open a financial company in singapore
TRANSCRIPT
Open a Financial Company in Singapore
A presentation brought to you by OpenCompanySingapore.com
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The Financial Industry in Singapore
• Singapore is the largest banking and financial network in Southeast Asia.
• It is home to many international
banks, wealth management companies and other financial companies.
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Financial Companies in Singapore
• Financial companies fall under the regulations of the Finance Companies Act in Singapore.
• They provide fixed and savings deposits to Singapore citizens.
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Steps to Open a Singapore Financial Company >>
• The registration process for a Singapore company takes very little as it done electronically on the online platform of ACRA.
• There are several steps when registering a financial company with the Singapore Trade Register.
• First, one must choose a name for the company and submitting it for approval.
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>> Steps to Open a Singapore Financial Company
• Once the company is registered with ACRA, it will be required to:
register for the Singapore Goods and Services Tax (GST);
apply for the required business license depending on the activity carried out;
open a corporate bank account;
register with the Central Provident Fund (CPF);
register for the Skills Development Levy (SDL).
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Licenses for Financial Companies in Singapore
• According to the Finance Companies Act, businesses intending to provide financial services in Singapore are required to apply for a single license:
a capital markets services license;
a financial advisers license.
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The Capital Markets License in Singapore
• According to the Futures Act in Singapore, the capital markets license is employed when providing the following financial services:
securities trading in Singapore;
foreign exchange trading;
fund management;
securities financing;
for corporate finance advisors;
Singapore real estate investment trusts.
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The Financial Advisers License in Singapore
• The financial advisers license falls under the regulations of the Financial Advisers Act in Singapore.
• The following services are covered by the financial advisers license:
offering counsel on investment products such as securities, foreign exchange, life insurance policies;
collective investment schemes.
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Assistance in Company Formation in Singapore
• You can rely on our company incorporation agents in Singapore to draft the Articles of Association for opening a financial company.
• You can also contact us for any information regarding company taxation in Singapore.
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Thank you for your attention!
For more information, please contact us at:
+ 852 8191 3385
www.opencompanysingapore.com
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