Singapore is one of the most appealing countries in the world when it comes to using modern technology, such as blockchain, which has been used in the city-state since 2016. Setting up a company in Singapore in this domain is simple and easy, as the main regulatory authorities have taken a friendly approach to the matter.
If you are interested in opening a blockchain company in Singapore and need support, our local consultants are at your service. From the registration to the licensing procedures, you can rely on our expertise.
What is blockchain and what are its main uses?
In order to understand the benefits of opening a blockchain company in Singapore, here are the most important 3 aspects of this technology:
- – blockchain is a technology used to record and keep track of information in the safest way possible;
- – it is also known as digital ledger where information can be stored without the possibility of being changed or hacked into;
- – its main use is in the financial field where sensitive data needs a high degree of protection.
So, if you decide to create a blockchain company in Singapore, you can open it under the form of an IT company that can services financial or other types of businesses that rely on data protection. You can also open cryptocurrency entities that rely on this technology.
Our specialists are at your disposal and will help you set up a company in Singapore in the filed you are interested in.
How to open a company that uses blockchain in Singapore
The steps to open a blockchain enterprise in Singapore are the same as for any other company and it entails:
- choosing an easy to register legal entity – we recommend the private limited liability company;
- draft its statutory documents and file them with ACRA;
- obtain the company’s business profile and Certificate of Registration;
- apply for the license from the Monetary Authority in Singapore (MAS) if you intend to set it up as a cryptocurrency exchange.
As a general rule, it takes no more than 2 weeks to have the company up and running.
Types of blockchain technologies that can be employed anywhere in the world
Blockchain is not available in Singapore only, as it is widely used everywhere in the world. Moreover, now there are 4 types of technology companies can use to have their data protected. These are:
- – public or decentralized blockchains that do not require permission to use;
- – private blockchains that are centralized and usually belong to a single company and need permission to be accessed by third parties;
- – consortium blockchains that are proprietary to group of companies and can be used by banks and their branches, for example;
- – hybrid blockchains that can be held by a single enterprise and requires supervision from a public blockchain.
Should you want to open a blockchain company in Singapore, feel free to address our company formation specialists.
How is blockchain used in Singapore?
Currently, blockchain in Singapore can be used for more than 5 activities, among which, cross-border payments, digital identity recognition, trade finance, records keeping, re-insurance activities.
Opening a blockchain company in Singapore can be used to provide services or maintenance to other enterprises that rely on technology to have their data protected.
Companies in this field can also rely on the Singapore Blockchain Association that organizes events and connects local and foreign investors in this field. Moreover, according to recent data:
- – at the moment, there are more than 430 blockchain companies in Singapore;
- – 16 of them are non-profit organizations;
- – these were created by approximately 500 founders;
- – they invested in nearly 400 projects until now.
If you decide to open a blockchain company in Singapore, contact us!