Money remittance business registration in 2021
Since 2003, Healy Consultants Group PLC has assisted numerous Clients setup their remittance money transfer business in different jurisdictions across the globe.
- 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.
- Healy Consultants Group PLC will help our Clients register their company in the target countries by completing the necessary procedures;
- 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);
- Healy Consultants Group PLC will prepare a high-quality business plan and AML/CTF policy for application of MSB license;
- We will assist our Client to appoint a compliance officer (if required by jurisdiction’s regulations);
- 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