Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the MAS decision, including banking and payment rails.
Get a forex license in Singapore.
Asia's premier financial centre licenses forex as capital-markets business: the MAS Capital Markets Services licence for OTC derivatives and leveraged FX under the Securities and Futures Act - S$1,000,000 base capital for accredited-investor models, S$5,000,000 for retail, and the regulatory brand banks across Asia trust on sight.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Singapore in brief
The Asian benchmark for licensed FX.
Singapore regulates forex brokerage as capital-markets business: dealing in OTC derivatives and in spot foreign exchange for the purposes of leveraged foreign exchange trading requires a Capital Markets Services licence from the Monetary Authority of Singapore under the Securities and Futures Act 2001. The prudential frame is tiered to the audience, not the product: base capital of S$5,000,000 where any customer is retail, S$1,000,000 where the book is confined to accredited, expert and institutional investors, and where several regulated activities are combined, the highest applicable requirement governs. Above the base capital sit MAS's risk-based financial and margin requirements, customer-asset segregation and the conduct rulebook.
Why the licence earns its cost: Singapore is the world's third-largest FX centre, MAS is the supervisor Asian banks and liquidity providers trust without a second phone call, and a CMS licence anchors a group that intends to be taken seriously from Tokyo to London. MAS examines shareholders, directors and the business model with the thoroughness that built that reputation - a complete, coherent file is the difference between months and years. Preparing that file is our job, run through our Singapore presence.
MAS CMS licence under the SFA 2001 for OTC derivatives and leveraged FX: base capital S$1M accredited-only, S$5M retail, highest-of rule across activities, segregation and risk-based capital above the floor.
The reward: Asia's benchmark stamp in the world's #3 FX centre. We build the file end to end.
The two routes
Retail broker - or the accredited-investor model.
One CMS licence, two capital realities: S$5,000,000 with retail customers on the book, S$1,000,000 confined to accredited, expert and institutional investors. We fix the audience first. It is the single biggest cost decision.
Retail at S$5M - or accredited/institutional at S$1M.
01 - RETAIL CMS LICENCE
The retail broker
The full licence: dealing in OTC derivatives and leveraged FX with retail customers at S$5,000,000 base capital. MAS margin rules, segregation and the complete conduct stack built in.
The full licence: dealing in OTC derivatives and leveraged FX with retail customers at S$5,000,000 base capital. MAS margin rules, segregation and the complete conduct stack built in.
- ✓Dealing in capital markets products - OTC derivatives & leveraged FX
- ✓S$5,000,000 base capital
- ✓Retail customers permitted
- ✓MAS margin and segregation rules
- ✓Risk-based capital above the floor
- ✓The strongest licence brand in Asia
02 - ACCREDITED & INSTITUTIONAL
S$1,000,000 base capitalThe professional-only model
The same CMS licence confined to accredited, expert and institutional investors at S$1,000,000 base capital. The institutional broker, liquidity desk and B2B model licensed at a fifth of the retail cost.
Accredited, expert and institutional investors only; S$1M base capital; B2B and liquidity models; upgrade path to retail.
- ✓Accredited / expert / institutional only
- ✓S$1,000,000 base capital
- ✓Same MAS stamp, lighter tier
- ✓B2B, liquidity and white-label models
- ✓Upgrade path to retail later
- ✓Highest-of rule across activities
Costs and timelines are confirmed for your case before any work begins. MAS licence fees follow the Securities and Futures (Fees) Regulations; capital and substance costs are itemised in your quote.
Why Singapore
Asia's financial capital, on your licence.
Singapore trades higher entry standards for the regulatory brand the entire region banks on.
✓
World's #3 FX centre
Only London and New York clear more FX. Liquidity providers, prime brokers and bank desks are local counterparties, not remote logos.Liquidity is local.
✓
The MAS stamp
Asia's most respected supervisor: a CMS licence converts into banking, PSP and institutional relationships across the region on the strength of the name alone.Asia banks on it.
✓
Capital tiered to audience
S$1M for accredited-only books, S$5M for retail. The statute prices the model you actually run, with a clean upgrade path.S$1M or S$5M by audience.
✓
One Act, one supervisor
Securities, derivatives and leveraged FX live in a single statute under a single regulator - no agency arbitrage, no double filings.No agency arbitrage.
✓
17% tax with exemptions
Headline 17% corporate tax with start-up and partial exemptions, no capital gains tax and one-tier dividends. Developed-market credibility at sensible cost.Credible, sensible cost.
✓
Gateway to Asian flow
The natural base for serving ASEAN, North Asia and the Middle East from one licence. In the time zone where Asian FX actually trades.ASEAN to North Asia.
How it compares
How Singapore differs from other routes.
