Singapore legislation
Regulation 9
Regulation 9
Minimum financial requirements for licensees
Subregulation 1
Subject to paragraphs (2), (3) and (4), a licensee issued a general licence must, at all times during the currency of the licensee’s licence, ensure that —
where the licensee is a sole proprietor, partnership or an unincorporated association, the licensee’s net value is at least $100,000; or
where the licensee is a company, limited liability partnership or other body corporate, the licensee’s issued and paid‑up capital is at least $100,000 and the licensee’s net value is at least $100,000.
Subregulation 2
For the period between 8 April 2020 and 31 December 2022 (both dates inclusive), paragraph (1) does not apply to a licensee issued a general licence if the licensee ensures that, at all times during that period —
where the licensee is a sole proprietor, partnership or an unincorporated association — the licensee’s net value is at least $10,000; or
where the licensee is a company, limited liability partnership or other body corporate — the licensee’s issued and paid‑up capital is at least $100,000 and the licensee’s net value is at least $10,000.
Subregulation 3
For the period between 1 January 2023 and 31 December 2023 (both dates inclusive), paragraph (1) does not apply to a licensee issued a general licence if the licensee ensures that, at all times during that period —
where the licensee is a sole proprietor, partnership or unincorporated association — the licensee’s net value is at least $40,000; or
where the licensee is a company, limited liability partnership or other body corporate — the licensee’s issued and paid‑up capital is at least $100,000 and the licensee’s net value is at least $40,000.
Subregulation 4
For the period between 1 January 2024 and 31 December 2024 (both dates inclusive), paragraph (1) does not apply to a licensee issued a general licence if the licensee ensures that, at all times during that period —
where the licensee is a sole proprietor, partnership or unincorporated association — the licensee’s net value is at least $70,000; or
where the licensee is a company, limited liability partnership or other body corporate — the licensee’s issued and paid‑up capital is at least $100,000 and the licensee’s net value is at least $70,000.
Subregulation 5
Subject to paragraphs (6), (7) and (8), a licensee issued a niche licence must, at all times during the currency of the licensee’s licence, ensure that —
where the licensee is a sole proprietor, partnership or an unincorporated association, the licensee’s net value is at least $50,000; or
where the licensee is a company, limited liability partnership or other body corporate, the licensee’s issued and paid‑up capital is at least $50,000 and the licensee’s net value is at least $50,000.
Subregulation 6
For the period between 8 April 2020 and 31 December 2022 (both dates inclusive), paragraph (5) does not apply to a licensee issued a niche licence if the licensee ensures that, at all times during that period —
where the licensee is a sole proprietor, partnership or an unincorporated association — the licensee’s net value is at least $5,000; or
where the licensee is a company, limited liability partnership or other body corporate — the licensee’s issued and paid‑up capital is at least $50,000 and the licensee’s net value is at least $5,000.
Subregulation 7
For the period between 1 January 2023 and 31 December 2023 (both dates inclusive), paragraph (5) does not apply to a licensee issued a niche licence if the licensee ensures that, at all times during that period —
where the licensee is a sole proprietor, partnership or unincorporated association — the licensee’s net value is at least $20,000; or
where the licensee is a company, limited liability partnership or other body corporate — the licensee’s issued and paid‑up capital is at least $50,000 and the licensee’s net value is at least $20,000.
Subregulation 8
For the period between 1 January 2024 and 31 December 2024 (both dates inclusive), paragraph (5) does not apply to a licensee issued a niche licence if the licensee ensures that, at all times during that period —
where the licensee is a sole proprietor, partnership or unincorporated association — the licensee’s net value is at least $35,000; or
where the licensee is a company, limited liability partnership or other body corporate — the licensee’s issued and paid-up capital is at least $50,000 and the licensee’s net value is at least $35,000.
Subregulation 9
A licensee that is a company must not reduce its paid‑up capital during the currency of its licence without the prior written approval of the Board.