Singapore cryptocurrency solution
Since 2003, Healy Consultants Group PLC has been providing our international Clients with a simple, practical low-cost solution for crypto business. One attractive option is to set up a Singapore limited liability company and opening an international crypto-friendly corporate bank account.
What is the Singapore cryptocurrency solution?
- Healy Consultants Group PLC recommends our Clients to incorporate a Singapore offshore company and open an international crypto-friendly corporate bank account;
- This solution is suitable for international Clients who are looking to conduct crypto-related business outside of Singapore;
Company incorporation steps
Our international Clients are not required to travel to Singapore to incorporate the company. Healy Consultants Group PLC will project-manage the whole registration procedure on our Client’s behalf. Please refer to this webpage for further details on the steps to setting up a company in Singapore.
Advantages of doing business with Singapore cryptocurrency solution
- With Singapore’s reputation as Asia’s capital of fintech, it is easier to open an international bank account for your business;
- Monetary Authority of Singapore introduced a sandbox environment to develop potential projects in the financial services sector. The sandbox environment provides the support and legal regulations which promises a safe haven for innovation;
- Singapore is known for its large-scale support of crypto-related technologies and fintech innovation. The Payment Services Bill has laid the foundations for incorporating blockchain into the securities framework and payment systems. We expect this will fast track blockchain based businesses and investments in the future;
Problems of doing business with Singapore cryptocurrency solution
- Despite Singapore government’s welcoming cryptocurrencies, it is extremely challenging to open a crypto-friendly corporate bank account with Singapore banks. As such, Healy Consultants Group PLC will recommend our Clients to secure bank account opening in other jurisdictions such as Liechtenstein, Cyprus, Gibraltar and Switzerland;
- It is mandatory for all Singapore companies to appoint a Singapore resident director. Healy Consultants Group PLC can provide the same. See this webpage for more information.
Accounting and tax considerations
- If your business does not have any operations in Singapore, you will be legally tax exempt;
- Businesses that trade virtual currencies in the ordinary course of their business will be taxed on the profit derived from trading in the virtual currency;
- Profits earned by businesses through mining or trading of virtual currencies in exchange for monies are also subject to tax;
- There is no capital gain tax in Singapore. If your business earns capital gain through long-term investment of virtual currencies, these profits are not subject to tax;
- See this webpage for more information on other accounting and tax considerations in Singapore;
Regulatory license considerations
- In Singapore, you are required to be licensed and regulated under the Payment Services Bill if you are planning to conduct business dealing in digital payment tokens or any service of facilitating the exchange of digital payment tokens. You will be required to produce policies, controls and procedures to address its ML/TF risks;
- Monetary Authority of Singapore announced its broadening of regulatory regime for payment providers to bring certain cryptocurrencies under its jurisdiction, with the new legislation due to come into force by the end of 2019.
Our service packages
Healy Consultants Group PLC will project-manage your securities brokerage business set up from the start to the end. See PDF below for a quotation including our standard package of services:
Additionally, our Firm can also offer multiple additional support services, including i) accounting and bookkeeping services ii) merchant account opening services iii) drafting of prospectus if your Firm is planning to issue structured products and iv) assistance to recruit employees.