The comparison that matters: Singapore sits at the credibility end of the Asian spectrum, priced accordingly.
Singapore vs other jurisdictions
| Feature |  Singapore | Other jurisdictions |
|---|---|---|
| Regime | SFA 2001 - MAS CMS licence | MiFID desks or offshore |
| Base capital | S$1M-S$5M by audience | US$0-2M spread |
| Credibility | Asia's benchmark | Varies to none |
| Timeline | 6-12 months | Weeks offshore, months EU |
Regime
SingaporeSFA 2001 - MAS CMS licence
Other jurisdictionsMiFID desks or offshore
Base capital
SingaporeS$1M-S$5M by audience
Other jurisdictionsUS$0-2M spread
Credibility
SingaporeAsia's benchmark
Other jurisdictionsVaries to none
Timeline
Singapore6-12 months
Other jurisdictionsWeeks offshore, months EU
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Singapore | MAS CMS licence | 17% · exemptions | S$1M-5M base capital |
 Hong Kong | SFC Type 3 | 8.25% / 16.5% | HK$30M paid-up + HK$15M liquid |
 Japan | FSA Type I FIBO | ~30% effective | ¥50M · CAR 120% · 25:1 |
 Australia | ASIC AFSL | 30% · 25% base | NTA A$1M, CFD order |
SingaporeLicense typeMAS CMS licence
Taxation17% · exemptions
RequirementsS$1M-5M base capital
Hong KongLicense typeSFC Type 3
Taxation8.25% / 16.5%
RequirementsHK$30M paid-up + HK$15M liquid
JapanLicense typeFSA Type I FIBO
Taxation~30% effective
Requirements¥50M · CAR 120% · 25:1
AustraliaLicense typeASIC AFSL
Taxation30% · 25% base
RequirementsNTA A$1M, CFD order
Before you apply
Requirements for the MAS CMS licence.Requirements for the licence.
MAS licenses businesses it has examined completely. Shareholders, people, model and controls. The checklist below is what a passing application contains.
01
Singapore company. Incorporated locally, with its mind and management in Singapore.
02
Base capital - S$1,000,000 for accredited/expert/institutional books, S$5,000,000 with retail customers; highest-of rule across activities.
03
Fit-and-proper shareholders and controllers. Assessed to UBO level under MAS's admission criteria.
04
Competent management. A CEO and directors with relevant capital-markets track records; MAS reviews them individually.
05
Resident presence. Locally resident executive directors and staff appropriate to the model.
06
Business plan. The dealing model, flow economics and financial projections MAS can interrogate.
07
Customer asset segregation. Client money and collateral rules designed into operations before launch.
08
Risk-based capital compliance. The financial and margin requirements modelled above the base-capital floor.
09
AML/CFT framework. KYC, screening, monitoring and reporting under MAS notices, with named ownership.
10
Technology and outsourcing controls. System resilience and vendor governance per MAS guidelines.
01
Singapore company, run locally.
02
S$1M or S$5M base capital.
03
Fit-and-proper controllers to UBO.
04
Track-record management, assessed.
05
Resident executive directors.
06
Interrogable business plan.
07
Client asset segregation designed.
08
Risk-based capital modelled.
09
AML/CFT per MAS notices.
10
Technology and outsourcing controls.
Reflects the Securities and Futures Act 2001 and the Financial and Margin Requirements Regulations as of 2026.SFA 2001 + Financial and Margin Requirements Regs, as of 2026.
How it works
From first call to the MAS register.
01
Model and audience
Retail or accredited-only, activities and capital tier. Fixed in writing before any drafting.Retail or accredited - in writing.
02
Company and people
Singapore incorporation, capital evidence and the resident directors MAS assesses individually.Incorporation, capital, residents.
03
The application file
Business plan, financial projections, segregation and AML documentation. Complete before filing, because MAS reads everything.Complete. MAS reads everything.
04
MAS review
Question rounds and clarifications answered - 6-12 months realistic end to end.6-12 months realistic.
05
Licence and launch
CMS licence granted, banking and liquidity live, ongoing capital and conduct compliance on calendar.Banking and liquidity on.
Quick facts
RegulatorMAS
FrameworkSFA 2001
Base capital - retailS$5,000,000
Accredited-onlyS$1,000,000
Multiple activitiesHighest-of rule
Client assetsSegregated
Realistic timeline6-12 months
Corporate tax17%
MAS licenses models it understands completely, run by people it has assessed. Being ready for both is the entire game, and our job.
On the ground in Singapore
Run from our Singapore office.
Prifinance - Singapore
Singapore
Singapore
01
Singapore company formation
Incorporation, capital structuring and the corporate layer MAS expects. Built for the licence from day one.Built for the licence.
