Outline
In short: Most financial businesses in Singapore need a licence from the Monetary Authority of Singapore (MAS). That’s a Capital Markets Services (CMS) licence for activities such as fund management or dealing in securities, a Financial Adviser (FA) licence for advising on investment products, or a Payment Services licence for payments, e-money and digital payment tokens. Each comes with base capital rules: for example, a fund manager serving only accredited and institutional investors needs S$250,000. Paul Hype Page sets up the Singapore company that applies.
Which MAS licence do you need?
| Activity | Licence | Law |
|---|---|---|
| Dealing in capital markets products, fund management, corporate finance advice, REIT management, custody, product financing, credit rating | Capital Markets Services (CMS) licence | Securities and Futures Act |
| Advising on investment products or insurance, and arranging life policies | Financial Adviser (FA) licence | Financial Advisers Act |
| Money transfers, merchant acquiring, e-money, digital payment tokens, money-changing | Money-changing, Standard Payment Institution or Major Payment Institution licence | Payment Services Act |
Individuals who do regulated work for a licensee are appointed as representatives on MAS’s register.
Base capital: what you need in the company
Selected CMS base capital requirements (MAS regulations):
| Activity | Base capital |
|---|---|
| Fund management, accredited or institutional investors only | S$250,000 |
| Fund management for retail clients (not collective investment schemes) | S$500,000 |
| Fund management of a retail collective investment scheme | S$1 million |
| Advising on corporate finance | S$250,000 |
| REIT management | S$1 million |
| Broker-dealer | S$50,000 to S$5 million, depending on products and clients |
Licensees must also keep financial resources above their total risk requirement, and MAS checks fit and proper criteria, governance and AML/CFT controls.
How the application works
- Incorporate the Singapore company and put in the capital, staff and compliance setup the licence needs.
- Apply to MAS through the MAS Gateway, with the business plan, shareholder and director details and compliance arrangements.
- MAS reviews the application and may ask questions. Processing time depends on the application.
- After approval, appoint representatives and meet ongoing reporting and audit rules.
How Paul Hype Page helps
We set up the applying company (Incorporation is S$800 plus the S$315 ACRA fee), act as corporate secretary (S$600 a year), help open a corporate bank account (S$1,500) and apply for Employment Passes for key staff. Paul Hype Page has a 96% EP success rate (PHP internal records, 1,000+ applications), offers a free EP eligibility check, and if MOM rejects your EP, we appeal for free. For other regulated activities, see our business licences guide.
FAQ
What licence do I need to start a fund management company in Singapore?
A Capital Markets Services licence for fund management from MAS. Base capital is S$250,000 if you serve only accredited and institutional investors.
Do payment and crypto businesses need a licence in Singapore?
Yes. Payment services, e-money and digital payment token services are licensed under the Payment Services Act, as a Standard or Major Payment Institution.
Can a foreign-owned company get an MAS licence?
Yes. MAS licenses Singapore companies regardless of who owns them, as long as they meet its fit and proper, capital and staffing requirements.
Who is exempt from a CMS licence?
Banks, merchant banks, finance companies and insurers that MAS already regulates under other laws, plus some other specified persons, are exempt.
Questions about your company? WhatsApp us or contact us. Free EP eligibility check, and you can sign documents remotely.
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