Incorporation: 1-2 weeks

Application to MAS: starting from 3 weeks

Minimum paid up capital: £ 1.00

At the present time, Singapore is one of the most dependable authorities to establish cryptocurrency exchanges. During 2014-2018 the national regulator (MAS) published statements revealing its place in relation to the cryptocurrencies, running the ICO, as well as permitting the cryptocurrency exchange in Singapore. It is helpful for those who promote the exchange of cryptocurrencies that the MAS objected control of cryptocurrency exchange and receiving a license in Singapore. The governor concentrates on the fact that the exercise, which is not associated to securities, is not subject to licensing.

Overview:

Those who desire to open a Singapore company in the cryptocurrency area must first file one of the types of arrangements acknowledged by the Commercial Law. Following that, a specific license will be needed for financial companies interested in examining the cryptocurrency field. IT organizations can further issue cryptocurrency without appealing for any special privileges with the MAS.

All types of businesses must comply with the anti-money laundering statutes commanded by the MAS in order to preserve the clients and investors in the case of cryptocurrency funds.

If you require to open a cryptocurrency company in Singapore and need support, do not delay to contact our professionals in company formation in Singapore.

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Notable features

General information

Company structure

  • Minimum 1 shareholder. Can also be a legal person, no nationality limitation or residency constraints
  • Minimum 1 director. Only natural person, at least one must be Singapore citizen/holder of Singapore work pass

Privacy

  • Beneficial owners’ details – Not shared with the public record
  • Shareholders’ details – Part of public record
  • Directors’ details – Part of public record

Corporate tax rate – 0%

Income sourced from within Singapore – 17%

Accounting requirements – Annual financial statements is required

Audit – Needed

Secretary – Registered Secretary is expected

Registered office – Needed

Registered Agent – Needed

Resident Director – Needed

Company name

  • Language: Any
  • Letters: From the Roman alphabet
  • The company name need to end with such sufixes or their abbreviations: Limited
Procedure

In order to receive a license, the subsequent steps will be carried out by us:

  • The client presents needed papers for preliminary review assessment
  • If structure and directors of a suggested company are confirmed, Startup Formations continues with the incorporation of a Singapore company
  • Upon receipt of corporate records, Startup Formations moves with bank account opening
  • If implemented for Startup Formations services it is probable to receive a expert assistance with development of business plan, relevant policies, and manuals.
  • Startup Formations proceeds with lodging a license request to MAS
  • Upon receipt of any remarks from MAS, Startup Formations either replies or revises the application respectively until the final settlement from MAS
Important Documents

In order to get a license, Startup Formations will fill all mandatory application forms and also obtain apostilled corporate documents.

  • A notarized copy of valid passport
  • A notarized copy of a 2nd ID
  • A copy of proof of residential address in English or translated into English
  • A notarized copy of Criminal Record
  • A notarized copy of a Letter of Recommendation form Bank, stating that the approved person has a private account and that it is in great standing
  • Complete CV dated and approved by the applicant
  • 2 Character Reference Letters issued by specialists
  • Certified Recognition of Higher Education
  • Signed and notarized application forms

N.B.

  • If records are not in English language, then they must be brought by a notarized translation.
  • The service agent is obligated by law to meet face-to-face with the client when it is not feasible – a letter will be mailed to the address on the IDs via recorded mail.
  • Further papers may be requested by the FSA/Local Financial Bureau or local Bank at any point to verify specific information.