Money remittance business registration in 2023

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

• Our services

  • Determine the optimal location for the registration of the money transfer services business;
  • For complicated engagements, Healy Consultants Group PLC prepares an engagement strategy agreement;
  • Timely submit the application for company setup and trademark registration;
  • Apply for a Money Service Business (MSB) license by submitting a high quality application to the Financial Authority or Central Bank;
  • Open quality international corporate or correspondent bank accounts without the bank signatory travel;
  • Compliance and regulations support including drafting KYC and AML/CTF policies and compliance audit;
  • Furthermore, we provide a host of ancillary services such as i) discharging company accounting and tax obligations, ii) arranging for nominee services for professional passive directors and shareholders, iii) locating office premises, iv) securing employee visa and v) other support services.

• Steps to starting a Money Transfer business

  After being formally engaged, Healy Consultants Group PLC 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 Group PLC 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 Group PLC 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 Group PLC have assisted numerous multinationals set up their money remittance business. Some of our Clients include:

  Companies	Home jurisdiction	Healy Consultant assisted Clients in:
  Avenues Payments	India	Australia
  Transfast	United States	Singapore, Israel, Malaysia, Hong Kong, Ukraine
  Chinagram	Latin America	Hong Kong
  InPay	Switzerland	South Korea
  GECL	Hong Kong	Singapore, Hong Kong

• Table of business entity comparison

  Jurisdiction	Singapore	Dubai	Labuan	Mauritius	Seychelles
  Recommendation in order of preference	1	2	3	4	5
  Summary at a glance
  Remittance license required?	Yes	Yes	Yes	Yes	Yes
  Paid-up capital required for licensing?	US$71,000	US$1.4 million	US$500,000	Variable	US$40,000
  Our Client must travel during the engagement?	No	No	No	No	No
  Time required to complete the engagement?	4 months	4 months	4 months	5 months	5 months
  Number of resident directors required?	1	1	No	2	2
  Relevant experience required of directors?	Yes	Yes	Yes	Yes	Yes
  Corporate tax rate payable?	0.17	0	3% or US$4,600	0.03	0.015
  Incorporation requirements
  Type of business entity most commonly used?	Private limited company	LLC	LLC	Global business license type 1	Special license company
  How long to set the company up?	1 week	3 weeks	4 weeks	2 weeks	2 weeks
  Minimum number of shareholders?	1	1	2	1	2
  Individual shareholders allowed?	Yes	Yes	Yes	Yes	Yes
  Corporate shareholders allowed?	Yes	Yes	Yes	Yes	Yes
  Minimum number of directors?	1	1	2	2	2
  Public register of shareholders & directors?	Yes	Yes	Yes	Yes	No
  Remittance licensing considerations
  License application submitted to whom?	Monetary Authority of Singapore	Central Bank of U.A.E	Bank Negara Malaysia	Financial Services Commission	Central Bank of Seychelles
  Licensing fees payable to the licensing authority?	US$350	Variable	US$100	US$700	US$1,500
  Minimum amount paid-up capital for the license?	US$71,000	US$1.4 million	US$500,000	Variable	US$40,000
  Local shareholding always required?	Yes, 51%	Yes, 60%	No	No	No
  Office premises required?	No	Yes	No	No	No
  Do I always need to appoint a resident AML/CFT officer?	No	No	No	No	No
  Experience requirements for directors?	Yes	Yes	Yes	Yes	Yes
  Average time required to obtain the license?	8 weeks	8 weeks	8 weeks	12 weeks	16 weeks
  Tax and accounting considerations
  Corporate tax rate payable?	17% or 0%	0	3% or US$4,600	0.03	0.015
  Capital gains tax payable?	None	None	None	None	None
  Withholding tax rate on dividends paid overseas?	None	None	None	None	None
  Withholding tax rate on interest paid overseas?	0.15	None	None	0.15	None
  Annual financial statements required?	Yes	Yes	Yes	Yes	Yes
  Statutory independent annual audit required?	No	No	No	No	Yes
  Mandatory GST/VAT registration?	No	No	No	No	No
  Tax incentives available?	Yes	No	No	No	No
  Access to double tax agreements?	Yes	Yes	Yes	Yes	Yes
  Bank account considerations
  Healy Consultants' preferred bank?	DBS Singapore	HSBC U.A.E	HSBC Malaysia	HSBC Mauritius	Barclays Seychelles
  How long to open corporate bank account?	4 weeks	3 weeks	4 weeks	4 weeks	3 weeks
  Travel to open the bank account?	No	No	No	No	No
  Multi-currency corporate bank account?	No	Yes	Yes	Yes	Yes
  Multi-currency corporate visa debit cards?	No	Yes	Yes	Yes	Yes
  Corporate ATM card available?	Yes	Yes	Yes	Yes	Yes
  Financial market ranking by World Economic Forum (WEF)	2	20	9	34	106
  Ease of getting credit by WEF?	4	3	2	31	51

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