Singapore cryptocurrency proprietary trading business
Our Australia-based Client approached Healy Consultants Group PLC in March 2021 with a request to setup either a Maltese or Singaporean cryptocurrency trading company, and subsequently assist with opening two crypto-currency bank accounts.
Our Client informed us he would not have any Clients as he would only be trading his own funds. Our Client also wanted to know what crypto-currency exchanges we could recommend. Crypto-friendly exchanges that work well with banks, and which provide both SEPA and SWIFT facilities to crypto-related entities. He needed these because he would later need to transfer all his fiat currencies to Australia.
Grace requested our Client to settle our retainer fees and sign our engagement letter, and agreed to provide a comprehensive comparison table contrasting Singapore and Malta with including international crypto-currency multi-currency corporate bank accounts and exchanges.
- Grace emailed our Client a detailed project plan, outlining i) total expected engagement fees ii) total engagement period iii) the weekly and monthly deliverables and iv) expected engagement problems and solutions.
- The project plan is designed to help our Client plan the date that they would legally be able to start trading through his Singaporean or Maltese LLC. This document is also intended to minimise engagement surprises.
- Upon receiving the first installment of our fees, completed and signed engagement letter and the Know Your Customer (KYC) due diligence documents required for company registration from the Client, Grace provided him with a detailed comparison table comparing Singapore and Malta.
- Thereafter, the Client reverted and requested additional information to be included in the comparison table.
- Within a week, our Australian Client chose a Singaporean proprietary trading entity that is i) legally tax exempt and ii) does not need a local regulatory license.
- Grace reserved our Client’s preferred business name with the Singaporean Accounting and Corporate Regulatory Authority (ACRA).
- Grace simultaneously prepared the Singaporean company registration forms to be signed by the Client.
- Following receipt of signed forms, Grace submitted them to the ACRA to proceed with the company registration.
- Within two working days, Grace emailed our Client the Singaporean Certificate of Incorporation and M&AA.
- Throughout the business setup period, Grace supplied weekly detailed engagement status updates to our Client, advising progress and problems and solutions.
- Following successful registration of the Singapore LLC, it was time to approach our network of international crypto-currency friendly banks.
International corporate bank account opening
- Grace approached multiple international banks to open a crypto-friendly corporate bank account, for our Client’s newly registered Singapore LLC.
- Following confirmation of interest received from several banks, Grace pre-filled the account opening forms for our Client to sign.
- Grace then submitted the complete account opening package to our Client’s preferred banks.
- Unfortunately, most banks do not offer SWIFT facilities to crypto-related entities as they are deemed high-risk. However, Grace was able to secure two banking options for our Client and the banks accepted the application and requested notarised KYC documents from the Client.
- Our Client couriered the requested notarised KYC to the banks, and within six weeks, the first account was opened.
- Our Client was then required to phone call the bank for internet banking activation which was completed during the call.
- Our Client could now sign contracts, issue invoices, receive funds and pay suppliers through their newly-opened corporate bank account.
- The second account was subsequently opened within three months.
- Both bank account numbers and e-banking access were sent directly to the bank signatory. See this page for more information on cryptocurrency banking.
- Grace provided our Client a draft template sales invoice
- Grace provided our Client Certificate of Incorporation, Articles of Association, and Commercial Register
- Grace provided our Client their newly registered Singapore entity’s Corporate tax registration number
- Grace informed our Client about annual government reporting obligations required in year 2 including Estimated Chargeable Income and corporate income tax
- Grace asked our Client to complete Healy Consultants Group PLC’s satisfaction questionnaire
- Grace asked our Client for a professional reference
- Our Client asked Healy Consultants Group PLC to timely, accurately and completely discharge their monthly and quarterly and annual legal, accounting, audit and tax obligations.