Please submit an online application for the following updates:

(a) Change of business address (please refer to 7.1 and 7.2);

(b) Change of business name;

(d) Appointment of a director or any individual who takes part in the management of the moneylending business;

(e) Employment or engagement of any individual for the moneylending business;

(f) Cessation of employment of any individual mentioned in (d) and (e); and

(g) The allotment of new shares/transfer of shares (please refer to 7.3)

7.1 For update (a), the licensee will be required to obtain a copy of the letter of approval from the landlord of the proposed premises for a moneylending business to be conducted and photographs of the proposed place of business. The letter of approval must be forwarded to the Registry within seven days of the online application, failing which the progress and outcome of which can be adversely affected. Please note that a tenancy agreement is not required to be submitted to the Registry at this juncture.

7.2 After the Registrar has deemed the proposed premises to be suitable for moneylending business to be conducted, the licensee will then be required to forward to the Registry the following documents:

(i) A copy of the tenancy agreement of the premises covering the entire/ remaining licence period;

(ii) A copy of the proof of ownership of the premises in the form of property tax or strata title deed; and

(iii) Proposed photo(s) of the signage to be displayed conspicuously at the business premises.

7.3 For update (g), please submit an online application with the following information:

(i) A clear copy of an up-to-date identification card of the transferor and the transferee (if applicable);

(ii) Number of shares to be transferred/allotted;

(iii) Reason(s) for the change of shares;

(iv) The agreed price for transferring the shares;

(v) Documentary evidence of the source of funds for the share transfer (e.g. bank account statements, notice of income tax, CPF statements, financial statements etc.);

(vi) The relationship between the transferor and the transferee;

(vii) Whether the transferee will become a substantial shareholder;

(viii) Whether the transferor’s involvement in the moneylending business will change;

(ix) A clear copy of the moneylending company’s recent financial statements;

(x) Whether the transferee has any prior experience in moneylending or debt collecting or has ever applied for a moneylending licence (if yes, state the business name, period of involvement, designation, job details etc.); and

(xi) Whether the transferee is related or have any connections with any persons (e.g. acquaintances/friends/family members/associates etc.) who has ever been involved in the business of moneylending or debt collecting or has ever applied for a moneylending licence (if yes, state the person’s name, the business name, relationship etc.)

7.4 Do note that for all the above updates, the licensee must first submit the online application and obtain approval from the Registry before it could proceed with the update/changes. After the licensee has received the approval from the Registry, it may then update this information with ACRA.

What should licensed moneylenders do if they wish to appoint a new director, manager, partner or substantial shareholder?

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