In Singapore, financial institutions in the banking, capital markets, insurance and payments sectors are regulated and overseen by MAS. The following is a quick glance of the licences and permits you may require, if your company belongs to any of the above-mentioned categories.

  • Application for Authorised Reinsurers & Approved MAT Insurers: A person carrying on reinsurance business outside Singapore may apply in writing to MAS for authorisiation in section 34 of the Insurance Act (Cap. 142) (“IA”)
  • Application for Insurance Brokers: Insurance brokers are registered under section 35X of the Insurance Act (Cap. 142). A person who wishes to conduct insurance broking activities may be registered as a direct insurance broker, general reinsurance broker or life reinsurance broker.
  • Application for Insurance Representative Office: Representative offices are registered under section 6A of the Insurance Act (Cap. 142)
  • Application for Money Broker: Money brokers are approved and governed under the MAS Act. The money brokers in Singapore shall only provide broking services and not act as principal or take positions in the foreign exchange and money markets.
  • Capital Markets Services Licence: Capital Markets Intermediaries are licensed under section 82 of the Securities and Futures Act (Cap. 289) to carry out any or all of the regulated activities specified in the Second Schedule to the Securities and Futures Act. The regulated activities are:

(a) dealing in securities; (b) trading in futures contracts; (c) leveraged foreign exchange trading; (d) advising on corporate finance; (e) fund management; (ea) real estate investment trust management; (f) securities financing; (fa) providing credit rating services; and (g) providing custodial services for securities.

  • Commercial Bank Licence: Setting up commercial banks in Singapore
  • Finance Company Licence: Finance companies are licensed under and governed by the Finance Companies Act. They focus on providing fixed and saving deposits as well as credit facilities to individuals and corporations
  • Financial Adviser’s Licence: Financial advisers are licensed under section 6 of the Financial Advisers Act (Cap. 110) to provide any or all of the financial advisory services specified in the Second Schedule to the Financial Advisory Services
  • Insurer Licence: A person who desires to carry on insurance business in Singapore as an insurer shall apply in writing to MAS for licensing under section 8 of the Insurance Act (Cap. 142)
  • Merchant Bank Licence: Merchant Banks operate within the Guidelines for Operation of Merchant Banks. Their typical activities include corporate finance, underwriting of share and bond issues, mergers and acquisitions, portfolio investment management, management consultancy and other fee-based activities
  • Money-Changer’s Licence: Buying and selling of foreign currency notes
  • Remittance Licence: Company offering remittance services
  • Trust Business Licence: Licensed Trust Companies are licensed under section 3 of the Trust Companies Act (Cap. 336) to carry out trust business specified in the First Schedule to the Trust Companies Act. Trust business refers to:

(a) the provision of services with respect to the creation of an express trust; (b) acting as trustee in relation to an express trust; (c) arranging for any person to act as trustee in respect of an express trust; (d) the provision of trust administration services in relation to an express trust.

Source: LicenceOne