02
The MAS file
Business plan, capital models, segregation architecture and conduct documentation. Drafted end to end and defended through MAS's question rounds.Drafted and defended.
03
People and presence
Resident directors, compliance and MLRO-equivalent functions sourced and prepared for MAS's individual assessments.Residents prepared properly.
04
Banking and liquidity
Introductions to the banks, PSPs and liquidity providers that take Singapore licensees seriously. Sequenced with the application.Introductions sequenced.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Good to know
Taxation of forex brokers in Singapore.
17% headline, generous exemptions at the start, no capital gains tax. Credible and competitive at once.
Corporate tax 17%
The headline rate, with start-up and partial exemptions trimming the effective burden on early profits. Most licensed startups begin well below 17%.Exemptions at the start.
No capital gains tax
Singapore levies no tax on capital gains. Exits and revaluations structured properly stay clean.Clean exits.
One-tier dividends
Corporate profits are taxed once; dividends flow to shareholders with no further Singapore tax and no withholding.No withholding.
GST 9% - finance exempt
Financial services including FX dealing are GST-exempt supplies; the 9% rate touches only ordinary purchases.9% only on supplies.
Financial-sector incentives
MAS-administered incentive schemes can reduce rates on qualifying financial-sector income for substantive operations.MAS-administered schemes.
Treaty network 90+
One of Asia's deepest treaty networks. Group structures above the Singapore entity model cleanly.Asia's deepest network.
Tax summary
Corporate tax17%
Capital gains taxNone
Dividend withholdingNone - one-tier
GST on financial servicesExempt · 9% standard
Tax treaties90+
*Figures as of 2026 per IRAS. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Singapore company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
Follow Prifinance
Active across our channels.
Singapore · MAS
Launch your forex project in Singapore with expert support.
Full-service assistance - from incorporation to the CMS licence, segregation architecture and ongoing compliance - run through our Singapore office.
Get a consultation →Free legal opinion
Is Singapore the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Singapore forex licence: quick answers.
What licence does a forex broker need in Singapore?+
A Capital Markets Services licence from MAS under the Securities and Futures Act 2001, for dealing in capital markets products - OTC derivatives and spot FX for the purposes of leveraged foreign exchange trading.
What capital does MAS require?+
Base capital of S$5,000,000 where any customer is retail, S$1,000,000 where dealing is confined to accredited, expert and institutional investors. Where several regulated activities are combined, the highest applicable requirement governs - with MAS's risk-based financial requirements layered above.
Can I start with the S$1M tier and add retail later?+
Yes - many groups license the accredited-investor model first, prove operations, then apply to vary the licence for retail with the capital raised to S$5,000,000. We sequence the two stages from the start.
How long does licensing take?+
Realistically 6-12 months end to end: MAS examines shareholders, people and the model in depth, and question rounds are the norm. Completeness of the initial file is the main speed lever - that is our job.
What substance does MAS expect?+
A company genuinely run from Singapore: resident executive directors, competent compliance ownership, real premises and operations MAS can inspect. Mailbox setups are not licensable.
How are Singapore brokers taxed?+
17% corporate tax with start-up and partial exemptions, no capital gains tax, one-tier dividends with no withholding, GST-exempt financial services and a 90+ treaty network.
How are client assets protected?+
Customer money and collateral must be segregated under the SFA rules - held apart from the firm's own assets with reconciliation and reporting. The architecture must exist before launch; we design it with the application.
Does the licence cover other products?+
The CMS licence is modular: securities, derivatives, fund management and other regulated activities can sit on the same licence, with the highest base-capital requirement applying. Many FX groups add capabilities over time.
Singapore or Hong Kong for an Asian FX base?+
Both are top-tier. Singapore offers the tiered S$1M/S$5M entry and ASEAN reach; Hong Kong's Type 3 regime asks HK$30M paid-up but anchors North Asia. Serious groups often hold both; we sequence the pair properly.
Why Prifinance for Singapore?+
A Singapore presence, 400+ licences obtained worldwide, and files built for regulators that read everything - model, capital, people and controls prepared as one coherent story.
What licence?+
MAS CMS - OTC derivatives & leveraged FX.
Capital?+
S$1M accredited-only / S$5M retail.
Start small?+
Yes - S$1M tier, upgrade later.
How long?+
6-12 months realistic.
Substance?+
Resident directors, real operations.
Taxes?+
17%; no CGT; one-tier dividends.
Client assets?+
Segregated by statute.
Other products?+
Modular - add activities.
Or Hong Kong?+
Both top-tier - we sequence.
Why you?+
400+ licences, complete files.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Singapore route fits your project and what it will cost.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Monetary Authority of Singapore (MAS) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.