𝗟𝗶𝗰𝗲𝗻𝘀𝗶𝗻𝗴 𝗼𝗳 𝗙𝘂𝗻𝗱 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗶𝗻 𝗦𝗶𝗻𝗴𝗮𝗽𝗼𝗿𝗲-FOZL

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𝗟𝗶𝗰𝗲𝗻𝘀𝗶𝗻𝗴 𝗼𝗳 𝗙𝘂𝗻𝗱 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗶𝗻 𝗦𝗶𝗻𝗴𝗮𝗽𝗼𝗿𝗲

In Singapore, companies engaging in such activities must comply with the licensing requirements of the Monetary Authority of Singapore (MAS). Depending on the business model, different types of licenses and compliance standards apply. Below is a summary of key information on fund management licensing.

1. 𝙇𝙞𝙘𝙚𝙣𝙨𝙚𝙨 𝙏𝙮𝙥𝙚𝙨 𝙖𝙣𝙙 𝙎𝙘𝙤𝙥𝙚 𝙤𝙛 𝘼𝙥𝙥𝙡𝙞𝙘𝙖𝙩𝙞𝙤𝙣
- Companies conducting regulated fund management activities under the SFA must apply for a Capital Markets Services (CMS) license to become a Licensed Fund Management Company (LFMC)
- Companies managing only venture capital funds may apply for a simplified Venture Capital Fund Manager (VCFM) license
- Individuals performing key functions in a fund management company must be registered as representatives

2. 𝙀𝙡𝙞𝙜𝙞𝙗𝙞𝙡𝙞𝙩𝙮 𝙖𝙣𝙙 𝙆𝙚𝙮 𝙍𝙚𝙦𝙪𝙞𝙧𝙚𝙢𝙚𝙣𝙩𝙨
- MAS assesses applicants based on factors such as the credibility and substance of the business model and plans, effectiveness of risk management and compliance controls, the experience and professional expertise of the management team, fitness and propriety of the applicant, and ability to meet minimum financial requirements
- The company must maintain a dedicated and secure office premises with access restricted to directors and employees

3. 𝙀𝙭𝙚𝙢𝙥𝙩𝙞𝙤𝙣𝙨
Licensing is not required for companies managing assets:
- For related corporations or family members
- In real estate pools for accredited and institutional investors
- In non-capital markets product pools for accredited and institutional investors

4. 𝘼𝙥𝙥𝙡𝙞𝙘𝙖𝙩𝙞𝙤𝙣 𝙋𝙧𝙤𝙘𝙚𝙨𝙨
- Companies must submit Form 1 through the online eLicensing portal
- Where representatives are appointed to conduct regulated activities, LFMCs must file a Representative Notification Form, while VCFMs need only indicate the representatives and their roles within the organizational chart and business plan in Form 1
- LFMC applicants must also state additional regulated activities (if any) in Part 1 of Form 1 and submit a non-refundable fee of SGD 500. Appointed individuals must also be registered as representatives；(Not applicable to VCFMs)

5. 𝙇𝙞𝙘𝙚𝙣𝙘𝙚 𝘼𝙥𝙥𝙡𝙞𝙘𝙖𝙩𝙞𝙤𝙣 𝙋𝙧𝙤𝙘𝙚𝙨𝙨𝙞𝙣𝙜 𝙏𝙞𝙢𝙚
- MAS generally takes up to 6 months to review complete applications, though delays may occur if submissions are incomplete.
- Once approved, an In-Principle Approval (IPA) will be issued. Applicants will then have 6 months to meet all licensing conditions. MAS may revoke the IPA or grant a 3-month extension if requirements are not met

6. 𝘼𝙥𝙥𝙡𝙞𝙘𝙖𝙩𝙞𝙤𝙣 𝙁𝙚𝙚
- LFMCs: Fixed annual fee of SGD 4,000. From the 101st representative onwards, an additional SGD 5 per representative is payable annually (from January 1 each year)
- VCFMs: Fixed annual fee of SGD 4,000
- Representatives’ annual fees are charged separately

7. 𝙇𝙞𝙘𝙚𝙣𝙨𝙚 𝙑𝙖𝙡𝙞𝙙𝙞𝙩𝙮 𝙋𝙚𝙧𝙞𝙤𝙙
A fund management license remains valid unless:
- The company ceases regulated activities and MAS cancels the license,
- MAS revokes the license, or
- The license lapses under Section 95 of the SFA, holders of a CMS license are listed in the MAS Financial Institutions Directory. Suspended entities will be removed from the directory.

Securing a fund management license in Singapore builds trust and unlocks growth opportunities. FOZL Private Client Services provides end-to-end support from VCC setup to fund administration and licensing, helping clients stay compliant and achieve lasting success.

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