Money remittance business registration in 2023

pay fee by instalmentsbusiness setup without travelGuaranteed solutions

Since 2003, Healy Consultants Group 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 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 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 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 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

    Recommendation in order of preference1234
    Summary at a glance
    Remittance license required?YesYesYesYes
    Paid-up capital required for licensing?US$71,000US$1.4 millionUS$500,000US$40,000
    Our Client must travel during the engagement?NoNoNoNo
    Time required to complete the engagement?4 months4 months4 months5 months
    Number of resident directors required?11No2
    Relevant experience required of directors?YesYesYesYes
    Corporate tax rate payable?17%03% or US$4,6001.5%
    Incorporation requirements
    Type of business entity most commonly used?Private limited companyLLCLLCSpecial license company
    How long to set the company up?1 week3 weeks4 weeks2 weeks
    Minimum number of shareholders?1122
    Individual shareholders allowed?YesYesYesYes
    Corporate shareholders allowed?YesYesYesYes
    Minimum number of directors?1122
    Public register of shareholders & directors?YesYesYesNo
    Remittance licensing considerations
    License application submitted to whom?Monetary Authority of SingaporeCentral Bank of U.A.EBank Negara MalaysiaCentral Bank of Seychelles
    Licensing fees payable to the licensing authority?US$350VariableUS$100US$1,500
    Minimum amount paid-up capital for the license?US$71,000US$1.4 million US$500,000US$40,000
    Local shareholding always required?Yes, 51%Yes, 60%NoNo
    Office premises required?NoYesNoNo
    Do I always need to appoint a resident AML/CFT officer?NoNoNoNo
    Experience requirements for directors?YesYesYesYes
    Average time required to obtain the license?8 weeks8 weeks8 weeks16 weeks
    Tax and accounting considerations
    Corporate tax rate payable?17% or 0%03% or US$4,6001.5%
    Capital gains tax payable?NoneNoneNoneNone
    Withholding tax rate on dividends paid overseas?NoneNoneNoneNone
    Withholding tax rate on interest paid overseas?0.15NoneNoneNone
    Annual financial statements required?YesYesYesYes
    Statutory independent annual audit required?NoNoNoYes
    Mandatory GST/VAT registration?NoNoNoNo
    Tax incentives available?YesNoNoNo
    Access to double tax agreements?YesYesYesYes
    Bank account considerations
    Healy Consultants' preferred bank?DBS SingaporeHSBC U.A.EHSBC MalaysiaBarclays Seychelles
    How long to open corporate bank account?4 weeks3 weeks4 weeks3 weeks
    Travel to open the bank account?NoNoNoNo
    Multi-currency corporate bank account?NoYesYesYes
    Multi-currency corporate visa debit cards?NoYesYesYes
    Corporate ATM card available?YesYesYesYes
    Financial market ranking by World Economic Forum (WEF)2209106
    Ease of getting credit by WEF?43251

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