Cryptocurrencies are legal in Singapore, but license on work with cryptocurrencies is required for ICOs and crypto exchanges. ... Apart from securities-related licenses, there is a financial adviser's license which should be obtained by companies that provide advice on financial operations with tokens.
A copy of proof of residential address (ex. utility bill that is not older than 3 months) in English or translated into English
A notarized copy of Criminal Record
A notarized copy of a Letter of Reference form Bank, saying that the authorized person has a private account and that it is in good standing
Detailed CV dated and signed by the applicant
2 Character Reference Letters issued by professionals
Certified Diplomas of Higher Education
Signed and notarized application forms
Virtual currencies are not themselves regulated in Singapore; however, Monetary Authority of Singapore (MAS) considers digital tokens being beyond a virtual currency mainly due to high money laundering/terrorist financing and potential scams risks involved in ICO operations. Consequently, the legal status of tokens will depend on whether these are considered “securities” under the Securities and Futures Act (SFA).
If particular digital tokens fall within the scope of “securities” as defined in SFA, issuers and intermediaries of such tokens will be subjected to licensing under SFA and the Financial Advisers Act.
For the purpose of licensing an applicant must submit detailed prospectus/business plan/description of a specific business model for an ICO set-up and tokens to be offered.
There are few specific requirements applicable exclusively to ICO set-ups and issuance of tokens, since the industry is not properly regulated, however, in order to maximally eliminate risks associated with such type of business activity, especially strict due diligence procedure will take place with respect to all individuals and/or legal entities associated with a company-applicant.
Additionally, the business activity must be described in as much details as possible, and additional clarifications must be provided if such arise during the review of an application by MAS.
In order to obtain a license, the following steps will be carried out:
The client provides required documents for preliminary review assessment
If structure and officers of a proposed company are confirmed, kimbocorp proceeds with incorporation of a Singapore company
Upon receipt of corporate documents, kimbocorp proceeds with bank account opening
If applied for kimbocorp. services it is possible to receive a professional assistance with preparation of business plan, relevant policies and manuals (based on factual information provided by the client)
kimbocorp proceeds with lodging a license application to MAS
Upon receipt of any comments from MAS, kimbocorp either replies, or amends the application accordingly until the final decision from MAS
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Facilitation of a physical bank account to be registered in Singapore under "Your company name" Pte Ltd
Unlimited number of signed agreements with investors, customers, suppliers etc., required in order to qualify for the physical bank account
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"More than a service provider"
"Huan, director of kimbocorp, has helped us to obtain government funding that effectively transforms our business and brand outlook. Today we have a spanking new site, ability to engage with customers and fulfill them remotely. I will continue to go back to Huan and kimbocorp for more capabilities moving forward."
"Kimbocorp provided business license and banking relationship within days. The process was swift and predictable and I got what I wanted. We are trying to work with them on more intangible assets and business capabilities."