Application for Registered Fund Management Company (RFMC) Licence
Updated: Dec 13, 2021
RFMCs Permissible Activities
Carrying on business in fund management with no more than 30 qualified investors (of which no more than 15 may be funds or limited partnership fund structures) and the total value of the assets managed does not exceed S$250 million.
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, the company would need to operate from a dedicated and secure office space that is accessible only by the company’s directors and staff.
Financial and Staffing Requirements
Minimum base capital of S$250,000
Minimum of 2 full-time Singapore-based employees each with at least 5 years of relevant experience
Annual corporate fee
If individuals are hired or appointed to perform key functions, such as portfolio construction and allocation, research and advisory, business development and marketing or client servicing, these individuals have to be appointed as the representatives.
Documents Required for Registration as an RFMC
- Form 22A
- Signed declaration by RFMC’s directors (from Form 22A);
- RFMC’s business profile as per the Accounting and Corporate Regulatory Authority’s record;
- RFMC’s complete group shareholding chart;
- Information on the company's proposed business plan; and
Provide a brief description of the company's proposed business model and outline of the activities to be carried out in Singapore.
- RFMC’s organisational chart with reporting lines of the Company.
The chart should clearly show the reporting lines of all employees to the CEO and the directors, including functional reportings to staff who are located outside Singapore. The chart should also include job functions and designations of all employees, including those in compliance, risk management and internal audit functions.
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.
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