Services
Sector licensing and regulatory advisory
Sector licences take from about 7–10 working days for many Singapore operating licences (SFA reviews a complete food shop application within 7 working days) to several months for a financial services licence (MAS’s service standard for a complete financial adviser licence application is generally 4 months). Renewal cycles range from 1 to 3 years, and MAS payment licences stay in force until revoked but carry annual fees and ongoing reporting. VIVOS prepares and files licence applications for financial services and payments, travel, education, food and employment agencies, drafts the AML/KYC policies regulators and banks expect, and handles regulatory correspondence and remediation.
Some businesses cannot start trading on incorporation alone. We prepare and manage sector licence applications, and we tell you at the outset whether the licence is realistic on your facts and how long it is genuinely likely to take.
| Common licensed sectors | Financial services and payments, travel, education, food, employment agencies |
| Financial services licensing | Payment institution and capital markets services licences assessed against MAS requirements in Singapore, and equivalent regulators elsewhere |
| Timeline | From 7–10 working days for many Singapore operating licences to several months for financial services licences; MAS’s service standard for a complete financial adviser licence application is generally 4 months |
| Ongoing obligation | Licences carry renewals every 1–3 years, annual fees or both, plus regulatory reporting; few are a one-time approval |
What’s included
- Financial services and payment-related licensing and advisory
- Travel, education, food and employment-sector licences
- Regulatory correspondence and remediation
- AML and KYC policy documentation and risk assessments
Sector licences at a glance: who regulates what in Singapore, Malaysia, Hong Kong and the UAE (2026)
Incorporation creates the company; a sector licence permits a regulated activity and comes from that activity’s regulator, not the company registry. The table shows who licenses common regulated activities in each market as at October 2026.
| Activity | Singapore | Malaysia | Hong Kong | UAE |
|---|---|---|---|---|
| Starting point | ACRA registration, then GoBusiness Licensing or MAS | SSM registration, then the regulator and local authority | Business Registration, then the regulator | Trade licence from DET (Dubai mainland) or a free zone authority |
| Securities and funds | MAS: capital markets services or financial adviser licence | SC: capital markets services licence | SFC licence | SCA; DFSA in the DIFC; FSRA in ADGM |
| Payments and e-money | MAS: money-changing, SPI or MPI licence | BNM: money services business licence; e-money approval | Customs and Excise: money service operator licence; HKMA: stored value facility licence | CBUAE: money transfer, stored value and retail payments |
| Digital assets | MAS: SPI or MPI licence covering digital payment token services | SC: recognised market operator for a digital asset exchange | SFC: virtual asset trading platform licence; HKMA: stablecoin issuer licence | VARA in Dubai outside the DIFC; SCA in other emirates |
| Food and beverage | SFA food shop licence; Police liquor licence | Local authority licence; trained, typhoid-vaccinated food handlers | FEHD restaurant licence | Trade licence plus, in Dubai, Dubai Municipality approval |
| Trading and retail | No general trading licence | KPDN (WRT) approval for foreign-owned distributive trade | No general trading licence | Trade licence, renewed yearly |
| Company and trust services | ACRA: corporate service provider registration | SSM-licensed or professionally qualified company secretary | Registrar of Companies: TCSP licence | Ministry of Economy and Tourism: AML supervision, goAML registration |
| Money lending | Ministry of Law: moneylender’s licence | KPKT: moneylender’s licence | Licensing Court, via the Registrar of Money Lenders | CBUAE |
| Travel agencies | STB | MOTAC | Travel Industry Authority | DET in Dubai |
| Employment agencies | MOM | JTKSM: licence A, B or C | Commissioner for Labour | MOHRE |
In the UAE the zone also matters: a DIFC or ADGM business is licensed by the DFSA or FSRA, not the CBUAE or SCA. Set-up rules for each market are on the Malaysia, Hong Kong and UAE pages.
Singapore sector licences in 2026: regulator, requirements and government fees
Most Singapore operating licences are applied for through GoBusiness Licensing, and financial services licences are granted by MAS. The table sets out common licences with the requirements and government fees published as at October 2026.
