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From Philippa Allen, ComplianceAsia

1. Company Establishment and Licensing It is necessary to establish a Singapore company and one director must be a Singapore citizen, permanent resident or employment pass holder. There are individuals who will act in this capacity for firms that do not yet have local staff in Singapore.

Under the Singapore regulatory regime, any company which carries on a regulated activity in Singapore must hold a capital markets services license (“CMS” license) from the MAS. These regulated activities include dealing in securities, trading in futures contracts, leveraged foreign exchange trading, advising on corporate finance, fund management, securities financing and providing custodial services for securities.

However, the MAS permits certain entities to be exempted from this requirement if they provide fund management services to not more than 30 qualified investors. Such exempt fund managers must notified MAS that they are providing fund management services to not more than 30 qualified investors.

Qualified investors are essentially institutional investors, professional investors, high net worth individuals and funds. Each fund is treated as a single investor and there is no look through to the number of underlying investors.

The marketing of funds is not explicitly referred to in the Securities and Futures Act but is instead permitted under the Financial Advisors Act for persons either licensed as financial advisors......................

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