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Buy SPI license in Singapore in 2021

SPI License in Singapore 2021

2021-01-06
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Obtaining an SPI license in Singapore is relevant because it is a leading financial center with a competitive economy. Opening a bank and obtaining a permit allows you to legally conduct business. It is possible to obtain an SPI or MPI in the country.

The advantage is that there are practically no restrictions on turnover, and you can apply for benefits. Reporting is required once a year. When planning to execute the document, a local company must be established and capital must be paid in. To get answers to questions regarding the registration of SPI in Singapore 2021, contact our experts at IT-OFFSHORE.

Nuances of registration

Obtaining an SPI license in Singapore is necessary to open a payment institution. A payment system license allows you to work with digital financial assets, issue e-money, carry out transfers, exchange currencies.

These activities are considered universal. Having a license allows practically any operations with cryptocurrency. You can buy, sell, exchange, place, and transfer.

Classes of permits:

  • To exchange finances - suitable for companies that specialize exclusively in the exchange of funds;
  • SPI - allows you to perform any transactions permitted by the law;
  • MPI - has more possibilities than SPI, suitable for large businesses.

Licensing is relevant as the country's economy grows. Singapore is considered a country with a strong diversified economy. The government is interested in the development of digital financial technology.

This country belongs to the category of midshores, there is a need to pay taxes, but their rates are small. It is possible to legally optimize taxation. Licensing in Singapore increases the respectability of the business.

Requirements for the recipient

One of the main conditions is to have a registered office. Actual presence in the country is required to avoid organizational problems. It is necessary to register a company in Singapore. The most problematic to create an account, it is required to provide a large amount of data about the beneficiaries and the source of funds.

In addition, data on business activities may be required. The firm and beneficiaries must have a good reputation. All corporate documents must be in order, and only legal transactions can be performed. Suspicious transactions made in the past may it impossible to obtain a payment license.

A local director and secretary are both needed. The corporate structure must be transparent. A business application and business plan, financial reports, and risk assessments will be required for processing.

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