EMI And PI In Singapore
Electronic money (e-money) institution (or EMI) is a licensed financial institution which allows to provide financial services with e-money and payment operations.
Besides that EMI in Singapore allows the company:
• Remote account opening
• Authorized payments to banks around the world in USD/EUR/GBP and other currencies;
• Payments from any international account in the SWIFT;
• Correspondent accounts opening around the world.
Requirements for EMI
- Initial capital not less than 260 000 US dollars;
- The board of directors should include:
- At least one executive director should be a citizen of Singapore or have a permanent residence permit in Singapore
- At least 1 non-executive director who is a citizen of Singapore or have a permanent residence permit in Singapore
- At least 1 executive director who is a Singapore Employment Pass Holder.
Singapore is considered one of the most promising and reliable jurisdictions for obtaining an API license. With this license your business will be allowed to provide any kind or number of payment services, including operations with cryptocurrency.
Requirements for PI
1. Initial capital should be at least EUR 62,000;
2. To have all required documents;
3. Prepare a business plan;
4. Submit a document that confirms the level of income;
5. And others.