Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4
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http://app2.ipto.gov.sg/IPTOServices/Moneylending/InformationforMoneylenders/tabid/387/Default.aspx
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How can I start a moneylending business? If you wish to start a moneylending business, you are required to apply for a Moneylender's Licence from the Registrar of Moneylenders. Before you submit your application, it is advisable that you familiarise yourself with the provisions of the Moneylenders Act 2008 (Cap. 188) and its Rules. These are obtainable from:
Toppan Lee Fung Pte. Ltd. Legal Publishing
1 Kim Seng Promenade, #18-01
Great World City East Tower Singapore 237994
Tel: 6826 9600 Email:
[email protected]
Website:
www.toppanleefung.com/webshop
Please note that the applicant and/or any person who is or will be responsible for the management of the business will be required to sit for a written test conducted by the Registry of Moneylenders with regard to the Moneylenders Act and its Rules.
You may register or incorporate a sole-proprietorship, partnership, limited liability partnership, limited partnership or company to carry on a moneylending business. Please note that the principal activity of the business entity must be "moneylending". In the case of a company, one of the object clauses of the Memorandum of Association should be the carrying on of a moneylending business. An example of an object clause is as follows:
"To lend money in accordance with and under a licence issued under the Moneylenders Act 2008."
When naming your business, firm or company, you are advised not to use the words “finance company” or any derivative of those words, in view of Section 4 of the Finance Companies Act (Cap. 108), which prohibits the use of such words. Please refer to the Finance Companies Act for more details. If you decide to use the words “finance company” or any of their derivatives in your business name, please ensure that you have obtained the consent of the Monetary Authority of Singapore for the use prior to the registration of your business/company with ACRA. An application for a moneylender’s licence will not be approved when no such consent has been obtained.
The following are some of the criteria for the grant of a Moneylender's licence:
the applicant and every person who is or will be responsible for the management of the business;- must be of good character and fit and proper persons to carry on the moneylending business; is above 21 years old; is familiar with the provisions of the Moneylenders Act (Cap 188) and its Rules;
the applicant or any person who is or will be responsible for the management of the business:- is ordinarily resident in Singapore; must possess a minimum of 4 ‘O’ Level credit passes, including a credit pass in 'O' Level English as first language; is required to sit for a written test with regard to the Moneylenders Act and its Rules conducted by the Registry of Moneylenders. This will apply to applications received on or after 1 January 2011;
the proposed business premises to be licensed is suitable for the conduct of the moneylending business; and
a security deposit of $20,000 for every place of business for the proper conduct of the business, has been placed with the Accountant-General. The security deposit is to be provided in the form of an irrevocable Banker’s Guarantee upon approval of your application.
2. How can I apply for a Moneylender’s licence? You may submit an online application for the moneylender's licence here.
Important Note
All the information given in the application form must be correct and true. If the information given is found to be false or misleading, the Moneylender's Licence granted to you will be revoked by the Registrar of Moneylenders and you may be liable to prosecution for an offence under the Moneylenders Act 2008.
Processing Time
Your application will be processed upon your submission of all the documents required by us. In order for us to expedite the processing of your application, please ensure that all the documents required are in order. Please click here for the list of documents to be submitted.
Application Fee
The application fee (non-refundable) for a moneylender’s licence is $600 (inclusive of GST). This is payable upon submission of your application.
Licence Fee
The fee of a moneylender’s licence is $1,320 per annum. This is payable upon approval of your application. All payments can be made electronically via the Online Business Licensing Service by eNets Credit/Debit or Internet Banking.
