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Business License in Singapore

Singapore is one of the freest economies in the world. With the highest GDP per capita in the world. This is a very attractive country to investors and global organizations due to its attractive investment environment and a stable political environment.

Singapore's economy is mainly based on trade and services (accounting for 40% of national income). Singapore is also seen as a leader in the transition to the knowledge economy.

Financial related services are the services that attract many investors to Singapore and these are also very sought after licenses in this country. At the moment, Singapore has been offering more than 400 licenses in the Payment Service Providers industry.

With a population of 90%, they can speak Chinese and English and geographic advantage. Singapore is one of the great places for businesses to have an influence on Southeast Asia, China, and Australia.

Business License in Singapore

Advantage of Business License in Singapore

  • Geographic Advantages
  • Tax Rights
  • Record Keeping Guidelines
  • Personal Protection
  • Access to Information
  • Personal Privacy

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Business Licenses available in Singapore


US$ 21,000 Service Fees
  • In compliant with registered Singapore regulations
  • Fast, convenient and confidential
  • 24/7 support
  • Just Order, We Do All For You
Major Payment Institution From US$ 21,000 Learn More Learn More
Standard Payment Institution From US$ 21,000 Learn More Learn More
Money Changing From US$ 21,000 Learn More Learn More
Licensed Financial Adviser From US$ 21,000 Learn More Learn More

Activities of Payment Service Providers

Activity Type Brief Description

Activity A

Account Issuance Service

The service of issuing a payment account or any service relating to any operation required for operating a payment account, such as an e-wallet (including certain multi-purpose stored value cards) or a non-bank issued credit card.

Activity B

Domestic Money Transfer Service

Providing local funds transfer service in Singapore. This includes payment gateway services and payment kiosk services.

Activity C

Cross-border Money Transfer Service

Providing inbound or outbound remittance service in Singapore.

Activity D

Merchant Acquisition Service

Providing merchant acquisition service in Singapore where the service provider processes payment transactions from the merchant and processes payment receipts on behalf of the merchant. Usually, the service includes providing a point-of-sale terminal or online payment gateway.

Activity E

E-money Issuance Service

Issuing e-money to allow the user to pay merchants or transfer to another individual.

Activity F

Digital Payment Token Service

Buying or selling digital payment tokens (“DPTs”) (commonly known as cryptocurrencies), or providing a platform to allow persons to exchange DPTs.

Activity G

Money-changing Service

Buying or selling foreign currency notes.

How to Apply Business License in Singapore

License Research

STEP 1: License Research

Getting the right licenses and permits for your business.


STEP 2: Payment

Complete your payment in various ways.

Documents Preparation

STEP 3: Documents Preparation

One IBC® will help you to list out the necessary documents from government-requirement.

License Filings

STEP 4: License Filings

Complete all application forms and verify license is issued

Business License Compliance

STEP 5: Business License Compliance

The government agency will check your records and provide additional information if necessary. Then, your License has been approved.



1. What are some of the reporting requirements for licensed financial advisers?

Licensed financial advisers are required to prepare and lodge with MAS a true and fair profit and loss account and a balance sheet made up to the last day of its financial year in accordance with the provisions of the Companies Act (Cap. 50), where applicable. The above documents are to be lodged together with an auditor‘s report in Form 17. In addition, they are required to submit Forms 14, 15, and 16, where applicable. These documents are to be lodged within 5 months, or within such extension of time as may be permitted by MAS, after the end of the financial adviser‘s financial year

2. Why does MAS regulate certain aspects of financial planning and not the full range of financial planning activities? What is the distinction between a Financial Advisor and a Financial Planner?

The types of services provided by financial planners vary widely. Some planners assess every aspect of their clients' financial profile, including savings, investments, insurance, tax, retirement, and estate planning, and help them develop detailed strategies to meet their financial objectives. Others may call themselves financial planners, but only provide advice on a limited range of products and services.

MAS regulates all financial planning activities related to securities, futures, and insurance. Tax and estate planning activities do not come under our regulatory ambit. Hence, only financial planners who conduct activities regulated under the FAA are required to be licensed as a financial adviser. A financial planner may conduct other activities such as tax planning, but these are not subject to supervision by MAS.

3. Who is exempt from holding a financial adviser's license?

Banks, merchant banks, finance companies, insurance companies, insurance brokers registered under the Insurance Act, holders of a capital markets services license under the Securities and Futures Act (Cap 289). are exempt from holding a financial adviser's license to act as a financial adviser in Singapore in respect of any financial advisory services. Nonetheless, exempt financial advisers and their appointed and provisional representatives are required to comply with the business conduct requirements stipulated in the FAA.

4. Is there a need for a licensed financial adviser to renew its license?

There is no need for a licensed financial adviser to renew its license. The license is valid until – 

  • The licensed financial adviser ceases to act as a financial adviser (pursuant to the Financial Advisers Regulations [―FAR‖], the licensed financial adviser would need to notify MAS within 14 days of its cessation by submitting Form 5); 
  • Its license is revoked by MAS; or 
  • Its license lapses in accordance with section 19 of the FAA.
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