Preparation
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Singapore Registered Fund Management Company (RFMC) License is a permit from Singapore’s government for a business to perform regulated fund management services. RFMC is closely related to LFMC (A/I) regarding the minimum base capital and the type of investors. However, RFMC limits the number of institutional investors that can join the business, at most thirty accredited investors. The Singapore Regulatory Framework requires that every company under RFMC license must have a base capital of at least S$250,000 and a maximum of thirty accredited investors. If your business falls under these specifications, the SFA requires you to get this license to conduct business without legal complications.
Singapore is no secret among the best countries in financial operations. However, there many things that make Singapore exceptional and stand out among the other countries in the financial business. The main reason is the stable regulatory framework. In this case, we are considering the RFMC license, and here are the reasons you need this license.
Singapore, under the MAS, can keep track of all the RFMC businesses: This registration allows the country to monitor all the companies in this category and set up rules that promote the businesses.
When an applicant applies for the RFMC Retail license, the general processing time is four months, which MAS takes to review and process the application. However, this standard processing time is only applicable for cases where the application is direct with a straightforward business plan. In the case of a complex situation, the processing time may take longer. These facts explain why you need the RFMC License Application service provider like our program. We offer professional help so that you can achieve a smooth application process.
Every RFMC must pay the S$4000 license fee during its registration phase
The application process for a Registered Fund Management Company (RFMC) License in Singapore requires adherence to Monetary Authority of Singapore (MAS) regulations through a series of essential actions. The following guide offers straightforward instructions for applying to become a Registered Fund Management Company under the guidelines of Monetary Authority of Singapore:
1. Understand the RFMC License Requirements
2. Prepare a Comprehensive Business Plan
All prospective applicants need to provide a detailed business strategy that includes:
3. Gather Required Documents
You need to gather every required document including the following list of items:
4. The applicant needs to complete their submission of the Application through MAS’s Online Portal.
The RFMC License submission requires use of MAS’s CMS License Application Portal. You will need to:
5. MAS Review and Processing
6. Respond to MAS Queries Promptly
7. License Approval and Registration
Once approved, you will:
MAS requires that every business running regulated financial services under the RFMC entity must have a base capital (minimum amount that a company must have in their account at all times) of at least S$250,000.
Every RFMC business must have a physical office with at least two full-time employees living in Singapore. Also, these workers must have a minimum experience of 5 years in the relevant businesses.
MAS doesn’t make it a must for an RFMC to have a compliance sector. However, they must have the necessary compliance programs, either independent compliance or external compliance arrangements. The means they choose depend on the business owner’s preference.
Unlike LFMC, the RFMC entity doesn’t require a business to have the base risk capital; hence MAS can approve your license without risk capital.
After a business receives RFMC license approval, it must perform an internal audit and a yearly MAS audit.
For acquiring the registration status or license, MAS requires that every RFMC pay a yearly fee of S$1000.
Ensure that you submit your business models for review so that MAS can understand your business better. It is critical to ensure that these plans are straightforward, brief, but knowledgeable and convey complete business information.
As Singapore deals with financial terrorism and Money laundering activities with stringent measures, MAS requires that every business must comply with the Anti-money laundering requirements. Also, they must learn more about their clients.
Annual Compliance
Singapore MAS requires that every RFMC must comply with some annual submissions, including:
An RFMC license is a critical detail for every business performing regulated financial activities under the RFMC entity. However, the biggest challenge is the license application process. Our website got you covered on the matter. Visit us today for guidelines during the following procedures
We have a reliable team to consult with as you prepare for the application process. The team will guide you on all the requirements and the documents you must prepare.
Our talented team is ready to fill all the necessary submissions to MAS for you.
After your license approval, you don’t have to look for other experts to help you with additional services such as compliance since our team has all these services that you may need.
The Monetary Authority of Singapore (MAS) regulates fund management companies in Singapore. It requires them to obtain either a Registered Fund Management Company (RFMC) or a Licensed Fund Management Company (LFMC) status, depending on their business activities and the scope of their operations.
LFMCs must also have a minimum base capital of S$500,000 and demonstrate that their directors, representatives, and shareholders are fit and proper persons.
In regard to a Registered Fund Management Company (RFMC) in Singapore, an accredited investor refers to an individual or entity assessed by the Monetary Authority of Singapore (MAS) or a financial institution as having a higher level of financial know-how and experience.
Accredited investors can invest in private funds managed by RFMCs, which are unavailable to the general public. One is considered an accredited investor if he meets any or all of the following criteria :
Investors are accredited to evaluate their financial knowledge and experience in understanding the risks of investing in private funds and can make informed investment decisions.
Accreditation allows RFMCs to offer private funds to a select group of investors, without the need for extensive regulatory oversight and disclosure requirements. However, accredited investors are still subject to certain regulatory requirements. These include providing written consent for certain investments and being informed of the risks involved.
An accredited investor is an individual assumed to have the relevant knowledge in the business and have easy access to resources, ensuring that their interests are well-protected. As a result of that, the Singapore Regulatory Framework set up few protection rules. However, these investors give up some regulatory protections that safeguard them.
Consider looking for professionals to help you throughout the entire process, and lucky for you our site is among the top online platforms to get all the RFMC services.
The RFMC license is valid until MAS revokes it or your business fails, according to SFA Section 95. Also, if a company stops operating regulated activities, then MAS will cancel the license
Every business with the RFMC license must pay an annual fee of S$1000 to maintain the registration status
MAS expects that the company conducts an internal audit and an annual MAS audit. However, the company may choose to use an external compliance arrangement or an independent compliance program.
If you fall under the RFMC entity, the license is a must-have unless you want to face legal issues. Therefore, every business owner under this department must register for this license.
Singapore is strict with business compliance and requires every business to meet all the set requirements. However, some business owners fail to follow these rules and face punishments such as banishment, fines, and even imprisonment.