Singapore Fund Management - 新加坡晨星管理顾问

FUND MANAGEMENT

Fund Management in Singapore

Singapore’s fund management industry continues to be the most appealing and attractive choice for fund managers across the world. Positioned as Asia’s leading asset management centre, Singapore is currently well-equipped with approximately $3.4 trillion worth of assets under management (AUM) and 900 registered and licensed fund managers.

If your company wishes to conduct regulated fund management activities under the Securities and Futures Act (SFA) , it must be registered with MAS or hold a capital markets services (CMS) licence to operate either one of the three licenses below.

Registered Fund Management Company (RFMC)

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Licensed Fund Management Company (LFMC)

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Venture Capital Fund Manager (VCFM)

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	VCFM	RFMC	LFMC
Asset Under Management	Minimum of 2 directors. At least 1 of whom should be full-time and resident in Singapore. Minimum of 2 relevant professionals with at least 5 years experience and must be full-time residents of Singapore.	Minimum of 2 Directors with >5 years relevant industry experience. At least 1 must be an Executive and must be a full-time resident of Singapore. Minimum of 2 relevant professionals with at least 5 years experience and must be full-time residents of Singapore.	If investors are open to Retail: Minimum of 2 Directors with >5 years relevant industry experience. At least 1 must have >10 years of relevant experience, be an Executive Director and Singapore-resident. If investors are only Accredited Investors (A/I): Minimum of 2 Directors with >5 years relevant industry experience. At least 1 must be an Executive and must be a full-time resident of Singapore. For CMS / LFMC licence holders: Minimum of 3 relevant professionals with at least 5 years experience and must be full-time residents of Singapore.
Minimum Base Capital Requirements	No specific requirements.	S$250,000	At least S$500,000 (non- CIS) and at least S$1,000,000 (CIS).
Investor Type	Accredited and Institutional only (no Retail).	Limited to Qualified Investors.	LFMC A/I – only Accredited Investors LFMC Retail – no restrictions.
Type of Investment	Only in Venture Capital i.e., 80% of the fund’s portfolio should be in companies less than 10 years old.	No specific restriction.	No specific restriction.
Number of Investors	No Limits- Accredited Investors or Qualified Investors.	Maximum of 30 investors (which may include up to 15 funds).	No restrictions.
Compliance Arrangements	This function can be outsourced if the AUM is <S$1bn.	Can be outsourced as per the complexity and scale of business.	For AUM >S$1bn, to be in-house or can be outsourced. For LFMC Retail, to be in-house.
Reporting Requirements	Annual.	Annual.	Annual / Quarterly.
Risk-Based Capital Requirements	At least 120% of operational risk requirements.	None.	At least 120% of operational risk requirements.

Criteria For Application

When reviewing an application, MAS considers factors such as:

– Fitness and propriety of the applicant, its shareholders, and directors.
– Track record and management expertise of the applicant and its parent company or major shareholders.
– Ability to meet the minimum financial requirements prescribed under the SFA.
– Strength of internal risk management and compliance systems.
– Business model/ plans and projections and the associated risks.

FUND MANAGEMENT

Fund Management in Singapore

Registered Fund Management Company (RFMC)

Licensed Fund Management Company (LFMC)

Venture Capital Fund Manager (VCFM)

Criteria For Application

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