Alert on false registers and service providers in Comoros

[SimpleGuy]

Hi all,

I am warning 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 national service.

The so-called Mwali International Services Authority have licensed quite a few shady banks, with wacky names that sound real but reek of scam. But also renowned banks such as Banxso, a South African digital bank, which is notably an official partner of the national football team. Moreover, Banxso cites them in their footer, alongside their real South African license. An article appeared this morning in this French daily, I'll let you see it.

They charge on average €20,000 for their fake licenses. And some providers abroad (like Slogold) use their services to incorporate a company and obtain a license for you in the Comoros. Indeed, the real register only has a site in French (the official language of the Comoros), and they have a site in English so they are the only ones found on the internet. They even made their way to Wikipedia where they modified the text, claiming to be the official service provider.

The central bank of the Comoros warned of this in a press release.

Be careful.

 

[Sols]

The Comoros is a toxic jurisdiction. Best just to stay away entirely. These problems have been going on for 10–15 years at this point, and show no sign of stopping.

It's not entirely accurate to call all of them scams.

One of the problems is the way The Comoros is set up. It's a very loose union of semi-independent islands. Think of it like the US but with greater autonomy than US stats have. The islands are poor, corrupt, and easily swayed by foreign influence. Rule of law is ineffective.

Sometimes these scams actually do have legal standing in one of the islands, but the central government rejects it or simply ignores it.

In 2008, Comoros central government with the help of some mainland African nations invaded Anjouan (one of the Comorian islands) after tensions had grown between Anjouan and the central government following a questionable local election. Around that time Anjouan had a thriving offshore banking sector. Like Mohéli/Mwali claims to have now, or at least some people claim it does...

Today, Anjouan is trying to pivot towards online gambling. Or is it? And does the central government know or care?

Stay away.

 

[SimpleGuy]

No, that's not true, I know the region well, having a business in Madagascar (the neighboring island), and being French.

Comoros has a single official register for businesses (called ANPI) and a central bank. These entities are scams and have no legal existence. The SWIFTs they issue are fake and do not work. The central bank also enforced 29 banks supposedly registered with these false registers in 2020, but they continue to crack down.

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. All laws and press releases agree on the same thing, these registers are false.

 

[Sols]

No, that's not true

What's not true?

A lot of the financial services history of The Comoros is very poorly documented (even in French). If your experience with the region is relatively recent, it can seem hard to believe. The finer details are probably lost from record, with only sporadic references here and there in reports.

I know the region well, having a business in Madagascar (the neighboring island), and being French.

I, too, have direct, first-hand experience with this region and with The Comoros. And that's why I say to stay away from The Comoros.

Comoros has a single official register for businesses (called ANPI) and a central bank. These entities are scams and have no legal existence. The SWIFTs they issue are fake and do not work. The central bank also enforced 29 banks supposedly registered with these false registers in 2020, but they continue to crack down.

That is correct from the perspective of the central Comorian government, which is the perspective one should have. I never questioned that. My point is that, although things are looking better lately, Comoros has a history of being barely held together and there have been various degrees of sedition over the years, where some islands have tried to enact its own laws that aren't supported by the central government.

 

[SimpleGuy]

What's not true?

A lot of the financial services history of The Comoros is very poorly documented (even in French). If your experience with the region is relatively recent, it can seem hard to believe. The finer details are probably lost from record, with only sporadic references here and there in reports.

I will not mention the name of my company here, but it is in the top 500 companies in the Indian Ocean zone (i.e. Madagascar, Mauritius, Reunion, Seychelles, Mayotte, Comoros).

No in French it is well documented, the 2017 investment code indicates that there is only the ANPI. There are no shortages of records in the Comoros (as there are for example in Madagascar), the complete list of Comorian companies is listed here: GUICHET UNIQUE NUMERIQUE DE L'INVESTISSEMENT AUX COMORES

I, too, have direct, first-hand experience with this region and with The Comoros. And that's why I say to stay away from The Comoros.

I don't know if experience behind a computer can be taken into account. You are repeating what you read on the websites of these so-called "corporate service providers" and ignoring the laws in force. The 29 banks which obtained approvals from these false registers are being prosecuted nationally and internationally. It is very clear, these registers are purely scams.

That is correct from the perspective of the central Comorian government, which is the perspective one should have. I never questioned that. My point is that, although things are looking better lately, Comoros has a history of being barely held together and there have been various degrees of sedition over the years, where some islands have tried to enact its own laws that aren't supported by the central government.

You're wrong, sorry. From a national and international point of view, these false registers are not recognized. There is the central government and no other. Only the ANPI can open companies, and only the central bank of the Comoros issues banking licenses.

If anyone chooses another wacky register like these fake registers, they will not be recognized and face national and international prosecutions. It's a bit the same as the story of the madman who claimed to open a register on the island of Sark (part of Guernsey), Guernsey does not recognize this, so it is not recognized internationally.

There are no different points of view within the Comoros, the law is clear on this. There is only one government, and only one president.

