Why consider Singapore?
The Payment Services Act framework identifies different payment services, making it possible to scope a product around its transfer, account, merchant or digital-token functions.
Crypto services
Digital payment token services are a defined payment-service category. Other token or investment activities may fall under different requirements.
PSP, fiat and payment services
Domestic transfers, cross-border transfers, merchant acquisition, account issuance and e-money issuance are separate service categories. Licence type and authorised scope matter.
Company formation and operations
Assess incorporation and local operating arrangements alongside the relevant financial-services application. An ordinary company is not a licensed payment institution.
Tax, incentives and the full cost
Review company residence, income, substance and the eligibility conditions for any incentive with a qualified adviser. Do not apply a general startup benefit automatically to a regulated financial business.
Compare three figures: setup cost, the cost to operate for a year, and the tax outcome for both company and owner. Any incentive should state its eligibility conditions and be confirmed for your facts before it is included in a proposal.
Banking and provider fit
Compare settlement currencies, customer-country coverage and safeguarding needs with what the proposed bank or payment partner will accept.