Financial license in Singapore

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.

ADVANTAGES OF OBTAINING A LICENCE IN SINGAPORE

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.

COST OF OBTAINING A LICENCE IN SINGAPORE

The price for the service of obtaining a payment licence in Singapore depends on several factors. The basic package includes, for example, the preparation of statutory documents, business plan drafting, legal support, etc. However, an individual approach to each client also implies a personalized price offer based on a set of services. We would be happy to negotiate a price during a free consultation.

FEATURES OF OBTAINING A LICENCE IN SINGAPORE

Payment system licence in Singapore is issued by the Monetary Authority of Singapore (MAS).
Payment system licence in Singapore is issued for an indefinite period.
Various services are available, for example, handling fiat, electronic and virtual (cryptocurrency) money.

REQUIREMENTS WHEN APPLYING FOR A LICENCE

When applying for a financial licence in Singapore, a company has to comply with a number of requirements. The standard list of requirements is as follows.

Registered physical office in Singapore.
Paid-up share capital.
Competent persons in the management of the company are to have management and financial market experience.
Availability of a local professional director.
Technical, human and organisational prerequisites.

We would be happy to arrange a personal consultation to overview the entire list of requirements.

DOCUMENTS AND INFORMATION NECESSARY FOR OBTAINING A LICENCE IN SINGAPORE

Business plan including a financial plan for 1 year (Standard Payment Institution) and for 3 years (Major Payment Institution).
Documents on the persons within the company structure.
Software description.
Developed internal procedures – AML/Compliance, etc.

We would be happy to arrange a personal consultation to overview the entire list of documents and information.

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OBTAINING A FINANCIAL LICENCE IN SINGAPORE