Singapore banks reject blockchain
when we say whether it's legal or not, we mainly talk about blockchain coin issuing, not registration. Officially, because of concerns about legal compliance, most blockchain issuers will submit legal opinions, especially the non securitization proof of token
at present, many enterprises set up Foundation Ltd. (Foundation) in Singapore because ICO is a new financing mode of digital currency, such as bitcoin, which is based on blockchain by issuing digital encryption token
What are the conditions for registering Singapore Foundation:
1. Provide the name of Singapore foundation ending with Foundation Ltd
2. Provide a member's ID card and passport
3. Provide a witness's ID card
4. Business scope of Singapore company
5. Members and witnesses hold ID card or passport photo
1. Decentralized: the left side of Figure 1 describes the centralized characteristics of today's financial system, and the right side describes the emerging decentralized financial system, which has no intermediary, and the rights and obligations of all nodes are equal. Any node that stops working will not affect the overall operation of the system
2. Trustworthiness: all nodes in the system can trade without trust, because the operation of the database and the whole system is open and transparent, and nodes cannot cheat each other within the rules and time range of the system
3. Collective maintenance: the system is maintained by all the nodes with maintenance function, and all the people in the system participate in the maintenance work together
4. Reliable database: every node in the system has the latest complete database , so it is invalid to modify the database of a single node, because the system will automatically compare and think that the same data record that appears most times is true
the blockchains of bitcoin, Ethereum and decent all have these characteristics.
token with the Singapore foundation for blockchain registration? Do you use the offshore company to control the Singapore entity or the Singapore entity to control the offshore company
1. The main role of offshore companies in token issuing structure: privacy protection and tax planning; The comparison of the two different holding structures is as follows:
structure 1: Singapore non-profit CLG holding offshore company
structure 2: offshore company holding Singapore PDE Ltd
in structure 2, using offshore main body to hold Singapore private limited company, there is a high risk of being refused to open an account in Singapore Corporate Bank
topic 3: after the issuance of token, How to deal with the problem of capital liquidity? How to deal with accounting and auditing
although Singapore's banks are still in a highly sensitive state in opening bank accounts for digital currency related businesses e to their inability to handle the fixed source of funds, KYC / AML barriers, and MAS's support and encouragement for financial innovation, Singapore is still the most friendly international financial center for digital currency instry among the coastal countries. The main problems of token change in banks are all caused by the unknown large amount of funds recorded in accounts
in the later operation of token issuance, four problems need to be treated carefully
1) the choice of the country where the operator is located: the company tax of the country, the friendliness to digital currency and the policy trend should be considered
2) to open a public bank account, the operator should obtain professional account opening guidance to avoid rejection
3) compliance operation in the process of token realization: it needs a compliant trading partner without regulatory risks to conct transactions, so as to avoid the bank account being closed
4) daily financial and tax work of operation entities: timely obtain professional service guidance, and strictly carry out daily accounting and tax audit report work
Singapore blockchain ICO company
according to the analysis of market results, at present, 70% of the companies registered in Singapore are public companies, and 30% are private limited companies in particular, there is no legal entity in Singapore called "foundation". What we usually call registered Singapore foundation refers to the type of public company Singapore public company: 1. Independent legal entity
3. No shares or share capital
4; Articles of association) to clarify the upper limit of each member's liability
Non profit: initially, it was mainly for non-profit organizations6
the company needs at least 2 company officials. At least one director must be Singaporean or permanent resident (Bajie can provide)
Singapore private limited company:
1. At least one shareholder and at most 50 shareholders can be natural persons and companies
2. At least one local director and one legal secretary (not the same person, Bajie can provide them)
3. Limited liability4
Three years before the establishment of the company, the profits of the first 100000 Singapore dollars are exempt from corporate tax, the tax rate of the company within 300000 Singapore dollars is 8.5%, and the tax rate of the part exceeding 300000 Singapore dollars is 17%is Singapore blockchain ICO a public company or a private limited company? What are the conditions
registration conditions and fees of Singapore public company:
1. Company Name: English only, company type is public guarantee limited company, ending with Ltd. or limited
Registered capital: there is no registered capital, but each member will pay in S $13. Members of directors: the requirements of directors are the same as those of ordinary companies, but there are no shareholders
