Who Needs an MAS Licence?
The Monetary Authority of Singapore (MAS) is Singapore's central bank and integrated financial regulator. Any business that carries on a regulated financial activity in Singapore generally needs an MAS licence, unless a specific exemption applies. Operating without one is an offence, and it can also make it harder to obtain a licence later.
The question is rarely just "do we need a licence?" but "which one?" The answer depends on what you do, who your customers are and how your business is structured. Two companies that both say they "manage money" can fall under entirely different regimes.
Which Licence Does Your Business Need?
Match your activities to the right regime. If more than one row applies, you may need more than one licence or a broader licence scope.
| If your business | You may need | Governed by |
|---|---|---|
| Manages funds for accredited and institutional investors | You may needA/I Licensed Fund Management Company (LFMC) licence | Governed bySecurities and Futures Act |
| Manages funds that include retail investors | You may needRetail LFMC licence | Governed bySecurities and Futures Act |
| Manages qualifying venture capital funds | You may needVenture Capital Fund Manager (VCFM) licence | Governed bySecurities and Futures Act |
| Deals in securities or other capital markets products, advises on corporate finance, or provides custodial services | You may needCapital Markets Services (CMS) licence for the relevant activity | Governed bySecurities and Futures Act |
| Provides payment services such as cross-border transfers, merchant acquisition, e-money or digital payment tokens | You may needStandard or Major Payment Institution licence, or a money-changing licence | Governed byPayment Services Act |
| Advises clients on investment products | You may needFinancial Adviser licence | Governed byFinancial Advisers Act |
Not sure which licence you need?
Tell us what your business does. In one discovery call, we'll map your activities to the right MAS licence and flag anything that could slow your application.
What Does MAS Look For in an Applicant?
Requirements vary by licence, but MAS assesses every applicant across the same core areas.
| Requirement | What MAS looks for | How Alder helps |
|---|---|---|
| Corporate structure and local presence | What MAS looks forA Singapore-incorporated company with genuine operations and management in Singapore | How Alder helpsEntity setup, structuring and incorporation support |
| Fit and proper persons | What MAS looks forShareholders, directors and key officers with integrity, competence and financial soundness | How Alder helpsFit and proper reviews and preparation of key person disclosures |
| Financial resources | What MAS looks forBase capital and ongoing financial requirements for the licence type | How Alder helpsCapital planning and financial requirement readiness |
| People and competency | What MAS looks forEnough relevant professionals with suitable experience for the licence type | How Alder helpsStaffing assessment against MAS expectations |
| Compliance and risk management | What MAS looks forAn independent compliance function and a documented risk management framework | How Alder helpsCompliance manuals, risk frameworks and fund management compliance policies |
| AML/CFT controls | What MAS looks forCustomer due diligence, screening and suspicious transaction reporting in line with MAS Notices | How Alder helpsAn AML/CFT framework and manual written for your business |
| Technology and business continuity | What MAS looks forControls aligned with MAS Technology Risk Management Guidelines and a business continuity plan | How Alder helpsTRM and cyber security and BCP documentation |
How Does the Application Process Work?
We guide you through six stages, so nothing reaches MAS until it's ready.
- 1
Eligibility and licence strategy
We review your business model, investors and activities to confirm the right licence and flag structural issues early.
- 2
Entity setup and structuring
We support incorporation and structuring, including fund vehicles such as a Variable Capital Company (VCC) where relevant.
- 3
Application preparation
We prepare the application forms, business plan, key person information and the policies MAS expects to see.
- 4
Submission and MAS liaison
We submit your application and manage MAS's queries on your behalf, including preparing your team for interviews.
- 5
In-principle approval
We help you meet any conditions MAS sets before the licence can be granted.
- 6
Licence grant and setup
We put your compliance calendar, registers and reporting in place so you're ready to operate from day one.
How Long Does Approval Take?
Timelines depend on the licence type, the complexity of your business and, above all, how complete your application is. Most delays come from incomplete information and slow answers to MAS's questions, not from MAS itself.
Because every application is different, the most reliable way to get a realistic timeline is to talk it through with us. In a short discovery call, we'll look at your business model, confirm the licence you need and outline the steps and timing ahead.
Book a Discovery CallWhat Happens After You're Licensed?
The licence is the start, not the finish. Licensed firms must meet ongoing obligations, including:
- Maintaining an effective compliance function and monitoring regulatory changes, with ongoing MAS compliance support
- Submitting regulatory returns and notifying MAS of significant changes
- Meeting AML/CFT obligations, including sanctions and AML screening
- Undergoing annual audits and independent MAS compliance audits
- Keeping staff trained through regulatory training
Alder can stay with you after approval as your outsourced compliance function.
Why Do Applications Get Delayed?
These are the most common reasons we see, and every one of them can be fixed before you submit.
- An unclear business model: MAS can't assess an application if it isn't clear exactly which regulated activities you'll carry on.
- Thin local substance: key decision-makers and operations sitting outside Singapore.
- Key persons without relevant experience: directors or officers whose track record doesn't match the business.
- Generic policies: compliance and AML documents copied from templates rather than written for your business.
- Slow or incomplete responses: each round of MAS questions adds weeks when answers are late or partial.
Who Do We Work With?
- New fund managers setting up in Singapore
- Venture capital managers considering the VCFM regime
- Founders moving from a single family office into third-party fund management
- Fintech and payment companies entering regulated activities
- Overseas financial groups establishing a Singapore presence
Why Choose Alder for Your Licence Application?
- Licence strategy before paperwork: we confirm the right licence and structure first, so you never apply under the wrong regime or rework your application halfway through.
- Applications prepared for MAS scrutiny: your business plan, key person information and policies are written the way MAS reviews them, which means fewer rounds of questions.
- We handle the MAS liaison: we manage MAS's queries, prepare your team for interviews and help you meet any in-principle approval conditions.
- Incorporation to licence under one roof: entity setup, fund structuring and licensing are handled together, so nothing falls between advisers.
- Ready to operate on day one: your compliance manual, AML framework, registers and compliance calendar are in place when the licence is granted, with ongoing support available after.
MAS licences we support
- Capital Markets Services (CMS) licence
- A/I and Retail LFMC
- Venture Capital Fund Manager (VCFM)
- Payment Services Act licences
- Financial Adviser licence
