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Advantages of ordering a brokerage license in this jurisdiction:
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.
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.
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.
To order a CMS license in Singapore, you must meet the following criteria:
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.
As we noted above, Form 1 should be complemented by a package of documents, which includes, but is not limited to, the following:
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.
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.
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.
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