The sole proprietorship or entrepreneur, the sole proprietorship of the trader, the limited liability company (SARL), the single-member limited liability company (SARLU), the Economic Interest Grouping (GIE), and the Limited Company (SA) are the legal kinds of companies available in Comoros.
Documents required for registration
The following documents are required for the formation of a corporation in Comoros:
- Application form for the formation of a company, duly completed and available at the Business Creation Office (BCE);
- The articles of association signed by the partner(s) or shareholder(s) registered at the domain and certified by the notary in three original copies and a certified copy
- Copy of the partners’ or shareholders’ identity card (front and back) or passport, and/or a copy of the Trade and Personal Property Credit Register (RCCM) for the legal entity partner;
- Copy of the manager(s)/Chairman/Director identity’s card or passport;
- Deposit slip of the share capital paid into a bank account opened in the name of a company formed;
- a notarized statement of subscription and payment of share capital;
- Two certified copies of the list of managers, directors, or partners who are indefinitely and personally liable, or who have the authority to bind the firm;
- An extract from the manager(s)’ original criminal record, not older than three months;
- Manager’s Certificate of Residence
- For foreigners (managers, co-managers, directors, and CEOs), a copy of their resident card;
- Where the activity is regulated, one prior authorization is required;
- 1A copy of the lease, title deed, or domiciliation contract;
- 1A power of attorney, legalized if necessary or in the case of designation, a Power of Attorney with the legalization of signature and;
- Registration Fees.
Registration procedure
The following are the steps involved in forming a company in Comoros:
Reserving a Business Name
It is necessary to verify and reserve a company name that is distinct from that of any other Comorian corporate entity. The government Registry can provide free verification of a proposed company name.
Depositing minimum share capital
Open a bank account in Comoros and deposit the needed minimum share capital for your business. Obtain proof of the deposit to present to the Commercial Court when you complete the transaction.
Registration of Articles of Association
You must take your company’s articles of incorporation to a public notary and have both the documents and your proof of deposit authenticated. The authentication services will set you back at 22,500 Comorian francs (KMF). Submit your articles of association to the Ministry of Finance, together with a KMF 16,000 registration fee and around KMF 500 in stamp duty for each page of the articles.
Registration with the Commercial Court
To cover registration and other fees, you’ll need to register your firm with the Commercial Court for around KMF 15,000. Two copies of a list of your company’s managers, associates, and administrators authorized to act on the entity’s behalf, a declaration of capital, copies of statutes confirmed by the Financial Intelligence Unit (FIU), and criminal records for each manager are required documents.
Obtaining a professional license
The Tax Administration requires a cost of 10% of the annual leasing value plus a specified price to get a company’s professional license. After that, you can have your company books legalized in court for KMF 1,000 for each book.
Applying for Social Security
During the setup procedure, you must register your company for social security to ensure the company and its employees.
Taxation
Every domestic company must register with the Ministry of Finance to obtain a tax identification number that can be used for tax registration and return filing. Annual tax returns, as well as an annual financial statement certifying where all revenue comes from and that no taxes are due, are required. The taxes system in Comoros is based on the French. On Comoros’ source income, the General Tax Code imposes a 35 percent corporate tax rate. Companies that earn more than 500 million KMF must pay a 50% tax. Foreign-source income, on the other hand, is not taxed. As a result, businesses whose sole source of income is from outside the Comoros Islands are exempt from paying taxes.
Guide on company registration in Comoros
The sole proprietorship or entrepreneur, the sole proprietorship of the trader, the limited liability company (SARL), the single-member limited liability company (SARLU), the Economic Interest Grouping (GIE), and the Limited Company (SA) are the legal kinds of companies available in Comoros.
Documents required for registration
The following documents are required for the formation of a corporation in Comoros:
- Application form for the formation of a company, duly completed and available at the Business Creation Office (BCE);
- The articles of association signed by the partner(s) or shareholder(s) registered at the domain and certified by the notary in three original copies and a certified copy
- Copy of the partners’ or shareholders’ identity card (front and back) or passport, and/or a copy of the Trade and Personal Property Credit Register (RCCM) for the legal entity partner;
- Copy of the manager(s)/Chairman/Director identity’s card or passport;
- Deposit slip of the share capital paid into a bank account opened in the name of a company formed;
- a notarized statement of subscription and payment of share capital;
- Two certified copies of the list of managers, directors, or partners who are indefinitely and personally liable, or who have the authority to bind the firm;
- An extract from the manager(s)’ original criminal record, not older than three months;
- Manager’s Certificate of Residence
- For foreigners (managers, co-managers, directors, and CEOs), a copy of their resident card;
- Where the activity is regulated, one prior authorization is required;
- 1A copy of the lease, title deed, or domiciliation contract;
- 1A power of attorney, legalized if necessary or in the case of designation, a Power of Attorney with the legalization of signature and;
- Registration Fees.
Registration procedure
The following are the steps involved in forming a company in Comoros:
Reserving a Business Name
It is necessary to verify and reserve a company name that is distinct from that of any other Comorian corporate entity. The government Registry can provide free verification of a proposed company name.
Depositing minimum share capital
Open a bank account in Comoros and deposit the needed minimum share capital for your business. Obtain proof of the deposit to present to the Commercial Court when you complete the transaction.
Registration of Articles of Association
You must take your company’s articles of incorporation to a public notary and have both the documents and your proof of deposit authenticated. The authentication services will set you back at 22,500 Comorian francs (KMF). Submit your articles of association to the Ministry of Finance, together with a KMF 16,000 registration fee and around KMF 500 in stamp duty for each page of the articles.
Registration with the Commercial Court
To cover registration and other fees, you’ll need to register your firm with the Commercial Court for around KMF 15,000. Two copies of a list of your company’s managers, associates, and administrators authorized to act on the entity’s behalf, a declaration of capital, copies of statutes confirmed by the Financial Intelligence Unit (FIU), and criminal records for each manager are required documents.
Obtaining a professional license
The Tax Administration requires a cost of 10% of the annual leasing value plus a specified price to get a company’s professional license. After that, you can have your company books legalized in court for KMF 1,000 for each book.
Applying for Social Security
During the setup procedure, you must register your company for social security to ensure the company and its employees.
Taxation
Every domestic company must register with the Ministry of Finance to obtain a tax identification number that can be used for tax registration and return filing. Annual tax returns, as well as an annual financial statement certifying where all revenue comes from and that no taxes are due, are required. The taxes system in Comoros is based on the French. On Comoros’ source income, the General Tax Code imposes a 35 percent corporate tax rate. Companies that earn more than 500 million KMF must pay a 50% tax. Foreign-source income, on the other hand, is not taxed. As a result, businesses whose sole source of income is from outside the Comoros Islands are exempt from paying taxes.
