Singapore offshore crypto-currency company
Since the inception of Bitcoin in 2009, we have been providing international Clients with simple, practical, low-cost crypto-business solutions. One attractive option is a Singapore legally tax-exempt limited company, supported by an international, crypto-friendly corporate bank account.
About Singapore offshore crypto-currency company set up
- A Singapore offshore cryptocurrency company is a tax-efficient, reputable way to access the US$237 billion global crypto-currency market;
- If properly structured, a Singapore offshore cryptocurrency company is legally exempt from i) Singapore corporate income tax and ii) withholding tax and GST;
- A Singapore offshore crypto-currency company cannot conduct legally tax-exempt business in Singapore;
- All Singapore companies must appoint a Singapore resident director. Healy Consultants Group PLC can provide Singapore resident director services;
- Under the Payment Services Act, which came into effect on 28 January 2020, Singapore businesses issuing crypro-currencies and digital payment tokens must obtain a licence from Monetary Authority of Singapore (MAS) to comply with AML/CFT regulations;
- A Singapore LLC only carrying out proprietary crypro trade and bitcoin investment is exempt from a crypto-currency regulatory licence;
- For Clients that plan to take on third-party deposits, manage third-party funds as a fiduciary or exchange (financial intermediary), a Singapore Capital Markets Services licence is required;
- It takes less than one week to register a Singapore cryptocurrency company, without travel;
- Unfortunately, it is challenging to open a corporate bank account for a crypto-currency business. Most international banks lack knowledge about crypto-businesses, and lack the appetite to understand our Client’s business model, crypto-currency flows etc. Consequently, they consider crypto-currency to be a high risk business;
- As a result, our Client must expect i) multiple banks and payment services providers (PSPs) to decline to board our Client’s business and ii) the internal compliance departments of all other banks to complete a thorough, detailed due diligence review of their business. Although we will search for a reputable crypto-friendly international bank account in jurisdictions such as Liechtenstein, Cyprus, Gibraltar and Switzerland, in reality only PSPs such as Orounda, Sepaga, EQI Bank or Harvex are currently onboarding crypto-currency businesses;
- Because of the above, our Clients should expect bank account approval to take at least three months from submission of a quality, complete account opening application. See this page re our guaranteed corporate bank account opening or your money back policy.
See PDF below for a quotation including our standard package of Singapore crypto-currency services: