Forex broker license in Singapore
Singapore forex broker license is one of the most prestigious in the industry. More and more large market players are choosing Singapore as an alternative to Cyprus due to the country’s good business reputation and the regulator.
Please note that applicants must meet serious requirements to obtain such a brokerage license.
What do you need to get a Forex broker license in Singapore?
- A company must be registered in Singapore, as well as a local secretary and registered address (after obtaining prior approval from the MAS regulator, a real address will be required)
- 2 directors must be hired (non-resident director and local Singapore director);
- The CEO of the company must have 10 years of experience in the field, must be a resident of Singapore;
- Corporate account in Singapore (before receiving preliminary approval from the regulator, you can open an operating account for salaries and other things, after receiving approval, you need to open a second account with a Singapore bank to conduct business);
- 2 full-time local employees (must go through the regulatory approval process) must hold adequate positions (for example, compliance officer or accountant) We also help to find all the necessary local staff;
- The authorized capital is from 50,000 to 5 million Singapore dollars. Depends on the type of activity, as a rule, the regulator requests S $ 250,000 – S $ 500,000. The authorized capital is to be contributed only after obtaining prior approval from the regulator .;
- A package of documents (handling customer’s moneys and assets “,” risk management “,” training and competency “and” AML / CFT “policies (We help to prepare a complete package of documents).
How to get a Singapore brokerage license?
The process of obtaining a Forex broker license in Singapore:
- Registration of a company in Singapore and preparation of a package of documents, development of policies. Hiring local staff and submitting a full application to the regulator. – 1 month
- Consideration of the application by the regulator and issuance of preliminary approval – up to 4 months from the date of submission of the application.
- Opening a bank account, depositing share capital and obtaining a license.
In general, the whole process takes 6 to 8 months.
The whole process may be handled remotely, but the regulator can invite the director for an interview. As a rule, interviews take place remotely and in the presence of a local director who communicates with the regulator.
We would like to draw your attention to the fact that Singapore is a very expensive jurisdiction and sets significant requirements for applicants, non-compliance with which can lead to large fines.
However, the Singapore brokerage license is one of the most prestigious licenses to date. Contact us via chat for a detailed consultation regarding your forex project. Our experts will select the optimal jurisdiction for your project.