Obtaining a financial license in Singapore
Today, the international market needs reliable, safe, fast and simple tools for doing business more than ever.
Foreign investment funds are a traditional means for asset management, making a profit in order to create new business projects and additional income. Choosing a jurisdiction to register an investment fund is not easy, but Singapore is actively gaining popularity now. Many startups launch their projects in Singapore. They are attracted by a clear licensing process, openness of doing business, an ideal tax regime and all kinds of financial benefits.
In Singapore, it is possible to obtain a financial license regulated by the Securities and Futures Act (SFA). Let's try to figure out what are the features of obtaining such a financial license in Singapore and why it is needed.
What types of financial licenses can be obtained in Singapore?
If you are planning to license your investment business in Singapore, then you should be aware of three types of financial licenses:
1) Fund management license
2) Permission for licensed fund management
3) Licensed fund management company
These licenses differ in the type of clients that the licensed company can serve; in the amount of the authorized capital and the ability to conduct operations in the markets on its own behalf. The authorized capital starts from 250 thousand. SGD is for accredited funds in Singapore and can reach 1 million. SGD for retail funds (aimed at unqualified investors).
Singapore's financial licenses will allow you to provide management services, which include investment advice and administrative services in relation to securities for the purpose of investment.
Requirements for obtaining a financial license in Singapore
These types of Singapore financial licenses are only available to companies registered in Singapore. The directors of a Singapore licensed company must be residents of Singapore. This means that foreign directors must have a work permit in Singapore. Another important condition for obtaining such a license is the presence of a local and real office of the company and two local employees. The office should not be nominal, and employees should have a minimum education and relevant work experience in this field. The process of obtaining a license usually takes from 6 to 9 months.
To successfully obtain a financial license in Singapore, it is necessary to collect a complete set of documents for the directors and shareholders of a Singapore company that will be applied for a financial license. The Monetary Authority of Singapore will conduct a compliance check. Based on the results of this audit, a decision will be made that the declared directors and shareholders meet the requirements of financial market participants.
Over the past 5 years, Compliance requirements in Singapore have grown very much. The staff of a licensed Singapore company must have a compliance officer who has at least 5 years of experience in Compliance and relevant qualifications in this field.
Obtaining a license for an investment company in Singapore is a responsible process that requires the participation of professionals. Antwort specialists are ready to provide a full range of services that will help you speed up the licensing procedure and increase the chances of a positive decision by the Singapore authorities regarding the issuance of a financial license to you.
Having studied all the requirements for obtaining a license in advance, you will be able to calculate your budget and plan project expenses without any problems. In addition to services for preparing the application and supporting the entire licensing procedure before obtaining the license itself, the Antwort team will help you with the organization of AML processes, prepare the necessary policies for your platform or application, as well as help with staff, office and conduct an audit.
Use the services of Antwort and create your own financial empire. We value our customers and are ready to become your reliable right hand! Antwort always has the right answer and a great success strategy!