Licensing

Token License
Increasing popularity of token offerings/ICO companies reflected in the guidance of the Monetary Authority of Singapore (MAS) of August 1, 2017. According to the latest announcement of its regulatory position regarding tokens, MAS provides two routes, the choice of which will depend on details of particular business.
Back to list Licensing Services

Incorporation: 1-2 weeks

Application to MAS: starting from 3 weeks

Minimum paid up capital: SD 1.00


Overview

Virtual currencies are not themselves regulated in Singapore; however, Monetary Authority of Singapore (MAS) considers digital tokens being beyond a virtual currency mainly due to high money laundering/terrorist financing and potential scams risks involved in ICO operations. Consequently, the legal status of tokens will depend on whether these are considered “securities” under the Securities and Futures Act (SFA). 

If particular digital tokens fall within the scope of “securities” as defined in SFA, issuers and intermediaries of such tokens will be subjected to licensing under SFA and the Financial Advisers Act.

For the purpose of licensing an applicant must submit detailed prospectus/business plan/description of a specific business model for an ICO set-up and tokens to be offered.

There are few specific requirements applicable exclusively to ICO set-ups and issuance of tokens, since the industry is not properly regulated, however, in order to maximally eliminate risks associated with such type of business activity, especially strict due diligence procedure will take place with respect to all individuals and/or legal entities associated with a company-applicant.

Additionally, the business activity must be described in as much details as possible, and additional clarifications must be provided if such arise during the review of an application by MAS.

APPLY NOW!Not sure what Licensing service to choose? Leave your application online! We will get back to you with a free 15 minutes consultation.

Do not hesitate to submit the form below and our team will contact you shortly!

Facts & Info for Singapore Crypto License Setup

Notable features
Procedure
Documents Required

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 establish the ICO company in Singapore, you will be required to provide the following 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.