Bank of Singapore blockchain

1. What are the connections between the blockchain and the foundation and what problems will they encounter?
when many people are doing blockchain, they usually register a foundation to run with ordinary companies. Compared with Singapore foundation, what are the common problems when they register a Singapore foundation to do blockchain, Below, we will sort out and share some of our customers' concerns with you
1. Does the registration fee include the cost of the white paper
A: No, the legal adviser is a personalized business, and the fee depends on the project. The legal adviser can provide services in the whole process. Including the revision of the legal provisions of the white paper, and the issue of professional legal opinions on relevant laws and regulations such as the non securities nature of the token. ICO is the legal consultation in the process of issuing currency

2. About the Singapore foundation. Why should there be a company to operate and what is the relationship with the foundation? Why not register a company directly for ICO and exchange docking
A: the foundation is a public welfare organization and a public sector. It is more concive to attract investment and technology development to use the foundation to issue blockchain. It can also be directly ICO through ordinary companies. It depends on how customers want to operate
3. Isn't ICO a way to raise funds?
A: Yes. Participate in the crowdfunding of the project with the existing real value currency, and exchange for the new cryptocurrency issued by the project. The advantage of fundraisers is that they get the funds to carry out the project, while the participants want the project to be successful. In this way, the newly issued cryptocurrency in their hands is likely to appreciate and arbitrage. The so-called ICO means that investors use bitcoin and other ready-made virtual digital currencies to exchange for new tokens issued by ICO projects. Because there are few new currency owners and the price fluctuates greatly, the selling price on the exchange is likely to be much higher than the issuing price. The sponsors of ICO project use the traditional digital currency to exchange RMB and other legal currencies in the exchange, and then put them into the designated technical projects
4. Why not raise funds through common channels
A: the threshold of common channels is low, and there is no regulatory department. The risk is high
5. How to set up an exchange
A: you can choose an exchange according to your own situation. Generally, you should have strong experience in digital asset security management. There are many platforms
6. Why do you need to make a legal opinion
according to Singapore's financial law and securities law, if a virtual currency with securities nature needs to apply for a special financial license, so it needs to prove that the project does not contain securities nature, it needs a lawyer to issue a legal opinion on the non securitization of token and a legal opinion on compliance of white paper to prove the legality and compliance of the project, both of which are required by most customers
7. How can a registered Singapore foundation open an account in a bank
first of all, there is no need to open an account for a registered public non-profit foundation, and it is useless to open an account because the nature of the foundation itself is non-profit. When it comes to the next year's audit, can't it explain the income and expenditure of the bank account with the monetary authority? Second, the bank has a choice of customers. If the bank is told to do blockchain, the bank will not accept opening an account; Third, whether it's private placement or public offering, all the money raised are virtual currencies like Ethereum bitcoin. Ordinary bank accounts can't accept these currencies, so I don't recommend opening an account in a bank.

2.

Blockchain project compliance generally chooses to register an overseas framework, and then the local lawyer will issue a legal compliance opinion to prove that the project conforms to the laws of the host country. The main body in the market is the Singapore foundation, and this legal opinion is also issued by a local licensed lawyer in Singapore

The legal opinions can be divided into two categories:

1. For the project, the legal opinions issued by the well-known exchanges of Shanghuo coin, OK and coin an, and the legal compliance opinions issued by the well-known lawyers of the designated Singapore law firm

2. Ordinary legal opinions are issued by ordinary licensed law firms in Singapore for these mainstream exchanges

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information required for issuing legal compliance opinions:

1. Chinese and English version of project white paper (word document)

2. Information of directors

3. Information of main Singapore foundation

registration certificate

articles of association

registration paper

Singapore is friendly to blockchain projects and has perfect follow-up legal services, This legal compliance opinion can be issued. It can't be issued in other places. The role of legal opinions in Singapore is relatively large. After all, the cost of processing is much cheaper than the cost of licensing, so it is very attractive for domestic project parties

3. The registration procere is relatively simple: provide the English name of Singapore foundation and the certificate information of the registrant, which can be completed in about one month

