Sierra Leone. South Africa. South Korea. Sri Lanka. Home » Money remittance business registration. Money remittance business registration in Since , Healy Consultants Group PLC has assisted numerous Clients setup their remittance money transfer business in different jurisdictions across the globe.
Jurisdiction Singapore Dubai Labuan Mauritius Seychelles Recommendation in order of preference 1 2 3 4 5 Summary at a glance Remittance license required? Contact us For additional information on our money remittance services in worldwide, please contact our in-house country expert, Mr.
Simon Guidecoq, directly:. How do you rate this page? Report a problem or mistake on this page. All rights reserved. UEN number: R. Call us now. Send us email. Go to top. Avenues Payments. Private limited company. Global business license type 1. A well-thought of, pragmatic and continually improving Compliance Program is the cornerstone of any well-established money-transfer company.
Go with the best company you can afford to make your compliance program. Initially, many entrants will startups will work with a compliance speciality company to author their compliance program, which in turn the compliance officer would then implement. Next is determining which markets you want to work in. Tie-ups can be a bit or a bore to implement they are mostly paperwork driven and time consuming , but they would be essential to work in both the markets.
Unless your arrangement is providing you with the software to run your money transfer business and the allied services like ID verification, OFAC and other Sanctions list checks, etc. This task should start in parallel at the very earliest as implementing it can take some time. The goal is to have a system that can provide front-office and back-office functions, while also being able to provide audit logs for auditors.
Today, one has many options as far as software is concerned. You should be very clear as to what your transaction set would look like. How the flow of funds will work or are working, even if you are an affiliate. Many people dive into the business without paying too much attention to the money they would be making. Every single penny must be accounted for. You should know very accurately how this all works out, how much money is being deducted at each step of the way and why.
You should also know who is keeping this money. Research and Data is extremely important for you to proceed ahead. Go out into the real-world and interview potential customers. Take notes. I am writing about it at the very end, because people tend to ignore a business plan. It is perhaps one of the most vital documents that will give you a sense of semblance every day to get your bearings right. There are plenty of templates out there on the web, search for one and use it.
It also would give structure to your thinking and overall approach. We will be happy to assist you with your license registration with MAS and all other compliance needs that may arise. Argus specializes in regulatory compliance and provides objective insights, subject expertise and a simple approach to all your compliance-related needs. Our diversified client base spans start-ups to mature businesses. Please connect with us for your specific queries to this article or any other regulatory compliance hurdles you may face.
Follow us on LinkedIn. APAC Updates. March 29, A majority of the board of directors of the company should be Singapore citizens, except in the case where the board comprises only of two directors, only one of the directors need be a Singapore citizen. Under the Act, any person who desires to carry on business in providing one or more types of payment services may apply for: Money-changing License Standard Payment Institution License or Major Payment Institution License Money-changing License A person must hold a money-changing license if he carries on business in providing money-changing services only.
Standard Payment Institution License and Major Payment Institution License A person must hold a standard payment institution license or major payment institution license, If he is providing one of the following payment services: Account issuance services Domestic money transfer services Cross border money transfer services Merchant acquisition services E-money issuance Digital payment token service If he is providing two or more of the following payment services: Account issuance services Domestic money transfer services Cross border money transfer services Merchant acquisition services E-money issuance Digital payment token service A money-changing service Remittance businesses will now come under the purview of cross-border money transfer services.
0コメント