Singapore's law on digital currency
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
the United States is a federal country, and each state has different attitudes towards virtual currency. Enterprises in New York State need to apply for a license to carry out virtual currency related business. California state recognizes the legality of virtual currency, but needs to carry out legal registration. Fuyuan coin is the legal registration in California.
1. Securities trading does not need transaction intermediary, and it is highly efficient to directly go from indivial to indivial, or from institution to institution, or from institution to indivial
2. There is no handling charge
3. There is no need for intermediate reconciliation, trusteeship, etc. operation management is likely to end because of this.
Fake
in 2017, the Internet Finance Association of Jiangsu Province issued the "internet pyramid selling identification guide", which named 26 so-called digital currencies as illegal pyramid selling projects covered or suspected to be covered with digital currency
they are: treasure money, Baichuan money, SMI, MBI, mark money, dark money, mmm, Fuda compound wealth management, carat money, V treasure, Vicat money, petroleum money, Huaqiang money, CB aiib Hong Kong Group, Yuansheng, Morgan money, beta money, WorldCom, u money, Jubao, 21st century jifox, Wanxi wealth management, Wanfu money, Wuxing money, Yi money, Zhonghua money, etc
extended materials:
digital money pyramid selling generally has three characteristics:
1. It is a real proct digital money, and it is highly packaged
2. Participants can get a head pulling reward, and the prize is the digital currency itself
The reason is that digital currency will appreciate with the increase of participants in the scam. In the cycle of digital currency appreciation, the number of participants who can obtain digital currency will also increase, and the participants including the lowest level participants will also gain, but when they enter the cycle of devaluation, the bottom level participants often lose a lotthe "trading market" of MLM digital currency is basically controlled by specific institutions. In the early stage, in order to attract investors to invest, the currency price may be very high. Once the time is ripe, it will be sold intensively, and the price will plummet, and the investors will lose all their money
BVI company structure Singapore Foundation:
firstly, the project party registers an ordinary offshore company in BVI, and claims that the main body of the foundation is BVI company. Then we set up a foundation (CLG) in Singapore. BVI company cooperates, authorizes and operates ICO related projects. Of course, each currency needs an independent foundation to operate, so as to regulate the risk of currency trading on the main body of the foundation. Finally, Singapore commonweal foundation authorized the domestic marketing team and technology R & D team to carry out project promotion and technology R & d
to issue legal opinions on project compliance in the later stage: according to Singapore law, all ICO related projects operated by the foundation, whether currency issuing or exchange, It is necessary to issue a legal opinion to prove that the nature of digital currency is non securities and futures, and the white paper also needs to circumvent the relevant attributes to comply with the laws and regulations of the Singapore monetary authority
At present, the supervision is relatively strict when setting up a foundation to issue money on the exchange. However, Singapore has always been very friendly to digital currency and related instries. At present, digifinex, cointiger and dragonex exchanges, which are well-known in the world, are all set up in Singapore. It has become an instry consensus to issue money on the foundation in Singapore with high credibility, You only need to make a legal opinion according to the regulations. There is no problem in issuing currency. Many of our customers have successfully operated it
in order to issue currency, the Singapore foundation needs to prepare for the establishment of the Singapore foundation and the submission of legal opinions on compliance
how to set up the Singapore foundation 1: the name of the foundation is noted as (Foundation Ltd) ICO legal opinion. In order to comply with MAS supervision, the stock exchange needs to provide: legal opinion: legal opinion to issue token non securities Certificate in accordance with Singapore regulations white paper: white paper legal compliance lawyer's opinion: prove that the project is legal and does not touch or violate any existing Singapore regulatory regulations purchase agreement: according to the requirements of Singapore regulations, the private placement terms for raising funds by issuing token of the project are issued Singapore law governed terms, conditions for public not everything needs to be done. If you don't issue currency, you only need to do the first two. If you want to issue currency, you need to do all of them< br />
2: provide ID cards, passports or identity certificates of at least three members (one Singapore member provided by our company and two members provided by our customers)
3: the registered capital of a non-profit organization is S $1, and there is no share proportion (who can be authorized as the legal representative in the later stage)
4: registered address (provided by our company)
5: guarantee of new party's lawyer and Auditor (provided by our company)
6: Secretary of new party (provided by our company)
7: registered member of new party (provided by our company)
business scope
1. Development of other software and programming activities n.e.c.
2 Software consultation (the scope of blockchain ICO is basically these two)
registered capital
s $1 (non-profit government stipulates that only S $1)
registration takes 3-5 weeks; After signing and submitting the registration application, the company's establishment can be inquired online within 2-3 working days, and a full set of documents such as certificates and seals can be obtained within 3-5 weeks:
in order to issue currency, the Singapore foundation needs to prepare for the establishment of the Singapore foundation and the submission of legal opinions on compliance
how to set up the Singapore foundation
1: the name of the foundation is (Foundation Ltd.); 2: Provide identification and address proof of at least 2 members (Singapore member, provided by our company and 1 by the customer himself); 3: The registered capital of non-profit organization is S $1; 4: Registered address (provided by our company) 5: new party lawyer auditor guarantee (provided by our company) 6: New Party Secretary (provided by our company) 7: new party registered member (provided by our company) business scope 1, development of other software and programming activities n.e.c.2 Software consultation (the basic scope of blockchain ICO is both of these two) needs 3-5 weeks to register with the registered capital of SGD 1 (only SGD 1 according to the regulations of non-profit government); After signing and submitting the registration application, you can inquire about the establishment of the company online within 2-3 working days, and obtain a complete set of documents such as certificates and seals within 3-5 weeks
legal opinion: in order to comply with MAS regulation, the stock exchange should provide legal opinion to issue token certificate of non securities nature in accordance with Singapore regulation
white paper: white paper legal compliance lawyer's opinion: prove that the project is legal and does not touch or violate any existing Singapore regulatory regulations
purchase agreement: according to the requirements of Singapore regulations, private placement terms for raising funds by issuing token of the project are issued
Singapore law governed terms, conditions for public
not everything needs to be done. If you don't issue currency, you only need to do the first two. If you want to issue currency, you need to do all of them.
Singapore: the digital currency exchange needs to apply for a license to operate in compliance with the regulations.
according to bplus Singapore news, on January 14, the payment services bill passed through the Singapore Parliament and has been formally enacted. Souwei can develop Singapore blockchain digital currency exchange xrv522 , Singapore's minister of ecation ong Ye Kung said on behalf of the Singapore Monetary Authority (MAS), MAS will consult relevant instries in the near future, and formally introce the implementation measures and exemption provisions of the bill. This bill will directly affect many digital currency exchanges, wallets and OTC platforms in the Singapore market, and will comprehensively supervise the related businesses from the aspects of risk control and compliance