Singapore legislation
Section 8
Section 8
Application for or renewal of remittance licence
(1)
Any person who desires to obtain or renew a remittance licence shall submit an application to the Authority in such form, and shall furnish the Authority with such information, as the Authority may require.
(2)
An application made to the Authority for the grant or renewal of a remittance licence shall be accompanied by a non-refundable application fee of a prescribed amount, which shall be paid in the manner specified by the Authority.
(3)
Upon receiving an application for a remittance licence under subsection (1), the Authority shall consider the application and may —
subject to section 9, grant a remittance licence with or without conditions; or
refuse to grant a remittance licence.
(4)
In considering any application for a remittance licence, the Authority may require to be satisfied as to —
the general character of the management of the applicant;
the financial condition of the applicant; and
whether the public interest will be served by the granting of the remittance licence.
(5)
The Authority may at any time vary or revoke any of the existing conditions of a remittance licence or impose new conditions.
(6)
An application for the renewal of a remittance licence shall be made not later than one month, or such other period as the Authority may prescribe, before the expiry of the remittance licence.
(7)
The Authority may renew the remittance licence of a person even though he does not submit an application for the renewal of his remittance licence within the time required by subsection (6), if the person pays a late renewal fee not exceeding $50 for every day or part thereof that the application for renewal is late, subject to a maximum of $1,500.
(8)
Where a person submits an application for the renewal of his remittance licence, whether or not within the time required by subsection (6), his remittance licence shall continue in force until the date on which the licence is renewed or the application for his renewal is refused, as the case may be.
(9)
No application for renewal of a remittance licence shall be made after the expiry of the licence. [7A