| Licence | Regulator | Key requirements | Government fee and timing |
|---|---|---|---|
| Standard payment institution | MAS | Singapore company or registered foreign company; permanent place of business or registered office; S$100,000 base capital; a Singapore citizen or PR executive director (or citizen or PR non-executive director plus an Employment Pass holder executive director) | Annual fee of S$5,000 or the sum of per-service fees, if higher; valid until revoked or surrendered |
| Money-changing | MAS | 1 year of full-time relevant experience; a company must be more than 50% Singapore citizen-owned | S$1,500 a year |
| Capital markets services | MAS | Needed for dealing in capital markets products, corporate finance advice, fund management, REIT management, product financing, credit rating or custody | Base capital set by activity |
| Financial adviser | MAS | Fit and proper company, management and representatives | Service standard generally 4 months from a complete application |
| Food shop | SFA | SFA-approved layout plan | S$195 for 1 year; reviewed within 7 working days |
| Liquor, Class 1A | Singapore Police Force | All liquor consumed on the premises, 06:00–23:59 | S$880 a year |
| Travel agent | STB | Paid-up capital or net worth of S$100,000 (general) or S$50,000 (niche); a Key Executive | S$200 application and S$400 licence fee; up to 10 working days |
| Employment agency | MOM | Certificate of Employment Intermediaries for key appointment holders (comprehensive licence); S$20,000–S$60,000 security deposit | S$400 application and S$100 issuance fee; valid 3 years |
| Estate agent | CEA | Key executive officer with a recent REA examination pass and 3 years’ experience; professional indemnity insurance | S$120 application fee; annual fee from S$330; about 2–3 weeks |
| Moneylender | Ministry of Law | Evidence of funds; a test-qualified manager | S$600 application fee, S$1,500 licence fee, S$20,000 security deposit; about 2 weeks |
| Corporate service provider | ACRA | Any business providing corporate services in or from Singapore, from 9 June 2025; AML/CFT controls | S$400 for 2 years |
Private education institutions register with SkillsFuture Singapore under the Enhanced Registration Framework rather than holding a licence. Fees are government fees only.
Standard or major payment institution? A Singapore worked example
A Singapore payment business can hold a standard payment institution (SPI) licence only while it stays under all three MAS thresholds; passing any one of them means it needs a major payment institution (MPI) licence. The example applies the thresholds to a remittance and e-wallet start-up over two years.
| Measure | SPI threshold | Year 1 | Year 2 |
|---|---|---|---|
| Monthly transactions in any one payment service (other than e-money account issuance and money-changing) | S$3 million | Cross-border transfers of S$2.4 million | Cross-border transfers of S$3.5 million |
| Monthly transactions across two or more payment services | S$6 million | S$2.4 million + S$1.5 million domestic transfers = S$3.9 million | S$3.5 million + S$2.0 million domestic transfers = S$5.5 million |
| Daily outstanding e-money | S$5 million | S$1.2 million | S$2.0 million |
| Result | Passing any one threshold means MPI | SPI: every measure is under its threshold | MPI: cross-border transfers pass S$3 million |
In year 1 the business needs base capital of at least S$100,000 and pays an annual licence fee of at least S$5,000. In year 2 it needs an MPI licence even though its combined volume of S$5.5 million is still under the S$6 million multi-service threshold, because one service on its own has passed S$3 million.
How to get a sector licence in Singapore, step by step
Most Singapore licence applications follow the same order: confirm the licence, set up the entity and people, apply, then pay and meet any conditions. Financial services licences need more documents at each step.
- Confirm the licences needed on GoBusiness Licensing, which recommends licences for a business, and check MAS’s regulated activities for any financial service.
- Register the entity with ACRA; after updating its name or officers, wait at least a day before applying on GoBusiness Licensing.
- Appoint the people the regulator assesses, such as a Key Executive for STB, CEI-certified key appointment holders for MOM or directors meeting MAS’s residency criteria.
- Secure premises and capital: SFA approves a food shop’s layout plan, STB checks paid-up capital and MAS checks base capital.
- Prepare the file; a Payment Services Act application made on or after 26 August 2024 must include a legal opinion and an independent external auditor’s assessment.
- Submit, pay the application fee and answer questions quickly; MAS can put an incomplete application on hold.
- Pay the licence fee and any security, such as MOM’s eGuarantee (about 3 weeks from the bank) or a moneylender’s S$20,000 deposit.
- Diarise fees, expiry dates and regulatory reporting from day one.
Worked example: licences for a fintech and a restaurant in each market
The same business model needs different licences from different regulators in each market. The example takes a remittance and e-wallet fintech, a crypto trading platform and a restaurant that serves alcohol.
| Business | Singapore | Malaysia | Hong Kong | UAE (Dubai) |
|---|---|---|---|---|
| Cross-border remittance | MAS SPI licence while under S$3 million a month in that service; MPI above | BNM money services business licence (remittance) | Customs and Excise money service operator licence: HK$3,810 grant fee plus HK$410 per person assessed; normally valid 2 years | CBUAE licence for money transfer services; DFSA if based in the DIFC |
| E-wallet | MAS licence covering e-money issuance; MPI once daily outstanding e-money passes S$5 million | BNM approval to issue e-money (Financial Services Act 2013) | HKMA stored value facility licence | CBUAE licence for stored value and retail payment services |
| Crypto trading platform | MAS licence for digital payment token services | SC recognition as a digital asset exchange operator | SFC virtual asset trading platform licence | VARA licence (SCA outside Dubai) |
| Restaurant serving alcohol | SFA food shop licence (S$195 a year) and Class 1A liquor licence (S$880 a year) | Local authority premises licence; food handlers trained and vaccinated against typhoid | FEHD general restaurant licence and a separate liquor licence | DET trade licence for the restaurant activity; Dubai Municipality layout assessment |
For the Singapore restaurant, licence fees come to S$195 + S$880 = S$1,075 a year. For a Hong Kong remittance business with three individuals assessed as fit and proper, the money service operator grant fee is HK$3,810 + (3 x HK$410) = HK$5,040.
