If a company is interested in establishing a financial advisory firm in Singapore, what is the application process and admission requirements when applying for a financial adviser’s licence?

A company that wishes to conduct financial advisory services in Singapore, such as advising on or arranging life policies, is required to hold a financial adviser’s licence under the Financial Advisers Act 2001 (“FAA”), unless otherwise exempted. The types of financial advisory services that are regulated under the FAA are listed in the Second Schedule to the FAA. Exemptions from the requirement to hold a licence are set out in Section 20 of the FAA and Part VI (Exemptions) of the Financial Advisers Regulations .

Information on the application process, requirements, timeline and forms for a financial adviser’s licence can be found in the below: 

• Financial Adviser’s Licence
  
• Financial Advisers Act 2001
  
• Financial Advisers Regulations
  
• Guidelines on Criteria for the Grant of a Financial Adviser's Licence
  
• FAQs on Financial Advisers Act, Financial Advisers Regulations, Notices and Guidelines

Application Forms: 

• Form 1 Application for a Financial Advisers Licence
• Form 11 - Appointment of Chief Executive Officer or Director / Change of Director's Nature of Appointment from Non-Executive to Executive (For Licensed Financial Advisers)
• Form 3A- Notification for appointment of an appointed representative

The service standard for processing an FA licence application is generally 4 months from the date of application, subject to the submission of a complete set of information and the amount of time needed for further clarification, should this be needed.