Registered address: Bajie can provide Business scope: at most 2 main business activities can be selected (generally computer software, network, information technology, etc.) Legal secretary of the company: Bajie can provideregistration time: 4-6 weeks
registration conditions and fees of Singapore private limited company:
1. Company Name: English only, company type is private limited company, ending with PTE. Ltd
2. Registered capital: there is no need to verify the capital. The minimum is S $1, the maximum is S $500000, and the annual fee of Singapore business alliance is required
3. Directors and shareholders: at least one scanning of passport + ID card (address proof) of directors and shareholders shall be provided, and non Singaporean shall register. If an account needs to be opened later, at least two directors (except Singaporean local directors) shall be provided for registration
4. Registered address: local registered address in Singapore (available from Bajie)
Business scope: at most two main business activities can be selected (generally, the business scope of computer software, network, information technology, etc.) Legal secretary: provided by our companyregistration time: usually 3-4 weeks
note: after the registration of general for-profit foundation, there is no need to audit if there is no bank account, while the annual inspection and audit of non-profit foundation must be done every year after the registration
after the Singapore blockchain ICO company established the Singapore foundation, if it wants to issue currency, it will also involve four certificates:
1. White paper compliance: to prove that the projects undertaken by the foundation are in line with Singapore regulations, to prevent MAS (monetary authority of Singapore) investigation, which need to be used when going to the exchange
2. Token non securitization proof: prove that the project is non securitized, avoid causing trouble, and securitization is unable to engage in block chain related business in Singapore
3. Compliance of private placement terms: proving that the fund raising and sales concted before going to the exchange are legal and compliant
4. Compliance of public offering terms: it is equivalent to the commitment made to the majority of investors after going to the stock exchange, increasing the confidence of investors
note: the above certificates can be provided by Bajie Singapore lawyers
Singapore regards the development of blockchain technology as the top priority of the country. According to the law, "public guarantee company limited" is established for non-profit purposes, and its members are responsible for contributing assets to the company. It can be seen that ICO foundation is supported by policies in Singapore. Singapore is the center of Asian blockchain, the most popular settlement area, and the government has a clear regulatory attitude towards ICO Close to China, open and friendly policy, shape corporate public image, provide financial support for enterprises, reasonable tax avoidance
1. Provide at least three members, including ZhuoZhi, director of Singapore, and the other two members provided by customers themselves
2. Company name, in all capitals, ending with Foundation Ltd.
3. Registered address: provided by ZhuoZhi
4. Registration time: 10-25 working days
according to the latest data of Accenture, the investment in fintech in the Asia Pacific region increased from US $800 million in 2014 to US $3.5 billion in 2015. More and more VC companies are focusing on financial technology start-ups in Asia, and financial institutions are showing more and more interest in this field< According to McKinsey data, 59% and 876 million people in Asia belong to the non bank account group. Interestingly, however, Asia accounts for nearly half of the world's Internet users. In addition, the number of digital banking consumers in Asia will reach 1.7 billion by 2020 - which brings a lot of opportunities for fintech start-ups, among which a lot of problems are worth solving
huge market potential
Singapore is a small island country, but it has a huge and mature financial market. Compared with neighboring countries, it is not difficult to see that Singapore is naturally a bridge connecting fintech start-ups in the region< In other words, Singapore's advantage lies in its strategic center in Southeast Asia. In Singapore, a company can obtain:
· a single market with a size of more than 625 million people - ranking third in the world, larger than 319 million in the United States and 504 million in the European Union
· a huge market with a family size of 8 million people
· US $2.6 trillion
therefore, Singapore is an ideal test cradle for fintech solutions. Many start-ups start their businesses in Singapore and then extend their programs and procts to neighboring countries and regions
mature ecosystem
Singapore's advantageous environment is graally formed with the support of local government policies. Cbinsights pointed out that since 2015, Singapore's fintech entrepreneurship accelerators have increased significantly, including the UK acceleration program startupbootcamp fintech and finlab financial laboratory, and financial institutions such as DBS, Citibank, Credit Suisse, MetLife and UBS have also set up innovation laboratories in Singapore Most of the world's leading companies have offices in Singapore. This shows that the Asian market is a very important market. Blockchain projects such as decent and Ethereum are important markets in Asia.