 

[JohnnyDoe]

Whom should I contact if I wanted to do business/invest in the Comoros?
I tried to contact the honorary consul in my country but he never replied.

 

[gatrader]

Recently quite few providers are promoting this “Financial license” from Comoros for 40/45k. Have you heard ab it? Any feedbacks?

 

[Sols]

No in French it is well documented, the 2017 investment code indicates that there is only the ANPI. There are no shortages of records in the Comoros (as there are for example in Madagascar), the complete list of Comorian companies is listed here: GUICHET UNIQUE NUMERIQUE DE L'INVESTISSEMENT AUX COMORES

I don't know if experience behind a computer can be taken into account. You are repeating what you read on the websites of these so-called "corporate service providers" and ignoring the laws in force. The 29 banks which obtained approvals from these false registers are being prosecuted nationally and internationally. It is very clear, these registers are purely scams.

You're missing my point. Maybe you're so French that your English is suffering as a result. I feel like the nuance of what I'm writing isn't registering with you. Let's leave it. We're actually in agreement, but I don't think you understand that.

Recently quite few providers are promoting this “Financial license” from Comoros for 40/45k. Have you heard ab it? Any feedbacks?

Avoid it all. If you want a license for financial services, look elsewhere instead. Mauritius, Hong Kong, Cayman Islands — lots of better options available.

 

[SimpleGuy]

Whom should I contact if I wanted to do business/invest in the Comoros?
I tried to contact the honorary consul in my country but he never replied.

I'm starting a business there. A priori, only ANPI and their “Invest Comoros” department by email. There is no CSP. Personally, I sent one of my employees from Madagascar there, it's faster.

I would like to point out that there is no IBC in the Comoros, nor 0% taxation, this is fake news. For my part, I do not incorporate a company there for tax reasons.

The Comoros are not an offshore place, nor a tax haven. I put you this article from one of the biggest newspapers in the Comoros for those who don't believe it: https://lagazettedescomores.com/eco...%80%99a-% C3%A9t%C3%A9-d%C3%A9livr%C3%A9.html

Recently quite few providers are promoting this “Financial license” from Comoros for 40/45k. Have you heard ab it? Any feedbacks?

Yes, that's what I'm talking about. The providers there have either fallen into the trap of these registers or they may be in cahoots with them. These bogus registers promise anything, banking license, insurance license, IBC, 0% taxation. On top of that they ask for €40,000 (I had heard €20,000). On site, setting up a company costs €100, and to obtain a banking license you must submit a file to the Central Bank of the Comoros.

You're missing my point. Maybe you're so French that your English is suffering as a result. I feel like the nuance of what I'm writing isn't registering with you. Let's leave it. We're actually in agreement, but I don't think you understand that.

You say false things, in particular that these registers have a legal existence from a certain point of view. This is absurd and dangerous for the people on the forum, I have to correct you. Furthermore, there is no need to be particularly wary of the Comoros more than any other African country. The only thing to avoid is these fake registers.

 

[gatrader]

You're missing my point. Maybe you're so French that your English is suffering as a result. I feel like the nuance of what I'm writing isn't registering with you. Let's leave it. We're actually in agreement, but I don't think you understand that.


Avoid it all. If you want a license for financial services, look elsewhere instead. Mauritius, Hong Kong, Cayman Islands — lots of better options available.

Those jurisdictions (Mauritius for example) are much more expensive (min. 80k yearly) while they are saying (info received at forex expo today in Cyprus) that in Comoros you can have a financial license in 1 month for 40/45k and pay then 20k yearly. I see so many offerings similar things, I’m wondering why it became so “fashionable”?

 

[Sols]

You say false things, in particular that these registers have a legal existence from a certain point of view. This is absurd and dangerous for the people on the forum, I have to correct you.

OK, mon ami. Whatever makes you feel good about yourself and conforms with your personally held beliefs. You missed most of my point once again, but it's not important. We're still in agrement.

Furthermore, there is no need to be particularly wary of the Comoros more than any other African country. The only thing to avoid is these fake registers.

I know this is going to be a challenge for you, but try to look at it from a different perspective than your own. Consider the context around you. People come here looking for information about international banking, tax planning, and running cross-border, international businesses. On paper, the Comoros could be interesting with it's semi territorial tax system and low costs. In reality, it's extremely underdeveloped compared to Mauritius, Seychelles, and even less popular African jurisdictions like Botswana and Namibia.

Banking in the Comoros is terrible. I'm sure that, with your vast experience, you know how challenging it can be to send money in and out of the country. It's painful. Then compare that to sending a few hundred thousand USD from MCB in Mauritius to a bank account in Hong Kong. Easy peasy.

So if you consider that and also bear in mind the big challenge the Comoros has with people running scams (as evidenced by this thread), it's sound advice to avoid the Comoros. Whatever the average user here is looking for, they can find somewhere else which offers more mature services, better banking, clearer/tested laws, lower risk of being outright scammed, and better reputation.

I.e., stay away from the Comoros. Unless you have a very specific reason to go there and have the necessary support.

