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Obtaining a Forex Broker License in Singapore

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Obtaining a Forex license in Singapore in 2020

Advantages of ordering a brokerage license in this jurisdiction:

  • Prestigious jurisdiction;
  • A favorable environment for the registration of Forex companies;
  • Access to the Asian markets;
  • Providing a wide range of services;
  • Lenient requirements for an authorized capital;
  • A relatively fast business licensing procedure.
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Singapore is considered the fifth largest Forex center in the world, and is one of the largest economies. Forex trading is gaining immense popularity among both local investors and emigrants. Therefore, it is not surprising that so many people are concerned about how to obtain a brokerage license in Singapore.

Further, in the article we will talk about the regulation of Forex brokers activities in Singapore, and briefly consider the requirements for candidates applying for obtaining a Singapore Forex Broker license.

About the regulation

In Singapore, Forex brokers are supervised by the MAS, the government body that manages the financial industry and is developing specific laws governing financial services.

Entrepreneurs planning to register a Forex company in Singapore, should know that among these laws are the SFA and the FAA. According to the SFA, a company that plans to engage in brokerage activities in Singapore must obtain a Singapore CMS license.

Obtaining a Capital Market Services license in Singapore

To be able to order a brokerage license in Singapore, according to the SFA, you need to fill out Form 1 and submit it to the MAS along with a package of documents. If the company operating in Singapore already has a CMS license for any other types of activities, you must submit Form 5.

Conditions for obtaining a Forex Broker License in Singapore

To order a CMS license in Singapore, you must meet the following criteria:

  1. Applicant’s business model, plans and forecasts, as well as associated risks;
  2. Availability of adequate risk management system;
  3. Acceptable examination results of the applicant and other company's representatives;
  4. Availability of the required amount of financial resources;
  5. Acceptable characteristics of the applicant and senior staff.
Also, in order to obtain a Forex broker license the applicant company must appoint:
  • At least two directors. In this case, one of them must be a resident of Singapore;
  • CEO with a minimum work experience of 10 years residing in Singapore;
  • At least two Singaporean employees.

More detailed requirements can be found in the Guidelines on Criteria for obtaining a CMS license in Singapore. It is also worth noting that MAS is quite strict in its assessment of applicants, so each step should be taken seriously and with maximum responsibility.

Read also:
List of documents required for obtaining a brokerage license

As we noted above, Form 1 should be complemented by a package of documents, which includes, but is not limited to, the following:

  • Applications for each representative using Form 3A;
  • Applications for the appointment of the CEO and/or Director using Form 11;
  • A copy of the applicant’s declaration from section 13, Form 1. It must be signed either by two directors, or by the director and secretary of the company seeking to obtain a Capital Market Services license in Singapore;
  • Applicant's business profile, as recorded by the Singapore Accounting and Corporate Regulatory Authority (ACRA);
  • Copies of financial and audit reports for the last three years (if possible);
  • Description of the company's structure;
  • Business plan, a brief description of the business model, outline methods for conducting brokerage activities in Singapore;
  • Any licenses (from any jurisdiction) for conducting activities in the financial sector.
Terms of obtaining a Singapore Forex broker license

According to MAS, the application consideration and processing period is four months. However, it must be emphasized that in practice it rarely happens that the applicant has a very basic business model and meets all the admission criteria. Moreover, the application may also be incomplete, or not entirely clear for the regulator.

Therefore, in the process of considering applications for ordering a CMS license MAS may request additional documents. The application review process is postponed until the applicant provides the documents requested by the regulator.

In order to minimize the time for obtaining a Capital Market Services license in Singapore, it is necessary to ask for reliable legal support. With the help of experienced IQD Consulting specialists the application will be filled out correctly and accompanied by the necessary supporting documents. Also, if necessary, the response to all requests from the regulator will be prepared promptly.

The license validity period is determined in accordance with Section 95, SFA.

Financial requirements for ordering a Singapore brokerage license

The basic capital varies from SGD 50K (about EUR 32K) to SGD 5M (EUR 3.2M), depending on the particular case, the type of clientele and other variables. It is worth noting that if a company want to obtain a CMS license for more than 1 regulated activity, then the amount of the required capital will be maximum.

The license fee is SGD 1K (about EUR 630), and the annual fee: from SGD 2K to SGD 8K.


Singapore is one of the leading Asian financial centers. Every day, transactions in the amount of approximately EUR 250B are carried out here, on the FX market. Therefore, it is impossible to overestimate the value of ordering a Singapore brokerage license.

Please, note that obtaining a CMS license is a very complex, lengthy and expensive process that requires serious training and the involvement of experienced lawyers.

IQD Consulting services

This article has been prepared for informative purposes, and should not be used as a guide to action. If you have any questions, IQD Consulting experts are ready to provide comprehensive legal advice on obtaining a CMS license in Singapore.

In addition, our specialists are also ready to provide you with:

  • Legal aid in preparing an application for ordering a Forex Broker license;
  • Assistance in collecting and submitting the needed documentation;
  • Legal support in Singapore company registration; or
  • Legal assistance in opening a Singapore bank account.

You can familiarize yourself with our services in more detail, as well as receive legal advice on obtaining a brokerage license in Singapore by leaving your request through the feedback form or by calling us right now using the contacts listed below.

  • The information outlined in the article is actual at the time of its publication.
  • Please refer to our specialists for checking possible solutions for your business.
  • Still have any questions?

    Fill out the form or contact us as you find convenient. Our experts will help you resolve the issue.

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