agent for your Comoros bank in the Republic of Georgia and in one of its free zones.

The bank accounts offering full SWIFT access and are multi currency: EUR/USD/GBP and GEL.

In addition we can help to implement even further payment providers assisting you with more accesses of payment gateways around the globe, e.g. in Europe with the SEPA access — of course compliance requirements of the third parties apply.

FREE ZONE COMPANY GEORGIA AS DEPOSITARY AGENT FOR BANK

CAPITAL REQUIREMENTS
None

LOCAL STAFF REQUIREMENTS
None

TAX REPORT
Quarterly and annual reporting need to filed

BANK ACCOUNT OPENING
Yes, the bank account will be multi currency in EUR/USD/GBP and GEL. Also Digipass and a VISA Premium Card are included.

MINIMUM PERSONS INVOLVED
One Director, one shareholder. Can be the same person.

TRANSLATION OF ALL DOCUMENTS
Included

FREE ZONE ANNUAL FEE
3,000 EUR - first year already included

LOCAL PRESENCE AND OFFICE
Registered Office included for the 1st year

DURATION OF APPLICATION WITH THE REGULATORS
3 -6 weeks

TAXATION
None

QUALIFICATION NEEDED
No CVs or business references so far required.

LICENSE TYPE
Official Financial Free Zone License incl. Annex with detailed description.

FREE ZONE FINANCIAL LICENSE CONTENT AND APPLICABLE LAW

Law of Georgia On Free Industrial Zones; The Decree of the Government of Georgia, #131 dated June 3, 2008 on Approval of the Rules on Creation, Arrangement and Operation of Free Zone; The Decree of the Government of Georgia #109 dated March 10, 2015 on the creation of The Free Industrial Zone and the Tax Code of Georgia.

License Content: "…entitled to provide Financial Consulting and Services, including, but not limited to the cryptocurrency exchange, security token trading, and processing of third party payments and merchant services to customers outside the Republic of Georgia and Non-Georgian citizens and residents."

OPTIONAL SERVICE: E-BANKING SOFTWARE/PLATFORM

The online banking software was designed to be the most user friendly e-banking application on the market, not only for your end-users, but also for you, the administrator. The platform is 100% web based, and encrypted using bank-grade SSL encryption. Your users can login from any device, using any browser, with their username and password. The system detects and adjusts to the device, screen size and browser used, ensuring a perfect layout and functionality on desktops, laptops, smartphones, and tablets alike. The provider can also offer fully customized Mobile Apps for iOS and Android.

The main user-screen displays the latest transactions, current balance, secure message notifications, and a menu with additional options. The user can easily switch between accounts (if more than one) by using the drop down menu, and switch between accounts accounts and cards (if applicable), by clicking on the relevant tab. Everything is clean, clear, and self-explanatory.

The system supports multiple administrator accounts, with different functions and authorization levels. All relevant transaction fees can be configured in the admin settings, and applied automatically when transactions are executed. Customers can be categorized in different profile groups, allowing for different fee schedules for different profile groups, allowing for different fee schedules for different client types (e.g. personal and corporate). The system supports multiple currencies and cross-currency transactions, incorporating a European Central Bank (ECB) exchange rate feed. Applicable rates can be adjusted to include a conversion profit margin. Exchange rates can also be set manually if required. The provider can also integrate with any other exchange rate feed of your choice. Virtual currencies and cryptocurrencies can also be added to the systems if required. You can also use your own developers to build additional features around the platform using the providers API.

You can customize the system in seconds by changing the color scheme, and by uploading your own logotypes in the admin settings. Below you can view a number of screenshots from the EBANQ end-user interface. You can also gain instant access to our LIVE DEMO, both as administrator and as end-user.

 

LICENSE COST FOR SOFTWARE / ONE-TIME FEE
As per our https://gmc-ebanq.com/ and http://gmc-ebanq.com/dev/wp-content/uploads/2018/05/EBANQ_PRICING_2018-2.pdf

OWN SERVERS REQUIRED
No

UPDATES
Server and software updates are to be done fully automated

ONGOING SUPPORT
Yes, given by experts

SMS / TAN FUNCTION FOR VERIFICATION
Yes, standard. You decide what verification tools, e.g. to carry out banking transactions, you want to give to your customers.

SUPPORT
Yes, multilingual

ENCRYPTION
Bank-grade SSL encryption

CRYPTO FRIENDLY / FIAT FRIENDLY
Both, crypto and FIAT currency friendly

SMART PHONES / MOBILE DEVICES
Ready to be used on all possible devices

ACCOUNT TYPES SUPPORT
Current Accounts, Savings Accounts, fixed interest accounts, Asset Management

APPLICABLE FEE SCHEDULE

(1) - COMOROS LICENSING PROCEDURE AND SET-UP OF THE DOMESTIC COMPANY (IBC) INCLUDES:

