Chit Funds Act 1971 · 2020 Revised Edition · Part 3 · Licensing of Chit Fund Companies
9. Minimum capital requirements
Feedback & supportSubject to the provisions of this Act, no chit fund company may be granted or may hold a licence unless its capital, issued and paid up in cash, and unimpaired by losses or otherwise, is not less than $200,000.
chit fund company
“chit fund company” means a company which carries on chit fund business and holds a valid licence granted under section 7. All branches and offices in Singapore of the company are deemed to be one chit fund company for the purposes of this Act;
The Authority may require such percentage of the issued and paid‑up capital as may be prescribed in regulations made under this Act to be deposited in such manner as may be prescribed.
A chit fund company incorporated in Singapore must not reduce its paid‑up capital during the currency of its licence without the Authority’s approval.