The Singapore Stored Value Facility Company

Since 2003, Healy Consultants Group PLC has assisted our Clients with registering the optimal vehicle for financial services companies all across the globe. One attractive business vehicle for e-wallet and payment card services is the Singapore Stored Value Facility Company (SVF company). More information on the same below.

What are stored value facilities?

  • Stored value facilities (or SVFs) are all types of prepaid cards and vouchers allowing their users to hold e-money and make payments up to the amount of the stored value;
  • Singapore regulations differentiate two types of SVFs:
    • Single purpose SVFS, which can only be used to make payments or collect cash with the business which issued the card / voucher. For instance, a prepaid top up card;
    • Multiple purpose SVFs, which allow customers to use the card / voucher with other businesses, not necessarily related to the business of the issuer. Singapore public transportation cards are an example, as they can also be used to make payments in selected shops.

What are the advantages of registering a Singapore company to offer SVF services?

  • The regulations on Singapore are attractive for SVF businesses, because:
    • Companies issuing single purpose SVFs are not legally required to secure a license with MAS;
    • Multi-purpose SVFs are only required to secure a license with MAS if i) they become “widely used” and ii) and the total value stored by the issuer exceeds SG$30 million (US$22 million);
    • Unless they are required to hold a MAS license, SVF businesses are not required by law to implement “know your Client” procedures, although this is still highly recommended.
  • It takes less than one week to register a company in Singapore, and the minimum paid-up capital for doing so is only SG$1;
  • If properly structured, companies registered in Singapore can also be legally exempt from Singaporean i) corporate income tax ii) withholding tax and iii) VAT. See this webpage on the Singapore offshore company for further details.

Our service package

 Standard costDraft invoice
Singapore SVF companyUS$18,440Singapore SVF setup cost

Important legal considerationse

  • Foreigners who are not living in Singapore are not legally allowed to offer prepaid cards or vouchers to Singapore residents or to market their services to customers in the City-State;
  • SVF businesses managed from outside of Singapore may be subject to additional regulations in the countries where the directors live and / or where the business customers are based. We strongly recommend our Clients to inform themselves re the same;
  • SVFs are not equivalent to credit cards, debit cards and ATM cards, and should not be marketed as such;
  • Unlike banks and other financial institutions, customers of a SVF will never benefit from a Government guarantee, in the event that a SVF operator goes bust and they lose their stored e-money.

Contact us

For additional information on our business registration services in Singapore, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi
singapore business federation Singapore Ministry of Manpower (MOM) Institute of Singapore chartered accountant (ISCA) Institute of Singapore chartered accountant (ISCA) saicsa icsa - institute of chartered secretaries and administrators SIngapore exchange ltd - The Asian Gateway | SGX