• a22162

Application for Registered Fund Management Company (RFMC) Licence


What are the admission criteria?


When assessing an application to be an RFMC, MAS takes into account factors such as:


- Fitness and propriety of the applicant, its shareholders and directors.

- Track record and fund management expertise of the applicant and its parent company or major shareholders.

- Ability to meet the minimum financial requirements prescribed under the SFA.

- Strength of internal risk management and compliance systems.

- Business model / plans and projections and the associated risks.


In addition, your company would need to operate from a dedicated and secure office space that is accessible only by your company’s directors and staff.


What are the applicable financial and staffing requirements?


Financial requirements

Minimum base capital of S$250,000


Staffing requirements

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


Annual corporate fee

S$1,000


Appointing representatives


If you hire or appoint individuals to perform key functions, such as portfolio construction and allocation, research and advisory, business development and marketing or client servicing, you have to appoint these individuals as your representatives.performing are required to be representatives.


What is the processing time required?


MAS expects to take not more than 4 months to review and process an application if the business model is straightforward, the applicant meets the relevant admission criteria fully, and the application is complete and clear. For more complex cases, or cases where information is assessed to be incomplete or inaccurate, MAS will need a longer time to review the application.


Please ensure that your company’s application is complete, correct and accompanied by the requisite supporting documents.


[MAS]


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