Singapore is hailed as the fifth-largest forex hub globally and stands as one of the world's largest economies. Forex trading is gaining immense popularity among both local investors and expatriates. Hence, it comes as no surprise that such a significant number of individuals are inquiring about acquiring a brokerage license in Singapore.In the subsequent parts of the article, we will delve into the regulation of brokerage activities in Singapore, presenting a brief review on the specifications imposed on candidates seeking to get a Singaporean forex broker licensure.


Forex brokers in Singapore are supervised by the Monetary Administration of Singapore (MAS), the state authority supervising the financial sphere, tasked with formulating specific laws governing financial services.

Among these laws, the Securities and Futures Act (SFA) and the Financial Advisers Act stand out. Both these laws have been united to form a unified modular licensing model and integrated regulatory framework, providing industry participants with a robust and transparent set of rules.In conformance with the SFA, an enterprise intending to involve in brokerage operations in Singapore should acquire a Singaporean Capital Markets Services (CMS) license.

Getting a CMS license in Singapore

To qualify for a brokerage certificate in Singapore under the SFA, it is imperative to fill in Form 1 and submit it to MAS with the requisite documentation package. Should an existing enterprise in Singapore already possess a CMS license for other activities, Form 5 has to be submitted anyway.

Conditions for acquiring a Singapore brokerage license

To request for a CMS license in Singapore, you should meet the conditions:

  • the applicant's business model, strategy and forecasts, as well as perils affiliated therewith;
  • availability of adequate inner control and risk avoidance systems;
  • capability to fulfill minimal pecuniary prerequisites;
  • satisfactory examination outcomes of the applicant, holding entity, and principal equity owners;
  • acceptable characteristics of the applicant, stakeholders and administration personnel.

The leadership level should be discussed separately, since in order to acquire a Singaporean CMS license, an entity should nominate:

  • At least 2 executives with one of them has to be a resident of Singapore.
  • A Chief Executive Officer (CEO) with a minimum of 10 years of experience domiciled in the country.
  • At least 2 Singaporean employees.

A deeper comprehension of the specifications can be achieved by consulting the Criteria Guide for obtaining a CMS license. It is noteworthy that MAS adopts a stringent approach in assessing applicants, therefore each criterion should be treated with due seriousness and utmost responsibility.

List of documents needed to get a CMS license

As we noted above, Form 1 must be accompanied by a package of documents, which includes the following:

  • Applications for each representative using Form 3A;
  • Applications for the appointment of a CEO and/or director using Form 11;
  • A copy of the candidate's declaration from section 13, Form 1. It should be signed either by two directors or by a CEO and secretary of the requesting entity;
  • The applicant's business profile, as recorded by the Accounting and Corporate Regulatory Administration of Singapore;
  • Copies of monetary and audit filings for the last 3 years (if possible);
  • Description of the company's organizational structure;
  • Business strategy, brief description of the business model, outline of methods for performing brokerage activities in Singapore;
  • Any licenses (from any jurisdiction) to act in the pecuniary sphere.

Enrollment deadlines

Derived from MAS assertions, the procedure and review period for applications usually span up to 4 months. Still, it must be emphasized that in practice, it is rare for a candidate to possess a simple business model and meet all acceptance requirements. Moreover, the request itself may be unfinished or not entirely clear to the regulator.

Hence, during the assessment procedure of the CMS license application, MAS may request additional papers. The application review is deferred until the seeker furnishes the documentation requested by the regulator.

Thus, to expedite the issuance of the CMS license, it is imperative to confirm that the enrollment form is initially completed accurately, accompanied by requisite supporting documents, and, if required, responses to all regulator queries are prompt and efficient.

License periods are determined in conformance with Section 95 of SFA.

Monetary specifications for a Singapore brokerage license

The base funds lie between 50,000 SGD (approximately 32,000 EUR) to 5 million SGD (3.2 million EUR), conditioning on the specific case, client type, and other variables. It is worth noting that if an entity holds CMS licenses for more than one managed activity, the established capital amount will be at its maximum.


Singapore is one of Asia's monetary hubs. Daily transactions in the currency market here amount to approximately 250 billion euros. Therefore, the value of acquiring a Singaporean brokerage license cannot be overstated.

We would like to emphasize that receiving a Singaporean CMS license is a highly complex, time-consuming, and costly process that demands rigorous preparation.

This text is prepared for informational purposes only and should not be construed as a guide to action. If you have any questions, experts at TKDeal are ready to provide consultation on acquiring a CMS license in Singapore.

Furthermore, our specialists are ready to offer you the necessary support in:

  • Preparing an application for a CMS license.
  • Collection and preparation of documentation.
  • Registration of a Singapore enterprise.
  • Opening a corporate account in a Singapore bank.

For a more comprehensive understanding of our services and to request a consultation regarding the brokerage license in Singapore, kindly submit your request through our feedback form.