Section 5

a company incorporated under the Companies Act 1967; or

a foreign company registered under Division 2 of Part 11 of the Companies Act 1967.

the applicant has not provided the Authority with such information or document as the Authority may require in relation to —

the applicant or any person employed by or associated with the applicant for the purposes of its trust business; or

any circumstances likely to affect the manner in which the applicant conducts its trust business;

any information or document that is provided by the applicant to the Authority is false or misleading;

the applicant or its substantial shareholder is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;

execution against the applicant or its substantial shareholder in respect of a judgment debt has been returned unsatisfied in whole or in part;

a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the applicant or its substantial shareholder;

the applicant or its substantial shareholder has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with its creditors, being a compromise or scheme of arrangement that is still in operation;

the applicant or its substantial shareholder, or any officer of the applicant —

has been convicted, whether in Singapore or elsewhere, of any offence involving fraud or dishonesty or the conviction for which involved a finding that the applicant, substantial shareholder or officer had acted fraudulently or dishonestly; or

has been convicted of an offence under this Act;

the Authority is not satisfied as to the educational or other qualification or experience of the officers or employees of the applicant having regard to the nature of the duties they are to perform if the applicant were granted the trust business licence;

the applicant fails to satisfy the Authority that it is a fit and proper person to be licensed or that all of its officers, employees and substantial shareholders are fit and proper persons;

the Authority has reason to believe that the applicant may not be able to act in the best interests of any protected party having regard to the reputation, character, financial integrity and reliability of the applicant or its officers, employees or substantial shareholders;

the Authority is not satisfied as to the financial standing of the applicant or its substantial shareholders or the manner in which the applicant’s trust business is to be conducted;

the Authority is not satisfied as to the record of past performance or expertise of the applicant, having regard to the nature of the trust business which the applicant may carry on if granted the trust business licence;

there are other circumstances which are likely —

to lead to the improper conduct of the applicant’s trust business by the applicant or any of its officers, employees or substantial shareholders; or

to reflect discredit on the manner in which the applicant or its substantial shareholders conduct its trust business;

the Authority has reason to believe that the applicant, or any of its officers or employees, will not efficiently, honestly or fairly perform any of the activities or provide any of the services for which the applicant seeks to be licensed; or

the Authority is of the opinion that it would be contrary to the interests of the public to grant the trust business licence to the applicant.

the applicant is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;

a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the applicant; or

the applicant has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly.