Crypto Company Formation Process in Singapore: A Detailed Guide
Singapore 
Updated on January 05 
Verified by GLA Experts 
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content
- 1. What is Crypto/Blockchain gaming?
- 2. Why should you open a Crypto/Blockchain gaming company in Singapore?
- 3. Process of establishing a Crypto/Blockchain gaming company in Singapore
- 4. What to do after a Crypto company in Singapore is established?
- 5. How does GLA support Businesses to set up Crypto companies in Singapore?
- 6. Frequently asked questions when opening a Crypto company in Singapore
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Did you know that in 2024, the Financial Conduct Authority of Singapore (MAS) granted a total of 13 major payment institution licenses to companies operating in the cryptocurrency sector, surpassing Hong Kong. This proves that Singapore is emerging as the leading Crypto hub in the region. So why is Singapore the choice of Crypto companies to settle down and establish a company, is the process of establishing a Crypto company in Singapore really easy for foreign Crypto companies?
In this article, GLA will provide:
- Why should you open a Crypto company in Singapore?
- Detailed process of establishing a Crypto/Blockchain gaming company in Singapore?
1. What is Crypto/Blockchain gaming?
Crypto/Blockchain gaming is a game that uses real item ownership from the same technology that underpins cryptocurrencies. This is a significant innovation for players who previously accepted that their items would be stuck in the game forever. While traditional games - where all in-game data, assets and currencies are typically limited to that game - crypto/blockchain gaming has shown a decentralized gaming future: where items won or purchased in one game can be transferred and used in another, placing real-world value on in-game digital assets.
So, it can be said that crypto/blockchain gaming is turning gamers into investors. Because, in traditional games, if a player quits a game after spending a lot of money on it, that money is gone. But with crypto/blockchain gaming, if a player wants to quit the game, they can sell what they have bought in the game; this contributes to changing the way of playing and turning gamers into investors.
2. Why should you open a Crypto/Blockchain gaming company in Singapore?
2.1 Tax optimization opportunities will be maximized when opening a crypto/blockchain gaming company in Singapore
Nowadays, establishing a company in foreign countries such as Singapore, Hong Kong, etc. to facilitate investment for domestic subsidiaries is no longer a strange concept in the international business world. With a crypto/blockchain gaming company in Singapore, businesses:
- Easily attract investment capital from major investors around the world,
- Create sandboxes to test new technology applications/new business models domestically.
The solution of opening a company in Singapore not only helps crypto/blockchain gaming companies easily attract foreign investment, develop their brands, and expand their markets, but also helps create conditions for crypto/blockchain gaming companies located in Singapore to gradually shift or bring part of their business activities back to the country, while taking advantage of the double taxation avoidance policy between Singapore and related countries.
Businesses enjoy incentives on tax exemption policy in Singapore This is why Singapore attracts Crypto/Blockchain gaming companies.
2.2 Opportunities to receive foreign investment for Crypto/Blockchain gaming companies in Singapore
Crypto/Blockchain gaming companies that have received investments in Singapore include:
- Grab received $1,5 billion from Japan's Softbank Group for an undisclosed stake. This transaction partly helps Grab complete its plan to list on Nasdaq under the ticker symbol GRAB, after the deal is completed.
- Bigo technology received 1,4 billion USD from YY Inc (China) with a stake of 68%.
Establishing a company in Singapore is an opportunity to access foreign investment capital and investment programs for startups and start-ups.
2.3 The ecosystem of businesses - SMEs - start-ups applying blockchain in Singapore is very diverse.
In Singapore, blockchain is not only applied in the gaming field but also in many other fields, with typical start-ups in Singapore such as:
- Blockchain applications in the field of Communications: Top Networks, etc.
- Blockchain application in Digital Content field: MinersINC, REOs, etc.
- Blockchain applications in the gaming industry: Sky mavis, HIGH, Seascape, etc…
3. Process of establishing a Crypto/Blockchain gaming company in Singapore
The process of opening a blockchain gaming company in Singapore is similar to the process of setting up any other Singapore company.
Step 1: Choose the type of Singapore company
Types of Crypto/Blockchain Companies that can be Incorporated in Singapore include:
- Sole Proprietorship,
- Partnership,
- Private Limited Company (Pte. Ltd.),
- Limited Liability Partnership
Blockchain gaming businesses can choose one of the above Singapore business types to establish a company in Singapore depending on their business needs.
