Licensing for Financial Service Businesses in Singapore
Those who are starting a financial service business in Singapore must apply for one of two licenses which may be used by such businesses. The license to be used is dependent on the piece of government legislation which governs the activities carried out by the financial service business in question. One of these licenses is the Capital Markets Services License, which is meant for businesses which have their activities governed by the Securities and Futures Act. The other license which could be obtained is the Financial Advisers License. This license is intended for businesses which conduct business activities regulated by the Financial Advisers Act. There are, however, certain financial service businesses in Singapore which are eligible for certain licensing exemptions. Such exemptions allow the business in question to begin conducting its activities without possessing the license which would otherwise have been necessary. The entities benefiting from such exemptions include finance companies, banks, insurance companies, merchant banks, individuals who are acting on behalf of certain people, and certain employees of Singapore banks and merchant banks.
Licensing for Schools in Singapore
There are no exact licensing criteria which exists for schools in Singapore today. After registration with the Ministry of Education and the Council for Private Education, each school’s licenses which are required are determined by the nature, activities, and facilities of the school in question. Among the factors which may require a school in Singapore to require a license of some sort include the publication of a school magazine, the installation of television sets on school grounds, the selling of food and beverages on school grounds, the advertising of the school, and the importation of educational materials from abroad. Certain preschools and kindergartens might also be required to receive a license which certifies them as providers of childcare. Once all registration and licensing matters have been settled, the school may commence its operations.
Thus, it has clearly been shown that anyone who plans to start a financial services business, school, or restaurant in Singapore is to obtain one or more licenses which depend on the relevant business requirements. That being said, it should be noted that some might find it difficult to handle all of the licensing obligations which are required. This is where we at Paul Hype Page & Co come in. We will assist you with the management of all license-related matters so that in due time, you will be able to operate your restaurant, financial services business, or any other business in Singapore for which you require any license.