A Singapore forex broker license is essential to obtain prior to engaging in forex activity in Singapore. It is generally considered that the foreign exchange industry is a complex and highly regulated place which can be very difficult to navigate when starting an FX business. It is therefore advisable to seek the help of a professional consultancy to guide you through the application of a Singapore broker license.
The Singapore regulatory body responsible for the issuing of Singapore broker licenses and supervising the financial services industry is the Singapore MAS, otherwise known as the Monetary Authority of Singapore. The MAS regulatory body was established in January 1971 on resolution of the Monetary Authority of Singapore Act 1970. Later in 2002 the MAS was bestowed with the role of also being Singapore’s currency issuer.
The Singapore Monetary Authority is also the central bank of Singapore and has the responsibility of enforcing the monetary policy of the ccountry, supervising financial services, managing and monitoring foreign reserves and administering applications for financial licenses.
It is essential to hold a valid Singapore forex license in order to engage in forex activity, and it is important to ensure that your forex business is always in compliance with the rules and regulations as laid down in by the MAS.
To obtain a Singapore forex broker license you will need to have a registered company in the country that is specifically formed for the purpose of providing forex activities. In addition you will have to provide the MAS with the company’s special Memorandum and Articles of Association, together with the documentation describing the company’s internal and external procedures. The results of your fit and proper test along with your company business plan will also need to be submitted.
Starting Business can help you apply for a Singapore FX license in a timely, professional and stress-free manner. Our consultants will help you understand how to comply with the MAS rules and regulations and also how to administer the correct documentation required my MAS.
For information on how Starting Business can provide comprehensive consultancy on all areas of Singapore broker licensing, Contact Us.