Company formation autonomous region as IBC/Ltd. Due Diligence Check of all submitted documents, incl: Certificate of Incorporation (1) - incl
Local Office Setup / Registered Agent Services (1) - incl
Certificate of Good Standing (1) - incl
Certificate of Incumbency (1) - incl
By Laws Setup (1) - incl
Tax Exemption Certificate - the company will be 100% excluded of all taxes (1) - incl
License Certificate of Bank License after regulator's approval (1) - incl
Bank License Certificate summarized, professionally designed and prepared for online use (1) - incl
Local Address & Registered Agent Service for the 1st year (1) - incl
Paid Up Capital for the Banking Institution n/a
General Bank License Fee 1st year included (1) - incl
Courier Fee for all documents to the customer (1) - incl
Licensing Application Process (1) - incl
Setup of Privacy Policy, Legal Disclaimer (1) - incl
License Application Documentation (1) - incl
Business Plan Setup with detailed 5 year revenue forecast / on banks (1) - incl
Setup AML Manuals (1) - incl
On-going licensing support until licenses are granted (1) - incl
Due Diligence of Director and Shareholder for the issuing authority (1) - incl
License Application Fee (1) - incl
2nd Nominee Director if required (1) - incl
Report 1st year included (1) - incl
Registered Agent and Corporate Agent fees for the 1st year (1) - incl
Courier Fee for all documents to the customer (1) - incl

(2) - DEPOSITARY COLLECTOR: FULLY LICENSED GEORGIAN FREE ZONE COMPANY

Company formation autonomous region as IBC/Ltd. Due Diligence Check of all submitted documents, incl: Certificate of Incorporation; Free Zone Address. Set of Corporate Documents, certified Registry extract, Charter Setup of professional Power of Attorney (1) - incl
Certificate of Incumbency and Certificate of Good Standing (1) - incl
Free Zone Free for the first year included (1) - incl
Local Address & Registered Agent Service for the 1st year (1) - incl
Tax Exemption Certificate - the company will be 100% excluded of all taxes (1) - incl
License of the Free Zone and Appendix displaying in detail the remittance, processing activity - incl
License Certificate summarized, professionally designed and prepared for online use (1) - incl
Legal Support by our legal team in Georgia until the license is granted and bank account are opened - incl
Multi Currency Bank account with digipass, Visa card, online banking (1) - incl
Certified translations of all documents from Georgian into English (1) - incl
Courier Fee for all documents to the customer (1) - incl

3) - SWEDISH TRUST: As per our https://www.gmcswedishtrusts.com/

FURTHER SERVICES (4, 5):

(4) Online Banking Software as described; directly from the provider and to be negotiated with software provider - incl
(5) SWIFT Membership BIC1 Code Application fro the Comoros Bank License - incl


LEGAL DISCLAIMER AND GENERAL LICENSING INFORMATION

STANDARD DECLARATION FOR APPLICANTS OF FINANCIAL LICENSES
I hereby confirm that all data given are correct and true. I also confirm that my knowledge and skills will be satisfying in my opinion to the regulator. I also assure that my criminal background is clean and clear. I am aware that the license granting authority / the regulator is in charge to decide if I get the licenses granted or not. I have been informed in addition that all information provided by the Corporate Services Provider (CSP) is the current regulatory framework with its requirements on that day of application - future changes in requirements and regulation issues can occur at any time and are beyond my or the CSPs control. Applying for financial licenses that are issued by National Banks, Financial Services Commissions, Central Banks and other institutions bear always the risk for changes in legal frameworks and local laws that might affect positively or negatively the regulators decisions of approvals. I am that this might affect my future business or even the application process. In case of changes in the requirements I hereby order the CSP to give me knowledge and provide adequate assistance to stay as good as possible the regulators. I understand that the CSP, or any other involved party cannot be held responsible in case of fundamental changes in the requirements that will not allow to proceed for an application.

STANDARD DECLARATION FOR CORPORATE SERVICES PROVIDERS DEALING IN FINANCIAL LICENSES

The Corporate Services Provider confirms that the customer / applicant has received all current, correct and updated information about requirements on the day of application by email. Despite the fact that the CSP does not have any influence on changes in the requirements, he will inform, brief and assist the applicant in the best possible way that results in a positive outcome: the granting of licenses for him or his business as long as the new requirements can be fulfilled by the applicant. The CSP furthermore states that he is in permanent contact with the regulator and local CSPs or legal partners. As soon as changes in laws, requirements or other fundamental guidelines occur, the CSP has the duty to inform the applicant immediately and find for solutions together with the applicant to solve the challenges. The CSP cannot be held responsible if a client's application gets rejected for Due Diligence reasons or in case changes in laws and requirements make it impossible to proceed. A refund due to changes in requirements that do not allow to proceed with the application or due to financial weakness (e.g. increase of required paid-up capital etc) is strictly ruled-out, the same applies for negative background checks of the customers or confirmed disapproval of the customer's person by the regulator. If services haven't been delivered (e.g. company formation, paperwork or licensing support) the customer has a right to get those non-delivered services refunded. The granting of licenses is not a service, it is a result based on services and fully under control and influence by the responsible regulator in the country of setup.

Ready to get the process started?
Contact us today!