1(1) A merchant bank incorporated in Singapore is required to maintain an issued, paid-up and called capital of not less than S$3 million at all times with deduction having been made in respect of a debit balance, if any, appearing in the profit and loss account of the merchant bank.
(2) A merchant bank branch is required to hold net head office funds of not less than S$3 million, at all times in Singapore, in respect of its domestic banking unit. (For the definition of net head office funds, please refer to Notice to Merchant Banks No 1001).
(3) Merchant banks shall be required to maintain capital funds in Singapore in proportion to their total assets or to every category of assets at such ratio(s) as may from time to time be prescribed.
| 
