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A company must hold a financial adviser (FA)'s License to conduct financial advisory services regulated under the Financial Advisers Act, unless otherwise exempted. Individuals representing licensed FAs or exempt FAs need to be appointed as representatives.
| Timeframe | 6 Months |
| Capital | US$ 188,000 |
| Accounting Required |  |
| Nominee Required | |
Contact One IBC now for more information about the Financial Adviser's Licence in Singapore.
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US$ 21,000
Singapore is already one of the world’s top financial hubs, and it is constantly innovating. The Monetary Authority of Singapore (MAS), the financial and AML regulator, has created a friendly and sustainable environment for financial advisor companies.
The new flexible regulation for financial service has a favorable license regime with low fees; Singapore is eager to support the development of advisers in finance businesses.
There are no taxes on the profits generated outside of Singapore. The income from a local activity is subject to a mere 8,5% for the first S$300,000 ($220k) and 17% for anything above.
Singapore is one of the most respectable financial centers in the world. Its reputation as a stable, technology-oriented jurisdiction makes it an attractive place for business and investment.
When assessing an application for a Financial Adviser License, MAS takes into account factors such as:
Your company will also need to appoint the following individuals:
You can refer to the Guidelines on Criteria for the Grant of a Financial Adviser’s License for more information.
MAS conducted a Financial Advisory Industry Review (FAIR) in 2012. One of the objectives of FAIR was to enhance the admission criteria and ongoing requirements for FA applicants and licensees. To ensure a smooth transition for new entrants when the enhanced requirements come into effect, MAS expects all FA License applicants to meet the enhanced requirements (listed below).
If your company only advises others by issuing or promulgating research analyses or research reports concerning investment products, you are required to maintain a minimum base capital of SGD 250,000. For all other types of financial advisory activities, you are required to maintain a minimum base capital of SGD 500,000, or a lower base capital of SGD 300,000 plus additional professional indemnity insurance of SGD 500,000.
You are required to maintain financial resources that are the higher of:
You are required to have in force a PII policy with varying limits depending on the type of financial advisory services provided. The breakdown is as follows:
The License is valid until:
All entities that hold a Financial Adviser License are listed on the Financial Institutions Directory. Correspondingly, all entities that cease to hold a License will be removed from the Financial Institutions Directory.
Licensed financial advisers are required to prepare and lodge with MAS a true and fair profit and loss account and a balance sheet made up to the last day of its financial year in accordance with the provisions of the Companies Act (Cap. 50), where applicable. The above documents are to be lodged together with an auditor‘s report in Form 17. In addition, they are required to submit Forms 14, 15, and 16, where applicable. These documents are to be lodged within 5 months, or within such extension of time as may be permitted by MAS, after the end of the financial adviser‘s financial year
The types of services provided by financial planners vary widely. Some planners assess every aspect of their clients' financial profile, including savings, investments, insurance, tax, retirement, and estate planning, and help them develop detailed strategies to meet their financial objectives. Others may call themselves financial planners, but only provide advice on a limited range of products and services.
MAS regulates all financial planning activities related to securities, futures, and insurance. Tax and estate planning activities do not come under our regulatory ambit. Hence, only financial planners who conduct activities regulated under the FAA are required to be licensed as a financial adviser. A financial planner may conduct other activities such as tax planning, but these are not subject to supervision by MAS.
Banks, merchant banks, finance companies, insurance companies, insurance brokers registered under the Insurance Act, holders of a capital markets services license under the Securities and Futures Act (Cap 289). are exempt from holding a financial adviser's license to act as a financial adviser in Singapore in respect of any financial advisory services. Nonetheless, exempt financial advisers and their appointed and provisional representatives are required to comply with the business conduct requirements stipulated in the FAA.
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