When you’re expanding your company overseas, it’s essential to understand the requirements for establishing an entity in the country. Globalization Partners can help you quickly and efficiently establish your company’s presence internationally so you can engage with local talent and pursue economic opportunities.
How To Set Up a Comoros Subsidiary
Once you have the resources you need to begin the subsidiary setup process, follow some best practices to navigate the local requirements successfully.
1. Reserve Your Company Name
You’ll need to verify and reserve your company name. There is no fee for reserving the name.
2. Deposit Capital
Ensure you meet the minimum capital requirements and deposit the amount at a bank. When you make the transaction, get proof of the deposit to provide the Commercial Court in the next step.
3. Register Articles of Association
You must provide your company’s articles of association to a public notary and get authentication for both the articles and your proof of deposit. This process will cost 22,500 Comorian francs (KMF)for authentication services.
You will then need to deposit your articles of association with the Ministry of Finance and pay a registration fee of KMF 16,000 and approximately KMF 500 to cover stamp duty for each page of the articles.
4. Register With the Commercial Court
You’ll need to register your company with the Commercial Court for approximately KMF 15,000 to cover registration and associated fees. Provide the following documents for registration:
- Two copies of a list of your company’s managers, associates, and administrators authorized to act on your entity’s behalf
- Your property title or lease
- A declaration of your capital
- Copies of your statutes, certified by the Financial Intelligence Unit (FIU)
- Criminal records for each manager
5. Acquire a Professional License
A fee of 10 percent of your annual lease value plus a fixed price are required to obtain your company’s professional license from the Tax Administration. You can then legalize your company books in court for KMF 1,000 per book.
6. Register for Social Security
You are required to register your company for social security during the setup process.
Comoros Subsidiary Laws and What You Need to Incorporate
To establish your company in Comoros, you’ll need to follow some requirements laid out in the country’s commercial laws. The process takes about 16 days, so ensure you have time to follow all the steps.
The law stipulates that you need minimum paid-up capital of KMF 100,000 to begin establishing your company’s presence in the country. You’ll also need to complete registration with all requisite administrations and departments to have legal standing in the country.
Benefits of a Comoros Subsidiary
Expanding your company to a new country can be challenging but highly rewarding, which is why some companies establish a subsidiary. This entity allows you to maintain a legal presence in another country to participate in the local economy and find qualified local candidates.
Another key reason many companies choose to establish a subsidiary is that these entities can reduce liability for your parent company. A subsidiary has its own legal standing to protect your company’s reputation and help you work more effectively without risk.
However, the time and related fees required to set up a subsidiary can be a disadvantage. If you’re looking for a trusted option for growing your company worldwide, Globalization Partners can help. We offer all the rewards of a subsidiary with zero risks and extensive expertise to manage your requirements. With established entities across the globe, we’re an Employer of Record (EOR) you can depend on to manage your company’s interests overseas.
Trust Globalization Partners for Comoros Subsidiary Outsourcing Services
Work with Globalization Partners to achieve your company’s goals without taking on unnecessary risk. For more information on how our solutions can work for your company, reach out to our representatives today.