4. How to issue
token with the Singapore foundation for blockchain registration? Do you use the offshore company to control the Singapore entity or the Singapore entity to control the offshore company
1. The main role of offshore companies in token issuing structure: privacy protection and tax planning; The comparison of the two different holding structures is as follows:
structure 1: Singapore non-profit CLG holding offshore company

structure 2: offshore company holding Singapore PDE Ltd

in structure 2, using offshore main body to hold Singapore private limited company, there is a high risk of being refused to open an account in Singapore Corporate Bank
topic 3: after the issuance of token, How to deal with the problem of capital liquidity? How to deal with accounting and auditing
although Singapore's banks are still in a highly sensitive state in opening bank accounts for digital currency related businesses e to their inability to handle the fixed source of funds, KYC / AML barriers, and MAS's support and encouragement for financial innovation, Singapore is still the most friendly international financial center for digital currency instry among the coastal countries. The main problems of token change in banks are all caused by the unknown large amount of funds recorded in accounts
in the later operation of token issuance, four problems need to be treated carefully
1) the choice of the country where the operator is located: the company tax of the country, the friendliness to digital currency and the policy trend should be considered
2) to open a public bank account, the operator should obtain professional account opening guidance to avoid rejection
3) compliance operation in the process of token realization: it needs a compliant trading partner without regulatory risks to conct transactions, so as to avoid the bank account being closed
4) daily financial and tax work of operation entities: timely obtain professional service guidance, and strictly carry out daily accounting and tax audit report work

5.

Singapore blockchain ICO company

according to the analysis of market results, at present, 70% of the companies registered in Singapore are public companies, and 30% are private limited companies

in particular, there is no legal entity in Singapore called "foundation". What we usually call registered Singapore foundation refers to the type of public company

Singapore public company:

1. Independent legal entity

(2) limited liability: joint and several liability is the maximum amount of guarantee promised by each member (it is possible to compensate at most S $1)

3. No shares or share capital

4; Articles of association) to clarify the upper limit of each member's liability

Non profit: initially, it was mainly for non-profit organizations

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the company needs at least 2 company officials. At least one director must be Singaporean or permanent resident (Bajie can provide)

Singapore private limited company:

1. At least one shareholder and at most 50 shareholders can be natural persons and companies

2. At least one local director and one legal secretary (not the same person, Bajie can provide them)

3. Limited liability

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Three years before the establishment of the company, the profits of the first 100000 Singapore dollars are exempt from corporate tax, the tax rate of the company within 300000 Singapore dollars is 8.5%, and the tax rate of the part exceeding 300000 Singapore dollars is 17%

is Singapore blockchain ICO a public company or a private limited company? What are the conditions

registration conditions and fees of Singapore public company:

1. Company Name: English only, company type is public guarantee limited company, ending with Ltd. or limited

Registered capital: there is no registered capital, but each member will pay in S $1

3. Members of directors: the requirements of directors are the same as those of ordinary companies, but there are no shareholders

Registered address: Bajie can provide

Business scope: at most 2 main business activities can be selected (generally computer software, network, information technology, etc.)

Legal secretary of the company: Bajie can provide

registration time: 4-6 weeks

registration conditions and fees of Singapore private limited company:

1. Company Name: English only, company type is private limited company, ending with PTE. Ltd

2. Registered capital: there is no need to verify the capital. The minimum is S $1, the maximum is S $500000, and the annual fee of Singapore business alliance is required

3. Directors and shareholders: at least one scanning of passport + ID card (address proof) of directors and shareholders shall be provided, and non Singaporean shall register. If an account needs to be opened later, at least two directors (except Singaporean local directors) shall be provided for registration

4. Registered address: local registered address in Singapore (available from Bajie)

Business scope: at most two main business activities can be selected (generally, the business scope of computer software, network, information technology, etc.)

Legal secretary: provided by our company

registration time: usually 3-4 weeks

note: after the registration of general for-profit foundation, there is no need to audit if there is no bank account, while the annual inspection and audit of non-profit foundation must be done every year after the registration

after the Singapore blockchain ICO company established the Singapore foundation, if it wants to issue currency, it will also involve four certificates:

1. White paper compliance: to prove that the projects undertaken by the foundation are in line with Singapore regulations, to prevent MAS (monetary authority of Singapore) investigation, which need to be used when going to the exchange

2. Token non securitization proof: prove that the project is non securitized, avoid causing trouble, and securitization is unable to engage in block chain related business in Singapore

3. Compliance of private placement terms: proving that the fund raising and sales concted before going to the exchange are legal and compliant

4. Compliance of public offering terms: it is equivalent to the commitment made to the majority of investors after going to the stock exchange, increasing the confidence of investors

note: the above certificates can be provided by Bajie Singapore lawyers