Singapore companies are divided into two categories, one is ordinary companies, the other is public guarantee companies. Generally, blockchain issuing money will register public guarantee companies, which is commonly known as Singapore public non-profit foundation. The advantages of registering Singapore foundation are as follows:
1. Excellent reputation
the Singapore government has a strict registration approval system for registering Singapore foundation, In addition, at least one local director in Singapore is required as a guarantee, and there is a corresponding strict system for the subsequent maintenance of the foundation, which ensures that the Singapore foundation enjoys a good reputation
2. Non profit organizations do not need to pay taxes
non profit organizations in Singapore do not need to pay taxes
3. The possibility of financing
at present, many enterprises set up Foundation Ltd. (Foundation) in Singapore because ICO is a new financing mode of blockchain based venture project, through the issuance of digital encryption token, crowdfunding bitcoin and other digital currency on the network
4. Convenient operation, open and friendly policy
the flight distance between Singapore and China is about 5 hours, which greatly facilitates the groups who need to do business and trade between Singapore and China
5. Singapore is the center of Asian blockchain and the most popular settlement area at present
6. The government has a clear regulatory attitude towards ICO, which makes investment reliable
new air is coming. There are no big blockchain enterprises in the market. All enterprises are in the initial state, so it is an opportunity for every enterprise. It is suggested to register the Singapore foundation as soon as possible
requirements for registration of Singapore Foundation:
1. Foundation Name: English name (ending with Foundation Ltd.)
2. ID cards of three directors are required
3. Business scope: 62019 development of other software and programming activities n.e.c.
62022 software consultation
4. Registered capital: no capital verification, minimum S $1, no maximum limit
5. Company Secretary
6. Registered address in Singapore
7. Registration time: 10 to 25 working days
documents obtained after registration:
complete documents include: Registration Certificate (which is equivalent to business license), registration paper, articles of Association, official seal, steel seal, legal documents, announcement of company establishment, announcement of registered address, authorization documents of new party's registered directors There are 14 authorized documents of the new party's commercial secretary, the first board meeting, CD-ROM, folder and document box
to register a foundation is only the first step, and then we need to carry out legal compliance. Legal opinions are required for blockchain trading. This is also to comply with the existing laws and regulations and prevent MAS (supervision by the monetary authority of Singapore).
As one of the most convenient countries in the world to do business and the headquarters of more than 600 local and foreign financial institutions, Singapore has provided various conveniences for entrepreneurs to invest and start businesses. According to the report on global competitiveness published by the world economic forum in 2014, Singapore ranked second in the global competitiveness ranking for four consecutive years, with 130 ranking better than the United States 9370, Hong Kong and other places. 6165 has obvious international competitive advantage in innovation and efficiency. Therefore, many large enterprises in China regard the registration of Companies in Singapore as the first step for companies to go global
after the foundation is registered, relevant lawyer documents are needed to prove the legality of the project and the nature of the token issued
commonly known as "legal opinions", I would like to introce the legal opinions of lawyers on blockchain projects as follows:
1. Legal opinions on token non securities nature certification issued in accordance with Singapore regulatory regulations
2. White paper legal compliance legal opinions
3. Private placement terms
4. Public offering terms Website publicity and disclaimer
5. Preparation of English white paper
6. Including all legal consultation, scheme design and resource docking in the process of the project
7. Service documents between the fundraising body (Foundation) and the operation body