Generally, a company would need to be licensed or registered for fund management by the MAS if it intends to manage assets belonging to external investors. Fund management is a regulated activity under the Securities and Futures Act 2001  ("SFA"). A company which carries on business in fund management is required to hold a capital markets services (“CMS”) licence for fund management or be registered as a registered fund management company under the SFA, unless otherwise exempted.
 
Fund management companies are expected to engage in substantive fund management activities, such as portfolio management, investment research or sub-advisory in Singapore. They should not purely engage in marketing of funds and/or client servicing. The definition of fund management can be found in the Second Schedule to the SFA and the exemptions from the requirements to hold a CMS licence are provided in section 99 of the SFA and paragraph 5 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations .

Learn more about

• Application process, timeline and fees for fund management licensing and registration
• Admission criteria and applicable requirements for fund management companies in the Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies and FAQs on the Licensing and Registration of Fund Management Companies 

As set out in the FAQs on the Licensing and Registration of Fund Management Companies, a single family office (“SFO”) may rely on the class exemption provided for a corporation which manages funds for its related corporations under paragraph 5(1)(b) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations , if it meets the conditions for the exemption.

SFOs that do not fall within the scope of the exemption may seek a case-by-case licensing exemption from the MAS under section 99(1)(h) of the Securities and Futures Act 2001 .
Applicants should submit their application via https://go.gov.sg/singlefamilyoffices  and include the below:

• Business profile for the incorporation of the SFO as filed with the Accounting and Corporate Regulatory Authority (“ACRA”) of Singapore; and
• Signed declaration letter from the ultimate beneficial owner(s) of the SFO.

Under the Securities and Futures Act 2001 , any person carrying on business in any regulated activity, including real estate investment trust ("REIT") management, in Singapore is required to hold a capital markets services (“CMS”) licence, unless an exemption applies. The list of regulated activities under the SFA, including their definitions, can be found in the Second Schedule to the SFA. The exemptions from the requirements to hold a CMS licence are provided in section 99 of the SFA and the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations . 

Learn more about the application process, timeline and fees for Capital Markets Services Licensees.

The admission criteria and requirements for REIT managers are set out in MAS’ Guidelines to All Holders of a Capital Markets Services Licence for Real Estate Investment Trust Management.

Under the Securities and Futures Act 2001  (“SFA”), any person carrying on business in any regulated activity, including dealing in capital markets products and advising on corporate finance, in Singapore is required to hold a capital markets services (“CMS”) licence, unless an exemption applies. The list of regulated activities under the SFA, including their definitions, can be found in the Second Schedule to the SFA. The exemptions from the requirements to hold a CMS licence are provided in section 99 of the SFA and the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations . 

Learn more about the application process, timeline and fees for Capital Markets Services Licensees. 

The admission criteria for a CMS licence are set out in MAS’ Guidelines on Criteria for the Grant of a Capital Markets Services Licence (Other than for Fund Management and Real Estate Investment Trust Management).

In addition, answers to frequently asked questions on the licensing and business conduct requirements for a capital markets services licensee (other than fund managers and REIT managers) can be found in FAQs on Licensing and Business Conduct (Other than for Fund Management Companies).

A company that wishes to conduct financial advisory services in Singapore, such as advising on or arranging life policies, is required to hold a financial adviser’s licence under the Financial Advisers Act 2001 (“FAA”), unless otherwise exempted. The types of financial advisory services that are regulated under the FAA are listed in the Second Schedule to the FAA. Exemptions from the requirement to hold a licence are set out in Section 20 of the FAA and Part VI (Exemptions) of the Financial Advisers Regulations .

Information on the application process, requirements, timeline and forms for a financial adviser’s licence can be found in the below: 

• Financial Adviser’s Licence
  
• Financial Advisers Act 2001
  
• Financial Advisers Regulations
  
• Guidelines on Criteria for the Grant of a Financial Adviser's Licence
  
• FAQs on Financial Advisers Act, Financial Advisers Regulations, Notices and Guidelines

Application Forms: 

• Form 1 Application for a Financial Advisers Licence
• Form 11 - Appointment of Chief Executive Officer or Director / Change of Director's Nature of Appointment from Non-Executive to Executive (For Licensed Financial Advisers)
• Form 3A- Notification for appointment of an appointed representative

The service standard for processing an FA licence application is generally 4 months from the date of application, subject to the submission of a complete set of information and the amount of time needed for further clarification, should this be needed.

Exemptions from the requirement to hold a licence are set out in Section 20 of the Financial Advisers Act 2001  and Part VI (Exemptions) of the Financial Advisers Regulations . 

Representatives of financial advisers are not allowed to act as real estate salespersons or agents. This prohibition is set out in Regulation 40E(e) of the Financial Advisers Regulations . Other prohibited activities include moneylending, promoting marketing arrangements for casinos and marketing investment products that are not regulated under the Financial Advisers Act 2001 . Please note that this is not an exhaustive list of examples.

The provision of insurance broking services is regulated under the Insurance Act. The application procedures for registration as an insurance broker, including the criteria for registration, the application forms and required documents are set out in the links below:

• Insurance Broker Registration
  
• Insurance Act 1966
• Insurance (Intermediaries) Regulations

Application forms:

• Insurance broker application (125.9 KB)
• Appointment of Chief Executive Officer or Director (114.6 KB)
• Appointment of broking staff (55.3 KB)

The service standard for processing an insurance broker application is generally 4 months from the date of application, subject to the submission of a complete set of information and the amount of time needed for further clarification, should this be needed.

The competency requirements, including entry, examination and CPD requirements, are set out in the Notice on Competency Requirements for Representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions (“SFA Notice”) and the Notice on Competency Requirements for Representatives of Financial Advisers (“FAA Notice”) for the relevant regulated activities that the representatives are appointed to conduct under the Securities and Futures Act and the Financial Advisers Act respectively. You may also refer to the FAQs to the Notices (SFA Notice and FAA Notice) for more information.

You may refer to the Register of Representatives ("Register") to view your prior regulated activities, up to the past three years. The Register lists information on representatives, including the regulated activities which they are permitted to conduct, the commencement date(s) of these regulated activities, the corporation(s) they act for, and any formal regulatory action taken against them by MAS.

The Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies sets out the minimum competency requirements for directors, representatives and relevant professionals of FMCs. 

You may refer to the MAS Guidelines on Fit and Proper Criteria.

You may refer to the Compliance Toolkits for the various capital markets entities set out within the links below.

• Compliance Toolkit for Fund Managers
• Compliance Toolkit for Real Estate Investment Trust ("REIT") managers
• Compliance Toolkit for FIs conducting regulated activities under the SFA other than for fund managers and REIT managers
• Compliance Toolkit for Financial Advisers
• Compliance Toolkit for Trust Companies and Approved CIS Trustees

A list of financial institutions regulated by MAS and the regulated activities they are authorised to provide can be found in the Financial Institutions Directory at the MAS website.