Singapore legislation
Regulation 3
Regulation 3
Minimum financial requirements for applicants
Subregulation 1
For the purposes of section 7(3)(b) of the Act, the minimum financial requirements for an applicant for a general licence are as follows:
where the applicant is a sole proprietor, partnership or an unincorporated association, the applicant’s net value must not be less than $100,000;
where the applicant is a company, limited liability partnership or other body corporate, the applicant’s issued and paid‑up capital must not be less than $100,000 and the applicant’s net value not less than $100,000.
Subregulation 2
For the purposes of section 7(3)(b) of the Act, the minimum financial requirements for an applicant for a niche licence are as follows: (a)where the applicant is a sole proprietor, partnership or an unincorporated association, the applicant’s net value must not be less than $50,000; (b)where the applicant is a company, limited liability partnership or other body corporate, the applicant’s issued and paid‑up capital must not be less than $50,000 and the applicant’s net value not less than $50,000.
Subregulation 3
For the purposes of paragraphs (1) and (2), an applicant must, together with the application for a licence, submit a financial statement that presents the applicant’s financial position as at a date within 6 months before the date the applicant submits the application.