Stored Value Facility in Singapore

The SVF license in Singapore is similar to EMI in Europe. If your activity involves an electronic money issue, a payment system establishment, then it is necessary. The country's legislation does not specify strict requirements for the applicant. When making decisions, the authorized bodies are guided by international standards. The SVF payment license can be one of two types:

1. Single-purpose - applies to a product / service provided by the owner. For example, money are accepted with such license. In this case, the user can’t withdraw them to pay for services.
2. Multi-purpose - does not have the limitations inherent in the previous type. The customer can deposit funds, make transfers from his account in the system. It is necessary to obtain the local regulator permission to do this.

The license in Singapore is attractive for businessmen. First, if the daily deposit  balance of customers does not exceed 30 000 000 SGD, then you do not fall under the strict control of the regulator, secondly, the Single Purpose SVF license can be obtained within a couple of months, and, finally, it allows working in the Asian region.

Obtaining a License

A payment license in Singapore is issued only if the company is registered in the country. Residents should be in the position of the director and the shareholder. To register a company for non-residents, they are required to obtain a residence permit. In addition, you need to provide an activity plan and appoint an employee authorized to monitor a compliance with anti-money laundering legislation. There are no requirements submitted for a residence to such person.

Integrated Support of "Prifinance"

Our services allow you to relieve yourself fully of the responsibility for a legal component documentation, such as: registration of the company, obtaining tax numbers for financial activities, compliance with reporting standards, and obtaining a license. Moreover, we will prepare documents and internal instructions necessary for the company registration.

The team of "Prifinance" will help to select an individual solution for a specific request and start the activity without a delay. We are ready to offer a full service for SVF license obtaining in Singapore, as we have a diversified experience of rendering services in the field of payment processing.

The issuer's license for electronic money allows:

• merchant services provision;
• electronic money issue;
• electronic wallets opening, mobile wallets;
• prepaid cards issue;
• provision of other financial services.

Working with us, you will receive:

• a license to issue electronic money in the world;
• a customer's account in a Singapore bank;
• consulting on doing business;
• recommendations to maintain the license;
• support of the company's activities after the license obtaining.

Features of SVF License in Singapore:

• jurisdiction known worldwide;
• balance on customer's accounts 30.000.000 SGD (≈21 000 000 USD);
• no restrictions on the electronic money turnover.

Our Services Include:

• collection and preparation of necessary documents for the  company registration in Singapore;
• registration of a company in Singapore in accordance with requirements of Monetory Authority of Singapore (MAS)  for financial institutions;
• filing an application with the regulator on the company's registration as a Wide Accepted SVF company;
• registration of the company in FATCA, a receipt of Global Intermediary tax number;
• Identification Number GIIN (mandatory for companies performing financial activities in Singapore);
• preparation of AML / KYC procedures in accordance with MAS requirements;
• audit of the company's website for compliance with the regulator's requirements.