Trust Business Licence
Who Needs to Apply?
If your company wishes to carry out trust business under the TCA, it must hold a trust business licence.
What are the admission criteria?
When assessing an application for a trust business licence, MAS takes into account factors such as:
- Fitness and propriety of the applicant, its shareholders, resident managers and directors.
- Track record and management expertise of the applicant and its parent company or major shareholders.
- Ability to meet the minimum financial requirements and professional indemnity insurance (PII) requirements prescribed under the .
- Strength of internal compliance systems and processes of the applicant.
- Business model/plans and projections and the associated risks.
Your company is required to appoint a minimum of 2 resident managers, at least one with a minimum of 5 years of relevant working experience. All other resident managers must have a minimum of 3 years of relevant working experience.
What are the applicable financial requirements?
Your company should have a minimum paid-up capital or qualifying assets of $250,000 to be granted a trust business licence. On an ongoing basis, your company should maintain the required minimum net asset value or qualifying assets, and adequate PII commensurate with the level of risk of your trust business.
How do I apply for a trust business licence?
How much is the application fee and how do I make payment?
A non-refundable application fee of $1,000 is required. A fee advice and instructions on the amount and manner of payment for the application fee will be e-mailed to your company.
What is the 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.
Please ensure that your application is complete, correct and accompanied by the requisite supporting documents.
What is the annual fee to be paid by a licensed trust company?
The annual fee is $4,000.
What is the validity of the trust business licence?
A trust business licence is valid until:
- The holder stops conducting trust business, and the licence is cancelled by MAS.
- The licence is revoked or suspended by MAS in accordance with .
- The licence lapses in accordance with .
All entities that are holding a trust business licence to conduct trust business are listed on the . Correspondingly, all entities that ceased to hold a licence will be removed from the Financial Institutions Directory.