Step 2: Prepare the requirements to open a company
Requirements to open a blockchain gaming company in Singapore will include:
- Prepare 3 Singapore blockchain company names:
- The minimum initial down payment is S$1.
- There is at least one shareholder. This shareholder can be an individual or a company.
- There is at least one Nominee Director in Singapore. This director must be a permanent resident or citizen of Singapore.
- There is at least one company secretary in singapore. This secretary must also be a permanent resident or citizen of Singapore.
- Have a physical company address in Singapore. This address can be in a commercial or residential area.
- Have corporate bank account in Singapore.
Step 3: Submit application to ACRA
After preparing the documents to establish a Singapore company, GLA will represent the Crypto/Blockchain gaming enterprise to submit the registration documents to the Singapore Business Registration Authority (ACRA) to proceed with Singapore company registration.
Step 4: Receive Singapore company formation results
After successful approval of Crypto/Blockchain company registration application in Singapore, ACRA will hand over the Singapore Certificate of Incorporation together with the Singapore Company Registration Number (UEN) of the Singapore company.
4. What to do after a Crypto company in Singapore is established?
According to the Singapore Companies Act issued by ACRA, Singapore companies are required to prepare the following types of reports:
- Report on estimated taxable income of Singapore company.
- Corporate income tax return (Form C/CS).
- Minutes of the Annual General Meeting (AGM).
- Annual Report (AR).
- Opening a Bank Account for a Crypto Company in Singapore: Options Available open traditional bank account or digital bank account or both of these types of accounts.
5. How does GLA support Businesses to set up Crypto companies in Singapore?
GLA with more than 10 years of experience in establishing Crypto companies in Singapore, Hong Kong, Offshore, etc. will support Enterprises in establishing Crypto companies in Singapore including:
- Prepare documents for registration of Singapore company.
- Lease nominee director, Singapore company secretary
- Open Support traditional bank account, digital bank account Help companies make financial transactions and international payments simply and easily.
- Support for Singapore company office for rent to register business address, business activities in Singapore.
6. Frequently asked questions when opening a Crypto company in Singapore
6.1 How long does it take to set up a Crypto company in Singapore?
The time to establish a Crypto company in Singapore will range from 3-5 working days. To know the exact time to establish a Crypto company in Singapore, businesses should contact GLA for detailed advice on the process, procedures and time to establish a Singapore company.
6.2 How many steps are involved in setting up a Crypto company in Singapore?
Step 1: Choose the type of Singapore company
Step 2: Prepare the requirements to open a company
Step 3: Submit application to ACRA
Step 4: Receive Singapore company formation results
6.3 Can Crypto businesses establish a Singapore company themselves without going through a service support unit like GLA?
Yes. Crypto businesses can set up a Singapore company themselves without going through a service support unit like GLA if they meet the following conditions:
- Provide nominee director for Singapore company who is Singapore permanent resident, holding Employment Pass.
- Provide Singapore office address, if you already have an address or an acquaintance or relative can provide an address in Singapore as the address to register a Crypto company in Singapore.
- Get a Singpass to log in to ACRA's Singapore company registration system.
6.4 Why do Crypto Businesses in Singapore often choose to open digital bank accounts?
Crypto businesses in Singapore often choose to open digital bank accounts because:
- Time to open a digital bank account: 3-5 days, fast instead of 1-3 months like a traditional bank account
- Application review process: opening a digital bank account will provide easy application, simple review process, 100% online opening procedure, no interview required. In contrast to traditional bank accounts, which require complex application, difficult review process.
Highlights- Crypto businesses that set up a company in Singapore will have the opportunity to optimize taxes, receive foreign investment capital and access the Crypto community in Singapore.
- The process of opening a company in Singapore for Crypto will take place quickly from 3-5 days, GLA supports businesses to open a Crypto company in Singapore in a complete package.
- GLA supports businesses in opening digital and traditional bank accounts to ensure easy and convenient international financial transactions.
This article was published by GLA on 06/09/2021. Copyright and accompanying content are intellectual property of GLA. All rights reserved.
The guidance and content are for general information only and are not intended to provide specific guidance and advice on accounting, tax, legal or other professional advice. Readers should consult professional advisors on specific issues.
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