Criminals Unite Here
If anyone ever tells you that Africa is going to be the next Europe or United States, view them with extreme caution cause chances are they’re just click-baiting you to buy some trash. Africa, with some exceptions, in my opinion, is trending towards its average state–disastrous.
It’s true there are pockets of Africa that are interesting for expats but generally, disease, lack of healthcare, lack of capital, lack of infrastructure, lack of innovation, crime, corruption, poverty, theft, waste is the norm (amongst literally 100s of other bad metrics). One such finding I wanted to write about is regarding scams in the offshore world that I’ve come across lately.
Open Door Consultancy; International Planning & Consulting service informs you before you run into these problems
Offshore Nightmare
Africa has been viewed by some as a place to go offshore with their company to dodge a lot of regulations & taxes (I fully sympathize with the attempt; Mauritius & Seychelles are by far the best jurisdictions for this). However, criminal types have flocked to Africa to run quite sophisticated schemes without any repercussions to them.
I am writing to warn you about several fake sites that are cracking down on incorporation in the Comoros.
Notably:
– Mwali International Services Authority (MISA)
– Anjouan Corporate Services
– Anjouan Register
– Comoros Services Ltd
– Comoros International Banking Authority
These scammers have set up fake sites where they claim to provide banking and financial authorizations. However, the only register to be authorized is the ANPI, which is the single national service + their central bank.
The so-called Mwali International Services Authority have licensed quite a few shady banks with names that sound dodgy. However, their tactic is to license renowned banks such as Banxso, a South African digital bank, which is notably an official partner of the national football team to gain some credibility. Although, for Banxso and others, they almost always have another real license alongside this one.
Scam Revealed by the French
https://www.lechodusud.com/post/zoom-sur-le-scam-mwali-international-services-authority-misa
They charge 10s of thousands of euros for their fake licenses. Some providers abroad (like Slogold) use their services to incorporate a company and obtain a license for you in the Comoros. If you still are interested in the jurisdiction, the only real registry has a site in French (the official language of the Comoros) and a site in English.
The Central Bank of the Comoros warned of this in a press release as they are the only legitimate body selling licenses
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Over the last 20 years of Africa, more money has left the country than what was donated, loaned or given; it is an endless scam and loot for its resources
Anecdote
A man wrote in inquiring about GBH Coriolis Bank in Comoros for account opening. He had received their license issued by the authority of the AUTONOMOUS ISLAND OF MWALI valid as of 2022. Investigations later revealed that while it has a better website design than the other scams, the company did not in fact own any real banking license at all. Mwali and Anjouan, although they do have their own licensing system, are not legally allowed to issue licenses. Hence, the bank was not accredited whatsoever to accept deposits.
No Policing
The Comoros are generally a very toxic jurisdiction to work with and the regulations are weak at best. However, the worse part is that there is no enforcement of existing regulations and the culture allows for crime to flourish. These scams persist because there’s not really anyone to stop them, so they continue to sell fake licenses and run their own scam banks.
It would seem that these islands will continue to offer fake licenses, and it’s very easy to do so in the Union of Comoros, where the islands are practically together due to historical annexations and hold together very loosely.
Scams uncovered
All entities outside of ANPI and the Central bank are scams and have no legal existence. The SWIFTs they issue are fake and do not work. They operate in English, trapping people who do not speak French because all official documents and press releases are made in French, on all the islands. The central bank also enforced 29 banks supposedly registered with these false registers in 2020, but they continue to crack down.
Tax?
As I said, there are only two legitimate entities in the country and no corporate service provider available. Many people will incorporate in these obscure islands for an International Business Company (often zero or little tax) but this legally does not exist in the Comoros either. The ability to receive 0% taxation is a myth too.
Closing
There are interesting potential opportunities in Africa. Many businesses do not exist or are not operating competitively, there is a growing population throughout the continent with expanding GDP and geopolitical changes are ongoing. Africa offers many very intriguing tax benefits for all levels of entrepreneur which is unheard of in Western nations now.
At the same time, Africa is almost entirely reliant on foreign actors to sustain their economies, their currencies, their agricultural base and mining industries. It is generally a superstitious, irrational, dangerous and ill-informed place that will never improve on its own and I fear this reality will be realized when Europe stops shipping food their way.
Comoros in particular is a destination that I would stay clear from when incorporating or banking. While press releases and the Central Bank are seeking to call out the fake licenses and fake banks; they’re largely chasing their own tail as it’s a perfect destination for criminal actors. As for offshore banking, taxation or opportunities, its difficult to see that it’d be worth it anyway. I much prefer Cape Verde and Seychelles.
Comoros is simply one example of the African case of endless crime, corruption, dishonesty and inefficiency. This article is not only a post to remind you to never incorporate your business in Comoros, but to be very skeptical of the stability and rule of law when operating throughout the large continent of Africa.
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