Comoros · Mwali / Mohéli (MISA) · Offshore licence

Comoros (Mwali / Moheli) forex license: the facts, including recognition

The fastest route to a brokerage licence on paper, with no local substance. Its recognition is disputed by the Central Bank of the Comoros, so this page sets out both sides with the official texts before anyone decides. We deliver this licence through our registered agent partner.

Updated October 6, 2026 · By the Forex License Research Team · How we research

Verdict

MISA issues brokerage licences to Mwali companies within weeks, but the Central Bank of the Comoros states that MISA is not recognised and that no forex licence has been issued in the Comoros.

In short

The Mwali International Services Authority (MISA), on the Comoros island of Mwali (Mohéli), registers international business companies and issues brokerage licences within weeks, without local substance. The Central Bank of the Comoros (BCC) disputes this: in June 2022 it called MISA a “fictitious structure”, and on 8 December 2025 it stated that MISA is not recognised in the Union and that no forex “Brokerage License” has been issued in the Comoros.

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Key facts

Regulator	Mwali International Services Authority (MISA), island level; not recognised by the Central Bank of the Comoros
Licence	Brokerage licence for a Mwali IBC (listed by MISA under “Brokerage Companies”)
Legal basis	Mwali island instruments (MISA cites an Assembly Decree of 9 September 1999); the Union of the Comoros disputes their validity
Entity	Mwali International Business Company
Typical timeline	About 2–3 weeks including the company
Capital	No meaningful prudential capital regime identified
Tax	Marketed as 0% for IBCs
Recognition	Disputed: the Central Bank of the Comoros states that MISA is not recognised and has no legal authority to issue financial licences
Client markets	No recognised market access; must not target regulated markets
EU passport	No
Our service	We deliver here

Speed

Reputation

SubstanceNone

Cost of ownershipVery low

Indicative information for comparison only, reviewed on the date shown. Requirements change and depend on your structure; confirm with the regulator and local counsel before deciding.

In the regulator’s words

“These structures are not recognised in the Union of the Comoros and hold no legal authorisation allowing them to issue approvals or licences for financial or banking activities. (Original: « ces structures ne sont pas reconnues en Union des Comores et ne disposent d’aucune autorisation légale leur permettant de délivrer des agréments ou licences pour l’exercice d’activités financières ou bancaires. »)”
— Central Bank of the Comoros, communiqué (our translation from French), 8 December 2025

Overview

MISA, on the autonomous island of Mwali (Mohéli), incorporates international business companies and issues brokerage licences quickly and with little paperwork. That is why it became popular with new brokers and prop firms, especially as a document for platform vendors.

The Central Bank of the Comoros takes the opposite view: financial licensing is a Union-level power, and it has publicly stated, twice, that MISA is not recognised and that no forex licence has been issued in the Comoros. Treat a Mwali licence as a fast offshore document whose recognition is disputed, not as regulation. If recognition matters, compare Mauritius or Seychelles; if you mainly need an MT5 base, a Saint Lucia IBC may be enough.

What MISA says it offers

MISA describes itself as Mohéli’s authority for international financial services. On its website it says that “Mohéli (through MISA) offers registration of International Business Companies (IBCs), offshore banks, insurance companies, and even specialized licenses for activities like foreign exchange trading and online gaming.” Its public list of entities includes a “Brokerage Companies” category.

The usual sequence is to register a Mwali IBC and then apply for the brokerage licence. MISA states that only companies that pass due diligence are licensed and that periodic reporting is required. MISA says its only official website is mwaliregistrar.org; other look-alike domains exist.

What the Central Bank of the Comoros says

The Comoros is a union of three islands. Under the constitution, island competences are listed and banking and finance are not among them, so they belong to the Union. The Central Bank of the Comoros (BCC) has published two communiqués on island licences:

15 June 2022: the BCC listed MISA, the Anjouan Offshore Finance Authority and others as “fictitious structures which claim to issue licences for banks and financial institutions”, recalled that licensing is within its exclusive remit and said it had referred these “purported authorities” to the prosecutors of Moroni, Mutsamudu and Mohéli. The Ministry of Finance republished this text on 10 December 2025.
8 December 2025: a separate communiqué named MISA and AOFA and their websites, stated that they are not recognised and hold no legal authorisation to issue financial licences, and stated that no licence has been issued for “Forex or the unregulated currency market (often presented as a ‘Brokerage License’)”. It added that any claim to carry on these activities under a Comorian licence not issued by the BCC is fraudulent and exposes offenders to prosecution.

An IMF assessment of 2010 had already found that offshore financial institutions on the islands were created without a legal basis in Union law.

What this means in practice

Banking and payments: trade press in 2026 reports banks and payment processors refusing Comoros-licensed entities. Line up banking before you commit.
Marketing: ad platforms increasingly block operators without a recognised licence.
Platforms and liquidity: vendors decide case by case and policies change; confirm in writing.
Your future licence: if you plan to apply for a recognised licence later, expect questions about your history.

Some firms still choose Mwali as a fast, low-cost step while they build towards a recognised licence. In 2026 several prop firms announced moves from the Comoros to Mauritius.

Why we still deliver it, and how

Some clients choose Mwali knowingly, for speed and cost, as a short-term step. We deliver it through our registered agent partner, but only after setting out in writing the Central Bank of the Comoros position, the banking limits and the alternatives, and we never describe it as equivalent to a recognised licence. If recognition matters for your business model, we will usually recommend a different route.

