Singapore is a country, that offers a wide range of business opportunities. If you decide to register a company in Singapore, as well as to obtain a license for electronic money in Singapore, you will need to open a payment system or to establish the electronic money.
The EMI license in Singapore provides a wide range of solutions.
Obtaining a license for electronic money in Singapore is not so simple. You will need approximately 1-1,5 months, the presence of a local company, a visit to Singapore and a compliance with international law. What is important is the presence in the local company of residents of Singapore as a director, as well as a shareholder. We will be able to register the company in Singapore for you as a non-resident, if we simultaneously begin issuing a residence permit.
To be able to set up a commercial firm in Singapore for yourself, you will need a residence permit. We provide a service for obtaining a residence permit in Singapore in a few weeks. To complete this process, you will need to visit Singapore.
Obtaining a residence permit in Singapore is a decision, that will provide you with the opportunity to independently manage your company, as well as to open a corporate account at a bank in Singapore without additional questions.
In order to obtain a license for a payment system in Singapore, you will need to draw up an action plan to comply with the anti-money laundering law called AML or ANTI-MONEY LAUNDARING. In every Singapore company, an AML officer must work with a license - an employee, who will monitor the implementation of the law on combating money laundering. There is no need for a residency for this employee, so this position can be occupied by a competent person with any citizenship or residency. AML-officer works directly with company management.
Singapore law does not have strict requirements for those, who apply for a license, so employees of the local financial regulator apply international standards to make a decision. Company’s activities are usually checked at the time of compliance with international standards and the application of international practices. If the company claims to be applying other practices, such an answer may accompany a decision not in favor of the company. In this case, the license is not issued or renewed.
Declarations and high standards, that meet international requirements, are key to successfully obtaining an EMI license in Singapore.
Please note, that one of the important documents, when applying for an EMI license in Singapore, is a business plan. This document should fully inform the financial regulator about company's plans, confirm, that the company will comply with requirements of the law on combating money laundering and show the company's work as transparent.
IQ Decision competent lawyers provide legal support in registering a company in Singapore, as well as in obtaining a license for electronic money in Singapore. We also provide consulting services for writing a business plan and AML company, a full support in opening an account in Singapore and other jurisdictions. You can contact our lawyers at any time convenient for you.
The information outlined in the article is actual at the time of its publication.
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