What are the forms to be filed for the RFMC application?
Over the last few years, Singapore has peaked in the top financial centers globally thanks to the services they offer. The country has set up a strict regulatory framework under the Monetary Regulatory of Singapore, responsible for all the rules that govern the finance businesses. Are you thinking of starting a Finance Management Company in Singapore? If yes, this piece will explain all the necessary details about the Registered Fund Management Company. Check out the information below to learn more about this category and requirements for RFMC application. Read on!
Forms to be filed for RFMC Application
For a fund management company to be legit in Singapore, it needs to register for the necessary licenses. It can either operate as a Licensed FMC or a Registered FMC. In this case, we are going into detail about the required files for an RFMC application. They include
- Form 22A: This form gives the MAS notice of its interest to join as a registered fund management company. You need to submit other documents to go with this form, including:
- Signed declaration papers by the management team
- The firm’s profile is characterized by the Accounting and Corporate Regulatory framework
- The Shareholding and organization chart with all the reports
- Additional information that demonstrates the strength of your business
After you file this form, you will get an update with MAS acknowledging your report by displaying another page showing the time and date of submission. Also, you can access your reference number. MAS expects all applicants to print the acknowledgment page for future use.
When MAS reviews these documents, it decides whether to approve or not, depending on the information a company delivers. In case a firm passes the requirements, its name appears on the MAS official website. Besides, the director or CEO will get a notice to inform them of the progress.
Other forms that apply for RFMCs, which companies submit through the CeL eServices. However, an RFMC needs to have a MASNET account. These forms include
- Form 23A: This is a form that an RFMC needs to file to notice the MAS of change in specific details
- Form 24A: The description for this form is a notice to MAS of stopping businesses as an RFMC
- Form 25A: This form is an annual declaration form by every RFMC to report how the business’ run
- Form 25B: Another form necessary for RFMC is this auditor’s report. It involves giving an auditor’s report about the business
Every RFMC needs to get a MASNET officer who gets permission to access the necessary submissions.
Fund Management Companies are a crucial sector in the financial department. In Singapore, it either work under the licensed FMC or the registered FMC. This article gives details about all the necessary forms that applicants for the RFMC category need to file. Besides, it talks about other essential forms after passing the RFMC application phase. Consider the information above to learn more about RFMC forms.