Those jurisdictions (Mauritius for example) are much more expensive (min. 80k yearly)

I think the general consensus is that there has to be a minimum threshold of capital a company is expected to have to be trustworthy. The perception is that if you can't comfortably fit basic license fees like 80,000 USD/year into your budget, maybe you don't have the capital necessary to run a financial services company.

while they are saying (info received at forex expo today in Cyprus) that in Comoros you can have a financial license in 1 month for 40/45k and pay then 20k yearly. I see so many offerings similar things, I’m wondering why it became so “fashionable”?

There is a very high risk that whatever "license" you get from the Comoros has no legal grounding there. It's just a PDF someone whipped up and charged you 45,000 USD for. I can give you one for just 45 bucks that has just as much value, maybe.

The people at the forex expo in Cyprus may not have been not genuine representatives of the government of the Comoros.

It's fashionable because it's a highly profitable scam. It's also fashionable because people realize that they need a license to run their FX companies, gambling business, crypto exchange, and so on. Many of those people unfortunately fall victim to these kind of "licensing" scams.

 

[JohnnyDoe]

I'm starting a business there. A priori, only ANPI and their “Invest Comoros” department by email. There is no CSP. Personally, I sent one of my employees from Madagascar there, it's faster.

I would like to point out that there is no IBC in the Comoros, nor 0% taxation, this is fake news. For my part, I do not incorporate a company there for tax reasons.

I don’t want to setup a IBC. I need a contact with the MoFa or the presidency.

 

[Sudox]

Firstly apologies for sending a message in a 2 month old thread, but it's the newest related to Anjouan/Mwali without myself creating a new post.

I've noticed that PerfectMoney is now claiming to be registed in Anjouan (already a sketchy operation), and there are a few other companies like Supreme Fintech who supposedly have MSB licenses in reputable jurisdictions, alongside Anjouan.

Does anyone have any links to any further reading on this topic as I'm extremely interested as to why they would pick such a jurisdiction and how they're able to access correspondent banking services in such a jurisdiction, Thanks.

 

[Mickey Mouse]

Hi guys, what about this website? is it legit or not? Moheli Corporate Services, Ltd.
For what i am reading in the post seems like is not.
Can you please advice?
Many thanks.

 

[Sols]

Hi guys, what about this website? is it legit or not? Moheli Corporate Services, Ltd.

There's no way of knowing or verifying, which I would take as a sign that it's not legit.

 

[Mickey Mouse]

There's no way of knowing or verifying, which I would take as a sign that it's not legit.

Thanks a lot Sols.

 

[Sudox]

Not the Comoros but also wanted to put a warning out for the following:

crasadr.com
advisorycorpws.com

claiming to be affiliated with Western Sahara

 

[CoffeeCherryTea]

I went to Comoros two years ago on a UN sponsored economic trip and also met the President and Ministers. The country as such is very welcoming, but very underdeveloped. Only one great hotel - the Golden Tulip - with private beach, and the majority of houses in a derelict state, but with people living in them. But boy the main island has great beaches even near the capital Moroni, quite a lot of trash to be seen on them, but the villagers pledged should ever an investor come around they would keep them clean. And of course there are beautiful clean beaches like Bouni further north on the main island Grand Comore, and different other islands to be visited, some inhabited (I only spent a week mostly in the capital). Should anyone be interested in serious investment I can reactivate my privileged contacts or research opportunties on site, can reach Moroni within a few hours, Ethiopian, Kenyan and Air Tanzania/PrecisionAir fly there on schedule.

 

[JohnnyDoe]

I went to Comoros two years ago on a UN sponsored economic trip and also met the President and Ministers. The country as such is very welcoming, but very underdeveloped. Only one great hotel - the Golden Tulip - with private beach, and the majority of houses in a derelict state, but with people living in them. But boy the main island has great beaches even near the capital Moroni, quite a lot of trash to be seen on them, but the villagers pledged should ever an investor come around they would keep them clean. And of course there are beautiful clean beaches like Bouni further north on the main island Grand Comore, and different other islands to be visited, some inhabited (I only spent a week mostly in the capital). Should anyone be interested in serious investment I can reactivate my privileged contacts or research opportunties on site, can reach Moroni within a few hours, Ethiopian, Kenyan and Air Tanzania/PrecisionAir fly there on schedule.

I would love to bring money to the Comoros, if just someone answered me. I feel like that Nigerian prince trying to dump his cash
Since the honorary consul ignores me, maybe the President will talk to me?
Kindly let me know if you can help. (I sent you a pm)

 

[CoffeeCherryTea]

I would love to bring money to the Comoros, if just someone answered me. I feel like that Nigerian prince trying to dump his cash
Since the honorary consul ignores me, maybe the President will talk to me?
Kindly let me know if you can help. (I sent you a pm)

Reach out to me via PM. For others with lesser ambitions Mohamed Housseni Madi at the Comorian National Agency for Investment Promotion (use Google automatic translation of French) is happy to help. COMESA last month compiled the attached English report on the island group.