Licensing Criteria and Procedures for Applying for Singapore Crypto License Setup
General information
Company structure
- At least one shareholder (can also be a legal person, no nationality restriction or residency restrictions)
- At least one director (only natural person, at least one must be Singapore resident/holder of Singapore work pass)
Confidentiality
- Beneficial owners' details – Not part of public record (a new regulation requiring to disclose BO's is expected)
- Shareholders' details – Part of public record
- Directors' details – Part of public record
Taxation
Corporate tax rate - 0%
Income sourced from within Singapore – 17% (standard local corporate tax rate)
Accounting requirements - Submission of annual financial statements is required
Audit - Required
Secretary - Registered Secretary is required
Registered office - Required
Registered Agent - Required
Resident Director - Required
Company name
- Language: Any
- Letters: From Roman alphabet
- Company name must end with such sufixes or their abbreviations: Limited
In order to obtain a license, the following steps will be carried out:
- The client provides required documents for preliminary review assessment
- If structure and officers of a proposed company are confirmed, Offshorelicense Ltd. proceeds with incorporation of a Singapore company
- Upon receipt of corporate documents, Offshorelicense Ltd. proceeds with bank account opening
- If applied for Offshorelicense Ltd. services it is possible to receive a professional assistance with preparation of business plan, relevant policies and manuals (based on factual information provided by the client)
- Offshorelicense Ltd. proceeds with lodging a license application to MAS
- Upon receipt of any comments from MAS, Offshorelicense Ltd. either replies, or amends the application accordingly until the final decision from MAS
In order to obtain license, Offshorelicense will fill all necessary application forms and also acquire apostilled corporate documents.
- A notarized copy of valid passport
- A notarized copy of a 2nd ID
- A copy of proof of residential address (ex. utility bill that is not older than 3 months) in English or translated into English
- A notarized copy of Criminal Record
- A notarized copy of a Letter of Reference form Bank, saying that the authorized person has a private account and that it is in good standing
- Detailed CV dated and signed by the applicant
- 2 Character Reference Letters issued by professionals
- Certified Diplomas of Higher Education
- Signed and notarized application forms
N.B.
- If documents are not in English language or language of particular country, then they must be accompanied by a notarized translation.
- Please ensure that notarization is in English language if not then please provide with notarized English translation.
- Every Shareholder, Director or Executive Officer of the company-applicant must be fit and proper to hold that position.
Additional documents may be requested by the regulatory authority or local Bank at any point to certify specific information.