Money remittance business registration in 2022

pay fee by instalmentsbusiness setup without travelGuaranteed solutions

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

  • Our 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

To view list of available EMI and banks for sale in Europe, view this webpage

Contact us

For additional information on our money remittance services in worldwide, please contact our in-house country expert, Mr. Simon Guidecoq, directly:
client relationship officer - Simon