The highest GDP per capita, one of the freest economies in the world and a stable political environment – these are all Singapore. The economy of this island city-state in Southeast Asia is unique in the way that it continues to grow even in times of global crises. The maximum openness to foreign investment, a comfortable tax regime, and prudent financial supervision policy – simple as that.
The financial sector in Singapore is regulated by the Monetary Authority of Singapore (MAS) through the Payment Services Act 2019 (PSA). In particular, this Act regulates the exchange of funds, e-money issuance, international and domestic money transfers, account opening, and issues in the areas of virtual currencies.
Registering a payment system in Singapore provides many opportunities for conducting a successful international business. The company is eligible to do business both in Asia and in the European Union. Singapore licences are very popular because of the loyalty of the regulatory authorities to the business. The attractiveness of Singapore also lies in the fact that new companies are provided with various incentives in the form of reduced taxes on first profits, tax deductions, and others.
Over the past decade, the Czech Republic has evolved into a country with a well-developed and sophisticated financial system as well as transparent legislation. The financial regulation in the Czech Republic, which is standardized according to the EU requirements, enables to conduct reliable businesses that clients are willing to trust. One of the standards is to obtain the financial licence that allows an institution to provide services to its clients.
The main supervisory authority responsible for regulating financial and banking services is the Czech National Bank (CNB).
Registering a payment system in the Czech Republic provides many opportunities for conducting a successful international business. This licence entitles a company to do business throughout the European Union, making its services available almost all over the world.
The Czech Republic has the advantage of relatively low labour costs, transparency of the tax system and proximity to the CIS countries, both mentally and geographically.
Registering a payment system in Lithuania opens up many new prospects for international businesses development. This licence makes it possible to conduct business throughout the Eurozone, which means that a company has the potential to promote its services or products almost all over the world.
No licence is required for most business activities in this country. However, it is definitely needed for establishing:
Over the last decade, Spain has become a country with a sophisticated and clearly structured financial system as well as transparent legislation. The statistics on the issuance of Spanish financial licences demonstrates this. During the last few years, Spain has surpassed the British regulator FCA as well as the regulators in Lithuania and Ireland in terms of granting licences to fintech companies. The favourable conditions and the transparent procedure for obtaining licences – simple as that.
The bodies that regulate the financial sector in Spain are the Central National Bank and Securities Market Commission – CNMV (Comision Nacional del Mercado de Valores) as well as SEPBLAC (the Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offences). SEPBLAC is a special executive service of the Central Bank of Spain, which has supervisory and controlling functions.
Registering a payment system in Spain provides many opportunities for conducting a successful international business. This licence entitles a company to do business throughout the European Union, making its services available almost all over the world.
The advantages of Spain are the relatively low cost of labour and transparent tax system.
The last decade has seen an ever-increasing interest in Portugal, not only in terms of tourism, but also entrepreneurship, including business in the financial sector. The country provides quite favourable conditions for setting up and registering new companies as well as obtaining the necessary financial permits. The main requirement is to fulfil the precisely defined conditions set by the relevant authorities. The regulators of the financial sector in this country are the Bank of Portugal and the CMVM (Portuguese Securities Market Commission), which is a special commission for the securities market.
In order to establish a company in Portugal, including one that will provide various financial services, you have to:
Financial market analysts consider the banking system in Canada to be one of the most robust and rapidly growing. Canada has successfully overcome all the turbulences associated with the international crisis and today its economy is the only one that meets all the basic requirements in terms of, for example, securities markets, taxation, levels of corruption and innovative technologies.
The Canadian government has set reasonable requirements for companies that want to do business in the financial sector, which is very positive. An MSB (Money Services Businesses) licence is required to operate in the financial sector of this country.
Estonia is the country with the most attractive investment climate. Everything is appealing here: fin-tech investment legislation, zero tax rates, and the opportunities presented by the jurisdiction, which is not included in the world’s blacklists. A company in Estonia, including one founded by a non-resident of that country, is able to trade, sell products in European countries without intermediaries and work in the financial sector, including cryptocurrency business, Blockchain, etc.
Registering a payment system in Estonia provides many opportunities for conducting a successful international business. This licence entitles a company to do business throughout the European Union, making its services available almost all over the world.
Estonia has the advantages of relatively low labour costs, transparency of the tax system and proximity to the CIS countries, both mentally and geographically. No profit tax: if a company has made profits and reinvested them in its development, then this company is exempt from tax – in other words, as long as the profits remain undistributed among shareholders, no tax has to be paid.
The excellent example of a digital state is the e-Governance system, which allows most formalities to be carried out electronically and reduces interaction with government agencies to a minimum.
