Clause 9

A public accountant who wishes to have a limited liability partnership or proposed limited liability partnership approved as an accounting LLP may apply to the Oversight Committee for the approval of —

the limited liability partnership as an accounting LLP; and

the name or proposed name of the accounting LLP.(2) An application under subsection (1) shall be made in accordance with the prescribed requirements and shall be accompanied by the prescribed fee.(3) The Oversight Committee may, on receiving an application made under this section, approve the limited liability partnership or proposed limited liability partnership concerned as an accounting LLP if and only if —

one of the primary objects of the limited liability partnership or proposed limited liability partnership is to provide public accountancy services; (b)the capital of the limited liability partnership or proposed limited liability partnership that is paid up or to be paid up is not less than $50,000 or such other sum as may be prescribed;

at least two-thirds, or such other proportion as may be prescribed, of the partners are public accountants, or if the partnership has only 2 partners, one of those partners is a public accountant;

the accounting LLP or proposed accounting LLP is or will be covered by professional indemnity insurance in accordance with section 28 and the prescribed requirements; and

the business of the accounting LLP, so far as it relates to the supply of public accountancy services in Singapore, will be under the control and management of one or more partners who are public accountants ordinarily resident in Singapore.”.