Comparison
Mauritius vs Bahamas vs Comoros vs Saint Lucia
A practical comparison of the four jurisdictions we work in, focused on what matters for an MT5 licence and running a brokerage.
Updated
Mauritius and the Bahamas offer regulated licences with substance and months of processing; Comoros offers a licence in weeks with limited recognition; Saint Lucia offers an IBC without a licence in days. The right choice depends on clients, banking and budget.
Full comparison
| Mauritius | The Bahamas | Comoros (Mwali) | Saint Lucia | |
|---|---|---|---|---|
| Category | Regulated | Regulated | Offshore licence | No FX licence |
| Authority | FSC | SCB | MISA | Registry of IBCs |
| Licence | Investment Dealer (excl. underwriting) | Broker-dealer + CFD approval | International Brokerage | — |
| Entity | GBC | Bahamas company | Mwali IBC | IBC |
| Timeline | 4–8 months | 6–7 months | About 2–3 weeks | About 2 weeks |
| Local office | Registered office + local line via management company | Physical office required | Not required | Not required |
| Local directors / officers | 2 resident directors, secretary, CO, MLRO | CEO, CCO, MLRO, CFD officer, representative | No | No |
| Capital | FSC minimum stated capital | Evidenced by bank statement | Declared | None |
| Corporate tax | Low, with partial exemptions | 0% | Low / none | Territorial for IBC |
| Audit & reporting | Audit, FSC filings | Audit, insurance, FATCA/CRS | Light | Light |
| Bank & LP acceptance | Strong | Strong | Limited | Moderate |
| Covers MetaQuotes activity item | Yes, licence | Yes, licence | Yes, licence | Via legal opinion |
Indicative, simplified information for comparison. Rules change and depend on your structure; confirm with us and local counsel before deciding.
Quick recommendations
Launch fast, lean budget
Saint Lucia IBC, optionally adding a licence later.
A licence quickly
Comoros (Mwali), understanding its recognition limits.
Long-term regulated brand
Mauritius, with a strong track record for FX/CFD brokers.
Premium profile, zero tax
The Bahamas, with genuine local presence.
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