How the application works, step by step

Understand the recognition issue
Read the Central Bank of the Comoros communiqués and decide whether a disputed licence fits your business model and banking plan.
Due diligence on owners and managers
Provide identity documents, proof of address and background information for owners and managers to the registered agent.
Form the Mwali IBC
The registered agent incorporates the international business company, usually within one or two days.
Prepare the licence file
Business plan, ownership structure, risk management and AML/CFT procedures, and evidence of financial standing.
Submit to MISA
The agent files the application with MISA and pays the fees; MISA reviews and may raise questions.
Licence issued and renewals
The licence is issued and renewed annually, with periodic reporting to MISA.

Documents you will usually need

Certified passport and proof of address for each owner and manager
Background information or CV for managers
Evidence of financial standing or source of funds
Business plan (typically three years)
Risk management and AML/CFT procedures
Data protection and IT security arrangements

Indicative timeline

Stage	Typical time
Due diligence	A few days
Mwali IBC formation	One to two days
Licence application and review	About 2 weeks
Banking and payments	Uncertain; many providers refuse

Substance and people

No local office or staff in practice
Registered agent on the island
Identity documents, proof of address and business plan for owners and managers

Ongoing obligations

Annual licence renewal
Annual return and reporting to MISA
Registered agent fees
No independent prudential supervision identified

Advantages

Very fast
Minimal paperwork
No local substance
Low running cost

Drawbacks

Not recognised by the Central Bank of the Comoros
No investor protection framework
Banks, PSPs and ad platforms increasingly refuse it
Several competing “official” MISA websites

How it compares with the alternatives

Option	Recognised licence?	Typical time	Local substance	Bank and PSP access	Best for
Mwali (MISA)	Disputed by the Central Bank of the Comoros	2–3 weeks	None	Poor	Short-term step, accepting the risks
Anjouan (AOFA)	Disputed by the Central Bank of the Comoros	Weeks	None	Poor	Rarely recommended
Saint Lucia IBC	No licence (company only)	Days	Low	Limited	MT5 base without a licence claim
Mauritius FSC	Yes	4–8 months	High	Good	Brokers and prop firms wanting recognition

A good fit if you…

Need a brokerage document within weeks and accept the recognition dispute
Plan it as a short-term step towards a recognised licence
Have banking and payment arrangements that do not depend on it

Probably not for you if you…

Need a licence recognised by banks, PSPs or other regulators
Plan to market to clients in regulated markets
Want to describe your firm as regulated
Cannot accept legal and reputational risk

How to verify a licence or registration

MISA publishes a list of entities on mwaliregistrar.org, which MISA says is its only official website. Beware of look-alike domains.

The Central Bank of the Comoros tells the public to authenticate Comorian licences only with the BCC itself, and publishes its own list of licensed institutions in its communiqué of 8 December 2025.

Recent changes

15 June 2022: the Central Bank of the Comoros (BCC) named MISA among “fictitious structures” claiming to license financial institutions and referred the matter to prosecutors. 8 December 2025: a new BCC communiqué stated that MISA is not recognised, that no forex “Brokerage License” has been issued in the Comoros and that claims based on such licences are fraudulent. 10 December 2025: the Ministry of Finance republished the 2022 communiqué. 2026: trade press reports prop firms and brokers moving from the Comoros to Mauritius.

Frequently asked questions

Is a Mwali (MISA) licence legit?

MISA presents itself as Mohéli’s licensing authority. The Central Bank of the Comoros states that MISA is not recognised in the Union of the Comoros, has no legal authority to issue financial licences, and that no forex “Brokerage License” has been issued. Both positions are set out on this page with the official texts.

What did the Central Bank of the Comoros say in December 2025?

In a communiqué dated 8 December 2025 it named MISA and AOFA, said they are not recognised and hold no legal authorisation to issue financial licences, stated that no forex “Brokerage License” has been issued, and warned that claims based on such licences are fraudulent and may lead to prosecution.

Is the June 2022 warning still relevant?

Yes. The BCC communiqué of 15 June 2022 listed MISA among “fictitious structures” and said it had referred them to the prosecutors of Moroni, Mutsamudu and Mohéli. The Ministry of Finance republished it on 10 December 2025.

Mwali, Mohéli or Moheli: is it the same place?

Yes. Mwali is the Comorian name of the island known in French as Mohéli (often written Moheli). The authority is the Mwali International Services Authority (MISA).

How long does a Mwali licence take?

About two to three weeks including the company, according to our partner’s current practice. The IBC itself can be formed within a day or two.

Do I need an office or staff on Mwali?

No local office or staff is required in practice; a registered agent on the island handles the filings.

Will banks and payment providers accept a Mwali licence?

Increasingly not. Trade press in 2026 reports refusals by banks and payment processors, failed checks and blocks by ad platforms. Plan your banking before you commit.

Can I get MT5 with a Mwali licence?

Brokers have historically used Comoros paperwork for platform licences, but vendors set their own policies and these change. Ask the vendor before you rely on it, or use a company route such as a Saint Lucia IBC for MT5.

Mwali or Anjouan?

They are different islands with different authorities (MISA and AOFA), but the Central Bank of the Comoros treats both the same way. See the Anjouan profile and our guide on Comoros licence recognition.

Are ready-made Comoros licences for sale safe?

Ready-made “licensed” companies are widely advertised. Beyond the recognition issue, you inherit someone else’s history. Verify the company, its owners and its licence status directly before paying anything.

Do you deliver Mwali licences?

Yes, through our registered agent partner, after setting out the Central Bank of the Comoros position and the practical limits in writing so you can decide with full information.

What are the alternatives if recognition matters?

A recognised offshore licence such as Mauritius (where several prop firms moved in 2026) or Seychelles, or a tier-1 licence. Use our licence finder.