Venture Capital Fund Manager (VCFM): Licence Application
What does MAS assess in a fund management companies licence / registration application?
According to MAS (FAQs)
last revised 12 October 2021
Good quality submissions have the following features:
A clear description of the applicant’s business model and plans, which are supported by the professional experience and expertise of the proposed management team. The business plan sets out the investment focus or strategy to be adopted, assets and markets where investments will be made, the profile of potential investors and distribution plans or channels;
A clear description of risk management, compliance and audit arrangements which are in line with the nature of the proposed fund model;
For applicants which are part of a global fund management group, a clear explanation of the applicant’s role in Singapore together with the functions or services that it will receive and/or provide to related corporations within the group (if any);
Documentary evidence of the applicant’s ability to meet minimum base capital and financial requirements, including the ACRA business profile report and where available, the latest audited financial statements;
Where regulatory action has previously been taken against the applicant or its related corporations, an assessment of the impact of the action and a description of the steps taken to effectively address the root cause of the regulatory breach; and
Fit and proper declarations by the applicant for its shareholders, directors and representatives. In relation to shareholders, declarations are provided for: (i) shareholders with 5% or more direct or indirect voting power or ownership in the applicant, and (ii) where a shareholder is publicly listed company, persons who own or control 5% or more of the shares of the company.