Guide économique des Comores au format .pdf - Présidence de l ...

Photo BaraUnion des Comores 2003Guide économique10The promotion of investmentsForeign exchangesThe comorian foreign trade is characterized by a balanceof trade in deficit. This trend has changed since 1999(the coverage rate increased from 8.5% in 1998 to10.64% in 1999, and to 20.06% in 2002).The authorities have directed their strategic policytowards tourism, fishing and the farm-produce industry,in order to attract foreign direct investments. Further tothe benefits granted to a potential investor, other benefitscan apply to those strategic sectors.Investing in the comorosh The Comoros offers benefits to any investor, throughthe Investment Code, if they meet the following requirements:h To have a minimum capital of 10 millions cf that is tosay nearly 135.000ff-to create at least five jobsg The benefits are the followings:h Tax exemption on profits or on the unique local tax onbusiness for the first 5 fiscal years;h Tax exemption on transfer taxes regarding the purchaseof land or buildings necessary for the realisationof the planned investments;h Tax exemption on turnover and the tax consumptionon the building material and equipment;h 5 years exemption of the tax consumption tax, on theimport of raw materialsh The security of the investments is also ensured by thelaw .g For the same end, the authorities are planning to workout a new Investment Code which will offer additionalbenefits to those who invest in strategic sectors. Thoseproposals aim at extending the period of exemption from5 to 10 years, and bring the tax on the profits for theexports-related activities to a maximum rate of 10%, followingthe second year of exemption.g That amendment draft provides for the signing of anemployment pact with registered investors, and a specific10% tax regime for enterprises whose local productioncovers at least 10% of the local consumption,and/or replaces imports at the end of the 10 yearsapproval.the Uniong The end of the political and institutional crises hascreated a favourable situation for investors and enormouspotentials to be exploited especially in the field oftourism.Financial systemg The Comoros enjoys a free monetary system. Thereis no objection as for the opening of new banks. This iswell specified by Bank law N° 80-07 of 26/06/1980.g The lack of perfect competition due to the availabilityof only one commercial bank and one DevelopmentBank. The authorities intervene in setting the maximalconditions regarding bank operations and allow thebanks thefreedom to define their margins within these limits.Consequently, the interest rate is set by an order fromthe Ministry ofFinance.g The structure ofthe Comorian bankingsystem consistsof three different kindof banks :h The Central Bank,the CommercialBank (BIC) and the Bank of Developmenth The Post Office Saving Organ (CNE) andh Two decentralised mutual offices (SANDUK, MECK)g The Comorian Central Bank applies a compulsoryreserves system (30% of the deposits) and a BankMonitoring System (prudential standards).g The Comorian franc can be freely converted, andthere is no obligation on the currencies as for the currentor capital account: 1 Euro = 491.96775 KMF.The Comoros are aspiring to be a member of the SWIFTnetwork by resorting to the Clearing House.g It is allowed to open a Currency account in theComoros.g A fast money transfer system (Western Union) isavailable in the Comoros.g This project is yet to be adopted by the Assembly of