How long do sector licences take, and how often are they renewed?
Published processing times run from 7 working days for a Singapore food shop licence to 3–4 months for a Hong Kong money lenders licence, and most licences last 1–3 years.
| Licence | Market | Published processing time | Validity |
|---|---|---|---|
| Food shop (SFA) | Singapore | 7 working days | 1 year |
| Travel agent (STB) | Singapore | Up to 10 working days | Not stated |
| Employment agency (MOM) | Singapore | In-principle approval in 7 working days for most cases | 3 years |
| Estate agent (CEA) | Singapore | About 2–3 weeks | To 31 December |
| Payment institution (MAS) | Singapore | Not published | Until revoked; annual fee |
| WRT approval (KPDN) | Malaysia | Not published | Up to 3 years |
| Money lenders licence | Hong Kong | Normally 3–4 months | 12 months |
| Money service operator | Hong Kong | Varies with inspections and checks | Normally 2 years |
| TCSP licence | Hong Kong | Not published | 3 years |
| Trade licence (DET or free zone) | UAE | Not published | 1 year |
Times run from a complete application. Missing documents, premises inspections and fit and proper checks add time, so the period from first preparation to licence is longer.
How to choose where to license a regulated business
License the business where the regulated activity is carried on or where customers are solicited, not simply where the company is incorporated. These questions narrow the choice.
- Where are the customers? Hong Kong’s SFC licenses virtual asset trading platforms that actively market to Hong Kong investors, not only those based there.
- Is local ownership required? A Singapore money-changing company must be more than 50% owned by Singapore citizens.
- How much capital can you commit? Floors include S$100,000 for a Singapore SPI or general travel agent and RM1 million for most foreign-owned distributive trade in Malaysia.
- Which UAE zone? Mainland and commercial free zone businesses deal with the CBUAE, SCA or VARA; DIFC and ADGM businesses deal with the DFSA or FSRA.
- Will one licence cover four markets? No: each market licenses activity in its own territory.
- Can the model avoid a licence? Partnering with a licensed institution sometimes removes the need for one.
Common licensing mistakes
Most licensing problems come from trading too early, outgrowing a licence or missing a renewal.
- Trading before registration or licensing: an unregistered Singapore corporate service provider faces a fine of up to S$50,000, up to 2 years’ imprisonment, or both.
- Outgrowing a licence tier: a Singapore SPI that passes S$3 million a month in one payment service needs an MPI licence.
- Missing renewals: a Singapore estate agent licence ends on 31 December, a Hong Kong money lenders licence lasts 12 months and a Malaysian WRT renewal is due 3 months before expiry.
- Using an unlicensed provider: running a trust or company service business in Hong Kong without a TCSP licence risks a fine of up to HK$100,000 and 6 months’ imprisonment.
- Citing outdated names: Dubai’s DED was succeeded by the DET under Law No. 20 of 2021, and the CBUAE now licenses under Federal Decree-Law No. 6 of 2025.
- Underbudgeting deposits: MOM holds S$20,000–S$60,000 from employment agencies and the Ministry of Law S$20,000 from moneylenders.
Licensing terms explained
These terms appear in licence applications across the four markets.
- Base capital: the minimum capital a licensee must keep, such as S$100,000 for a Singapore SPI.
- Fit and proper: a regulator’s test of the honesty, competence and financial soundness of applicants, directors and controllers.
- Key executive: the person a regulator holds responsible for running a licensed business.
- CEI: the Certificate of Employment Intermediaries, MOM’s qualification for employment agency key appointment holders.
- SPI and MPI: standard and major payment institution licences under Singapore’s Payment Services Act 2019.
- TCSP: a trust or company service provider licensed by the Hong Kong Registrar of Companies.
- WRT licence: KPDN’s approval for foreign participation in Malaysian distributive trade.
- DNFBP: a designated non-financial business or profession, such as a UAE company service provider, supervised for anti-money laundering.
- goAML: the UAE portal on which DNFBPs register and report suspicious transactions.
- DET: Dubai’s Department of Economy and Tourism, successor to the DED.
Frequently asked questions
How long does a payment institution licence take in Singapore?
