Licensing

 

Licence Administered under the Trust Companies Act (Cap. 336) (the "TCA")

  • Trust Business Licence

Who Needs to Apply for a Trust Business Licence

Any person that carries on any of the following trust business unless that person is exempted under section 15 of the TCA and/or regulation 4(1) of the Trust Companies (Exemption) Regulations 2005, read together with the Trust Companies (Exemption) (Amendment) Regulations 2006:

  • the provision of services with respect to the creation of an express trust;
  • acting as trustee in relation to an express trust;
  • arranging for any person to act as trustee in respect of an express trust;
  • the provision of trust administration services in relation to an express trust.

The above shall not apply to any person specified in the Second Schedule of the TCA.

Criteria for the Grant of a Trust Business Licence

In assessing an application for a trust business licence, MAS takes into consideration, inter alia, the following factors:

1) physical presence in Singapore, management expertise, financial soundness of the applicant and its parent company;

2) ability to meet the minimum financial requirements and professional indemnity insurance requirements prescribed under the Trust Companies Regulations 2005;

3) strength of internal compliance systems and processes of the applicant;

4) competence and integrity of the applicant; and

5) fitness and propriety
    The applicant shall satisfy MAS that -
    (i) it is a fit and proper person to be licensed; and
    (ii) all of its controllers, directors and resident managers are fit and proper persons to hold the office. The fit and property criteria are set out in the Guidelines on Fit and Proper Criteria [Guideline No. FSG-G01] (PDF, 137KB).

For more information on the criteria for the grant of a trust business licence, please refer to the Guidelines on Criteria for the Grant of a Trust Business Licence  (PDF, 13.4KB).

Application Procedures

Persons who intend to apply for a trust business licence should submit the following forms:
Form 1: Application for a Trust Business Licence under Section 4 (PDF, 34.6KB)
Form 4: Appointment of Resident Manager or Director under Section 13 and Regulation 9 (PDF, 26.7KB)

For more information on the application procedures, please refer to the Guidelines on Licence Application and Payment of Fees (PDF, 11.5KB).

For more information on MAS' requirements for persons carrying on trust business in or from within Singapore, please refer to:
1) Trust Companies Act (Cap. 336) [Note that this link directs you to Singapore Statutes Online website]
2) Regulations
3) Notices
4) Guidelines
5) Forms
6) FAQs


Last Modified on 26/11/2016