Money remittance business registration

Money remittance business registration

Since 2003, Healy Consultants Group PLC has assisted numerous Clients setup their global money remittance business in different jurisdictions across the globe.

  • Our services

  • Steps to setting up a remittance business

    After being formally engaged, Healy Consultants will map a detailed engagement plan, detailing by week each step towards engagement completion. This plan will optimize work transparency and settle our Client’s expectations.

    1. Healy Consultants will help our Clients register their company in the target countries by completing the necessary procedures;
    2. After registration of the business, our banking team will assist our Clients secure a local/international multicurrency correspondent/corporate bank account with bank of Client’s choice and obtain access to banking facilities (without Clients having to travel);
    3. Healy Consultants will prepare a high-quality business plan and AML/CTF policy for application of MSB license;
    4. We will assist our Client to appoint a compliance officer (if required by jurisdiction’s regulations);
    5. We will submit a quality license application and aggressively negotiate with the authorities to ensure timely approval of the same.
  • Our past Clients

    Healy Consultants have assisted numerous multinationals set up their money remittance business. Some of our Clients include:

    CompaniesHome jurisdictionHealy Consultant assisted Clients in:
    Avenues PaymentsIndiaAustralia
    TransfastUnited StatesSingapore, Israel, Malaysia, Hong Kong, Ukraine
    ChinagramLatin AmericaHong Kong
    InPaySwitzerlandSouth Korea
    GECLHong KongSingapore, Hong Kong
  • Table of business entity comparison

    JurisdictionSingaporeDubaiLabuanMauritiusSeychelles
    Recommendation in order of preference12345
    Summary at a glance
    Remittance license required?YesYesYesYesYes
    Paid-up capital required for licensing?US$71,000US$1.4 millionUS$500,000VariableUS$40,000
    Our Client must travel during the engagement?NoNoNoNoNo
    Time required to complete the engagement?4 months4 months4 months5 months5 months
    Number of resident directors required?11No22
    Relevant experience required of directors?YesYesYesYesYes
    Corporate tax rate payable?0.1703% or US$4,6000.030.015
    Incorporation requirements
    Type of business entity most commonly used?Private limited companyLLCLLCGlobal business license type 1Special license company
    How long to set the company up?1 week3 weeks4 weeks2 weeks2 weeks
    Minimum number of shareholders?11212
    Individual shareholders allowed?YesYesYesYesYes
    Corporate shareholders allowed?YesYesYesYesYes
    Minimum number of directors?11222
    Public register of shareholders & directors?YesYesYesYesNo
    Remittance licensing considerations
    License application submitted to whom?Monetary Authority of SingaporeCentral Bank of U.A.EBank Negara MalaysiaFinancial Services CommissionCentral Bank of Seychelles
    Licensing fees payable to the licensing authority?US$350VariableUS$100US$700US$1,500
    Minimum amount paid-up capital for the license?US$71,000US$1.4 million US$500,000VariableUS$40,000
    Local shareholding always required?Yes, 51%Yes, 60%NoNoNo
    Office premises required?NoYesNoNoNo
    Do I always need to appoint a resident AML/CFT officer?NoNoNoNoNo
    Experience requirements for directors?YesYesYesYesYes
    Average time required to obtain the license?8 weeks8 weeks8 weeks12 weeks16 weeks
    Tax and accounting considerations
    Corporate tax rate payable?17% or 0%03% or US$4,6000.030.015
    Capital gains tax payable?NoneNoneNoneNoneNone
    Withholding tax rate on dividends paid overseas?NoneNoneNoneNoneNone
    Withholding tax rate on interest paid overseas?0.15NoneNone0.15None
    Annual financial statements required?YesYesYesYesYes
    Statutory independent annual audit required?NoNoNoNoYes
    Mandatory GST/VAT registration?NoNoNoNoNo
    Tax incentives available?YesNoNoNoNo
    Access to double tax agreements?YesYesYesYesYes
    Bank account considerations
    Healy Consultants’ preferred bank?DBS SingaporeHSBC U.A.EHSBC MalaysiaHSBC MauritiusBarclays Seychelles
    How long to open corporate bank account?4 weeks3 weeks4 weeks4 weeks3 weeks
    Travel to open the bank account?NoNoNoNoNo
    Multi-currency corporate bank account?NoYesYesYesYes
    Multi-currency corporate visa debit cards?NoYesYesYesYes
    Corporate ATM card available?YesYesYesYesYes
    Financial market ranking by World Economic Forum (WEF)220934106
    Ease of getting credit by WEF?4323151

Contact us

For additional information on our money remittance services in worldwide, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Simon Guidecoq, directly:
client relationship officer - Simon