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Principal Activity is lending money

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biztreesg
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Principal Activity is lending money

Postby biztreesg » Thu, 05 Jan 2012 10:12 am

Dear all,

Please advise is that any application license required if the pricipal activity is lending out money ?

Thanks for your reply

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ecureilx
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Re: Principal Activity is lending money

Postby ecureilx » Thu, 05 Jan 2012 11:03 am

biztreesg wrote:Dear all,

Please advise is that any application license required if the pricipal activity is lending out money ?

Thanks for your reply


Want me to do a LMGTFY ?? :)

See the T & C in the MAS site and the various govt sites ..

Oh, if I remember correctly, you cannot advertise your business in newspapers :D

Good luck ..

bensonlew
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Re: Principal Activity is lending money

Postby bensonlew » Sat, 19 May 2012 2:02 pm

biztreesg wrote:Dear all,

Please advise is that any application license required if the pricipal activity is lending out money ?

Thanks for your reply


Yes money lending company need a license, otherwise it considers loan sharking:) Even simple money changer also require, I believe so. You might want to call MAS or ACRA to verify, but definitely this industry is not something that anyone can set up. You must proof to be financially strong.

therat
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Postby therat » Sat, 19 May 2012 2:12 pm

read this

Information for Moneylenders
http://app2.ipto.gov.sg/IPTOServices/Mo ... fault.aspx

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.


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