The Union of the Comoros is made up of four independent and autonomous islands: Mwali (Mohéli), Maoré (Mayotte), Ndzuwani (Anjouan), N’gazidja (Grande Comore). Mwali island is divided into territorial decentralized collectivities representing the sovereign people. In 1998, after gaining independence and autonomy from the previous Republic, the Government of Mohéli adopted the Mwali Services Law 1998, a pioneering legislation for the incorporation of companies, including regulated financial entities and gaming casinos. This law was later amended in 2001.

According to the Constitution of Comoros Union, each island has total freedom and autonomy, including having its own Constitution, President or Governor, and Parliament. The Constitution also gives «each island shall administer and manage its affairs freely». Mwali island has its own financial sector, which is not regulated by the Central Bank of Comoros, and its own internal legislation on the control and management of the Offshore Financial Services sector since 1998.

The Constitution of Mwali further supports the independent Companies Registry, Banking, Trading, and Gaming, stating that the organization of administrative, commercial, or industrial entities and units and fairs and markets shall fall within the jurisdiction of each autonomous island. Articles 36-38 of the Constitution of Mwali provide more details on the island's public and private patrimony, including the M.I.S.A., and the capacities of promotion and regulation of private investment. The transitory provision in Article 63 confirms the continued authority of the Mwali International Services Authority, the only Authority for the autonomous territory of Moheli (Mwali), responsible for financial services and licensing.

In 2013, the government made amendments to the licensing law for banking and other activities, and in 2019, new regulations were implemented for virtual currencies. Currently, the M.I.S.A. has registered over 25000 companies, which includes 6 insurance companies, 9 gambling companies, 84 trust and brokerage companies, and 24 international banks. Notably, the Mwali register is the largest international companies register in Africa.

In addition, IBC (International Business Company) companies can be registered online on the same day or within 24 hours, making the process quick and efficient.

«Over the past 25 years, we are proud to have built a respected financial and banking centre, high regulated and supervised, fully integrated to the International financial and business community.»