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Everything you need to know about setting up and succeeding in Singapore

【Licensing】Fund Management Licence

【Licensing】Fund Management Licence
【Licensing】Fund Management Licence

Singapore Fund Management Company Licence

Under the Singapore Securities and Futures Act, if a company wishes to carry out (regulated) fund management services in Singapore in either of the two forms mentioned below, then the company must apply for a fund management company licence to the Monetary Authority of Singapore (MAS) or the company must hold a capital markets licence.

  1. A registered fund management company, or.
  2. Licensed fund management companies, managers of venture capital funds can also apply to operate under the Venture Capital Fund Manager (VCFM) regime.

Individuals who perform key functions in a fund management company are required to report to the Monetary Authority of Singapore (MAS) to become a representative of the company. For example, they are responsible for: portfolio construction and allocation, research and consulting, business development and marketing or client servicing.

 

Minimum Requirements

The MAS will consider (but not be limited to) the following when approving an application.

  1. The personal circumstances of the applicant, its shareholders and directors to see if they are suitable for the position.
  2. Past professional managerial and fund management expertise of the applicant and its parent or major shareholder.
  3. Ability to meet the minimum financial requirements under the Singapore Securities and Futures Act.
  4. Ability to manage internal risk and soundness of compliance systems.
  5. Business model/plan and future projections and associated risks.

Also, the company must have a separate and secure office space that can only be accessed by your directors and employees.

 

Licence Requirements

FMC TypeRetail LFMCAccredited/Institutional LFMC (A/I LFMC)VCFMRFMC

Financial requirements

Minimum base capital of S$500,000 or higher

 

Required to maintain financial resources which are in excess of its total risk requirements

Minimum base capital of S$250,000

 

Required to maintain financial resources which are in excess of its total risk requirements

NoneMinimum base capital of S$250,000

Staffing requirements 

Minimum of 3 full-time Singapore-based employees each with at least 5 years of relevant experience

 

The proposed CEO must have at least 10 years of relevant experience

Independent and dedicated compliance function in Singapore required

 

Minimum of 2 full-time Singapore-based employees each with at least 5 years of relevant experience

 

Independent and dedicated compliance function in Singapore required if AUM is at least S$1 billion

Minimum of 2 full-time Singapore-based employeesMinimum of 2 full-time Singapore-based employees each with at least 5 years of relevant experience

Annual corporate fee

Fixed fee of S$4,000

 

A variable fee calculated at S$5 per representative from the 101st representative onwards as of 1 January of the calendar year

 
S$ 4,000S$ 1,000新币

 

Application Process

  1. Preparation of relevant documents by the customer
  2. Review the data
  3. Preparing application forms
  4. Prepare a business plan
  5. Submit an application
  6. Filing on behalf of the company
  7. Answer questions
  8. Approval

Application Timeline

  1. Document preparation: 1-2 months
  2. Application processing time: roughly 4 months

 

Representatives

If a company appoints a representative to help the company carry out its regulated activities, then the company must notify the MAS. A nominated representative is an employee or agent who carries out regulated activities on behalf of the company.

Who can be a representative of a company?
  1. At least 21 years of age
  2. Satisfy the minimum academic qualification and examination requirements as set out in Notice SFA 04-N09 Minimum Entry and Examination Requirements for Representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions.
  3. Satisfy the fit and proper criteria set out in FSG-G01 Guidelines on Fit and Proper Criteria.

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