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Opening a Financial Company in Singapore

Updated on Thursday 19th May 2016

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Opening-a-Financial-Company-in-SingaporeFinancial companies in Singapore

Financial companies fall under the regulations of the Finance Companies Act in Singapore. Financial companies provide fixed and savings deposits to Singapore citizens. Financial companies also provide credit facilities to Singapore corporations. Banks and other types of financial companies in Singapore are not allowed to deal in foreign currencies or gold, nor are they allowed to purchase foreign currencies under the forms of stocks, shares or debt securities. Financial institutions may expand their activities only if a request with the Monetary Authority in Singapore (MAS).

Licensing options for Singapore financial companies

According to the Finance Companies Act, businesses intending to provide financial services in Singapore are required to apply for a single license:

  • - a capital markets services license,
  • - a financial advisers license.

The activities regulated by the two types of financial services licenses include asset management, investment advisory services and property fund management in Singapore. However, before applying for one of the two types of licenses, one is advised to request the services of company formation consultants in Singapore.

The video below presents the main steps to follow if opening a financial company in Singapore:

The capital markets license for Singapore financial companies

According to the Futures Act in Singapore, the capital markets license is employed when providing the following financial services:

The capital markets services license is only granted to Singapore corporations by the Monetary Authority.

The financial advisers license in Singapore

The financial advisers license falls under the regulations of the Financial Advisers Act in Singapore. The following services are covered by the financial advisers license:

  • - offering counsel on investment products such as securities, foreign exchange, life insurance policies,
  • - collective investment schemes.

The financial advisers license does not cover general insurances, bank deposits and loans or mortgages.

Singapore banks, merchant banks and insurance companies are not required to apply for these two types of financial licenses as they fall under different legislations. For complete information about company registration in Singapore please contact our specialists. 

 

 

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