MAS does not publish a fixed processing time for Payment Services Act licences; since 26 August 2024 an application must include a legal opinion and an independent external auditor’s assessment, and MAS can put an incomplete application on hold — we give a realistic estimate after reviewing your specific business model, not a generic figure.
Do I need an AML/KYC policy if I’m not a financial institution?
Some non-financial businesses have a legal AML/CFT duty, including corporate service providers registered with ACRA under the Corporate Service Providers Act 2024, licensed trust or company service providers in Hong Kong and UAE company service providers supervised by the Ministry of Economy and Tourism. Other businesses that handle client funds or are rated higher-risk are routinely asked for documented AML/KYC policies by banks and payment providers during onboarding.
What happens if a licence application is rejected?
We review the regulator’s stated grounds, address the specific gap, and either resubmit or advise on an alternative structure — sometimes the more efficient path is restructuring the business model rather than repeatedly appealing the same application.
Is company registration enough to start trading in Singapore?
Not for a regulated activity. ACRA registration creates the entity, but a restaurant, travel agency, employment agency, estate agency, moneylender or payments business each needs its own licence before trading. Most are applied for through GoBusiness Licensing; financial services licences come from MAS.
When does a Singapore payment business need a major payment institution licence?
When it passes any SPI threshold: S$3 million of monthly transactions in one payment service (other than e-money account issuance and money-changing), S$6 million across two or more services, or S$5 million of daily outstanding e-money. Below those levels a standard payment institution licence is enough; it needs base capital of S$100,000 and an annual fee of at least S$5,000.
Who must register with ACRA as a corporate service provider?
Every business providing corporate services in or from Singapore, under the Corporate Service Providers Act 2024, in force from 9 June 2025. Registration costs S$400 for 2 years, and operating without it risks a fine of up to S$50,000, up to 2 years’ imprisonment, or both. Nominee directors may act by way of business only through a registered provider.
What licence fees does a restaurant with a bar pay in Singapore?
An SFA food shop licence costs S$195 for 1 year, and SFA reviews a complete application within 7 working days. A Singapore Police Force Class 1A liquor licence, covering all liquor consumed on the premises from 06:00 to 23:59, costs S$880 a year. Together that is S$1,075 a year in licence fees.
Does a foreign-owned trading company in Malaysia need a WRT licence?
Yes. Foreign participation in distributive trade needs approval from KPDN, the Ministry of Domestic Trade and Cost of Living, before operations start. Most formats need capital of at least RM1 million, rising to RM20 million for department stores, RM25 million for superstores and RM50 million for hypermarkets, and approval lasts up to 3 years.
Is Dubai’s DED still the licensing authority for mainland companies?
No. Dubai Law No. 20 of 2021, issued on 2 November 2021, established the Department of Economy and Tourism (DET), which succeeded the Department of Economic Development and the Department of Tourism and Commerce Marketing. The DET registers and licenses mainland businesses, with applications made through the Invest in Dubai platform.
Who licenses crypto businesses in Hong Kong and the UAE?
In Hong Kong, virtual asset trading platforms operating there or actively marketing to Hong Kong investors must be licensed by the SFC, and since 1 August 2025 stablecoin issuers need an HKMA licence. In the UAE, VARA licenses virtual asset service providers in Dubai outside the DIFC, SCA licenses those in other emirates, and the DFSA regulates the DIFC.
How long does a Hong Kong money lenders licence take?
Normally 3–4 months from the date the application is delivered. The Companies Registry processes it as Registrar of Money Lenders, the Police check the applicant’s suitability, and the Licensing Court grants the licence, which is valid for 12 months.
Sources
Figures on this page were checked against these official sources on 7 October 2026. Rates, fees and deadlines change, so confirm the current position with the authority before acting.
- Monetary Authority of Singapore (MAS), Standard Payment Institution Licence
- Monetary Authority of Singapore (MAS), Capital Market Entities FAQs
- ACRA, Corporate Service Providers Act 2024
- Singapore Food Agency (SFA), Application Process & Fees for Licence / Permit for Food Retail
- Ministry of Manpower (MOM), Apply for an employment agency licence
- Singapore Tourism Board (STB), Travel Agent Licence
- Council for Estate Agencies (CEA), Apply for an estate agent licence
- Ministry of Domestic Trade and Cost of Living (KPDN), Guidelines on Foreign Participation in Distributive Trade Services in Malaysia
- Securities and Futures Commission (SFC), Virtual asset trading platform operators
- Customs and Excise Department, Hong Kong, Licensing Guide for Money Service Operators (May 2026)
- Government of Dubai, Dubai Legislation Portal, Law No. (20) of 2021 Establishing the Department of Economy and Tourism
- Central Bank of the UAE (CBUAE), Federal Decree-Law No. (6) of 2025 Regarding the Central Bank, Regulation of Financial Institutions and Activities, and Insurance Business
