Trust Business Licence
The Trust Business Licence is required by the Monetary Authority of Singapore (MAS) for companies providing trust services, such as creating or administering express trusts. The validity of the licence is confirmed by the agency, and processing time can be found on the MAS website.
- Processing time
- available on the agency's website
- Issuing authority
- MONETARY AUTHORITY OF SINGAPORE (MAS)
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Who needs the Trust Business Licence
This licence applies to Singapore businesses registered under the following SSIC industry codes:
What's involved in getting the Trust Business Licence
The scope of the application — what must be in place, how the agency reviews, and where applications typically stall.
What this licence allows the business to do
The Trust Business Licence enables licensed companies to provide various trust services in Singapore, including the creation of express trusts, acting as trustees, and offering trust administration services. This licence is essential for businesses looking to operate legally within the trust sector.
What must be in place before the licence can be granted
Before the Trust Business Licence can be issued, the business must meet specific conditions. These include having a clear operational framework for trust services, ensuring compliance with the Trust Companies Act 2005, and establishing appropriate governance structures. Additionally, the company must demonstrate that it has qualified personnel with the necessary expertise in trust management.
How the agency reviews and decides
The Monetary Authority of Singapore (MAS) conducts a thorough review of the application, which includes assessing the company's operational capabilities and compliance with relevant regulations. The agency may also require additional documentation to support the application, ensuring that the business is equipped to provide trust services responsibly.
Common reasons applications stall
Applications for the Trust Business Licence can face delays for several reasons. Common issues include incomplete documentation, lack of clarity in the operational framework, and insufficient qualifications of key personnel. Additionally, if the proposed trust services do not align with the requirements set out in the Trust Companies Act, the application may be rejected or require significant revisions before approval.
Trust Business Licence FAQ
Do I need this licence to start operating?
Yes, if your business intends to provide trust services such as creating or managing express trusts, obtaining the Trust Business Licence is mandatory to operate legally in Singapore.
What can my business do once licensed?
Once licensed, your business can legally offer a range of trust services, including acting as a trustee, creating express trusts, and providing trust administration services, thereby expanding your service offerings in the financial sector.
What happens if I operate without it?
Operating without the Trust Business Licence can lead to significant legal repercussions, including fines and penalties. It may also damage your business's reputation and hinder future opportunities in the trust services market.
How does this fit relative to incorporating my company?
Obtaining the Trust Business Licence is a separate process from incorporating your company. It is advisable to incorporate your business first and then apply for the licence to ensure that all legal structures are in place before offering trust services.
What's the most common reason applications get rejected?
The most common reason for rejection is the lack of sufficient documentation or clarity regarding the operational framework. Ensuring that all requirements under the Trust Companies Act are met is crucial for a successful application.
Can a foreign-owned company hold this licence?
Yes, foreign-owned companies can apply for the Trust Business Licence in Singapore, provided they meet the necessary regulatory requirements and demonstrate compliance with the Trust Companies Act.
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Other MAS licences
Application for Bank Representative Office
The Application for Bank Representative Office is required by the Monetary Authority of Singapore (MAS) for foreign banks wishing to establish a liaison office in Singapore. This office can conduct market research and feasibility studies but cannot engage in any business transactions. Validity is agency-confirmed, with processing times available on the MAS website.
Approved Clearing House (ACH) or Recognised Clearing House (RCH)
The Approved Clearing House (ACH) or Recognised Clearing House (RCH) licence is issued by the Monetary Authority of Singapore (MAS) for companies wishing to operate a clearing facility under the Securities and Futures Act 2001. Validity is confirmed by the agency, with processing times available on the MAS website.
Approved Exchange (AE) or Recognised Market Operator (RMO)
The Approved Exchange (AE) or Recognised Market Operator (RMO) licence is issued by the Monetary Authority of Singapore (MAS) for entities operating as exchanges or market operators. The validity is confirmed by the agency, and processing times can be found on the MAS website.
Capital Markets Services Licence
The Capital Markets Services Licence is issued by the Monetary Authority of Singapore (MAS) for businesses engaging in regulated activities such as dealing in securities, fund management, and providing custodial services. Validity is agency-confirmed, with processing times available on the MAS website.
Financial Adviser's Licence
The Financial Adviser's Licence is required by the Monetary Authority of Singapore (MAS) for companies wishing to conduct regulated activities under the Financial Advisers Act 2001 (FAA). The validity period is confirmed by the agency, and processing time details can be found on the MAS website.
Insurer and Insurance Broker Licence
The Insurer and Insurance Broker Licence is required by the Monetary Authority of Singapore (MAS) for entities engaging in insurance activities, including insurers and insurance brokers. The validity period is confirmed by the agency, and processing times can be found on the MAS website.