When You Need Licensing Support
Applying for a regulatory license requires a clear understanding of the initial and ongoing obligations that apply to your proposed activities. The application also needs to demonstrate that your business has the appropriate governance, management expertise, financial resources and compliance arrangements in place.
Our regulatory licensing support in Singapore helps you prepare and manage the application process from the preparation of the application pack through to submission. We will then help you with the regulatory queries thereafter until a decision is reached.
Who We Help
Our licensing support serves a broad range of businesses seeking regulatory approval in Singapore, including:
- Fund managers applying for Licensed Fund Management Company (LFMC) or Venture Capital Fund Manager (VCFM) status
- Payment Services firms applying under the Payment Services Act, including both Traditional Fiat Payment Services such as Domestic and Cross Border Money Transfer, as well as Digital Payment Tokens (Crypto) related services. We also help with Account Issuance, E-Money Issuance and Merchant Acquisition services, which may involve both elements
- Financial Advisory and Capital Markets Intermediaries applying for Capital Markets Services licences across.
- Exempt entities such as Exempt Financial Advisors, Exempt Corporate Finance Advisors, and even Single Family Office Applications
These regulatory requirements are set by MAS across Singapore’s licensing frameworks, and can be reviewed on the MAS regulation page.
What We Can Help With
- Licence assessment — Assessing the appropriate licence type and regulatory requirements based on your proposed business activities.
- Governance and management requirements — Reviewing proposed directors, key personnel, governance arrangements and other relevant requirements.
- Policies and procedures — Identifying the policies, procedures and compliance arrangements required to support the application (applicable only for Payments Services entities).
- Application preparation — Preparing and reviewing the application forms, supporting documents and information required for submission.
- Application submission — Supporting the preparation and submission of the licence application to the relevant regulator.
- Regulatory queries — Assisting with responses to questions, requests for clarification or additional information needed from the regulators during the application process.
Types of Businesses We Support
Our regulatory licensing services cover applications to the regulators in Singapore. This includes applications for Capital Markets Services licences, Payment Service licenses and other regulatory approvals within our areas of expertise. We elaborate further on the specific license types that we deal with above.
The requirements and application process will depend on the proposed activities, business model and licence type. We assess these requirements at the outset so that the application is prepared on the appropriate regulatory basis.
Licensing or Initial Set Up & Structuring Support?
If you are still determining the appropriate licence type, business structure or product scope, our Initial Set Up & Structuring Support may be the appropriate starting point.
Where the proposed structure and regulated activities have been established, our Regulatory Licensing service supports you through the application process and regulatory engagement.
Frequently Asked Questions
How long does a licence application take in Singapore?
This depends on the licence type and complexity of your business. Capital Market Services licenses usually vary between 6 – 12 months, whereas Payment Services licenses can take anywhere between 12 – 18 months minimally, at the time of writing. However, MAS applications can and may take longer if additional complexities arise from the application.
What is an Exemption for?
Obtaining an Exemption is a useful way to carry out a potential regulated activity on a smaller scale, without the full cost of a license – depending on the activity in question. Commonly seen exemptions are the Exempted Financial Advisor and Exempted Corporate Finance Advisor regimes.
Do I need to finalise my business structure before applying?
Yes. Your structure, licence type and product scope should be confirmed and finalised before submission. We would warn against making changes thereafter as this may result in a rejection or withdrawal request. Our Initial Set Up & Structuring Support can help with this if you have not yet finalised these arrangements.
What are the main pitfalls of the application process to avoid?
There are a few that arise. Ensure your key personnel meet the minimum relevant experience criteria (as applicable) and sufficiently mitigate potential conflicts of interest. Familiarise yourself with the regulatory regime that you are applying under and ensure that you are adequately resourced to meet your licensing and ongoing compliance obligations. In turn, understand what your post-licensing obligations will look like.
What happens if the regulator raises queries during the application?
We support you in preparing concise and succinct responses to questions or requests for clarification raised by the regulators during the review process. This is done based on our experience of regulatory expectations and helps keep the application on track.
What happens if my application is approved?
You will receive an In-Principal Approval with a number of conditions to fulfill before the license is issued. Ongoing regulatory obligations begin once the licence is issued. We can support you with Compliance Policies and Procedures and Ongoing Compliance Support once you are licensed