Open a Financial Company in Singapore
Open a Financial Company in SingaporeUpdated on Friday 29th September 2017
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Singapore is known as one of the leading financial centers in Southeast Asia thanks to the regulations imposed by the government and which were amended in order to keep up with the latest global trends. This is how Singapore became an important investment destination for enterprisers and companies in the financial industry which establish new businesses, respectively branch offices or subsidiaries in the city-state.
Foreign investors interested in starting a financial company in Singapore must comply with one or more laws depending on the branch they intend to operate in. Among these, the Banking Act, the Financial Services Act and the Financial Regulations Act are just a few of them. Our lawyers in Singapore can explain the legislation applicable in the financial field.
Types of companies which can be set up in the Singapore financial industry
Both local and foreign investors benefit from the same requirements when creating a financial business in Singapore. Before registering a company in the financial sector, the future owner must decide on the activities the company will undertake. From this point of view, Singapore offers a lot of opportunities, among which:
- - insurance and reinsurance activities;
- - banking activities;
- - investment services activities;
- - brokerage activities;
- - financial advisory services.
Apart from these, Singapore also boasts one of the most prolific financial technology industry which allows the creation of fintech companies, such as crowdfunding and cryptocurrency businesses.
Our law firm in Singapore can advise on how to open financial companies in any of the fields mentioned above.
Requirements to set up financial companies in Singapore
Depending on the type of financial business one wants to establish in Singapore, there are a few aspects which must be taken into consideration. These are:
- - the share capital requirements for financial companies or guarantees, in the case of insurance companies;
- - the special licenses which must be obtained from the Monetary Authority of Singapore (MAS);
- - the special regulations imposed to banks which are not allowed to deal in gold or foreign currencies.
If you want to open a financial company in the city-state and need assistance, please contact our Singapore lawyers.