4.—(1) Any person who desires to obtain a licence shall make an application in the prescribed manner to the Board for the grant of a licence.
(2) Upon receiving an application under subsection (1), the Board shall consider the application and may grant a licence for a period of one year at a time, with or without conditions, or refuse to grant a licence.
(3) The Board shall refuse to grant a licence if —
(a)
satisfactory evidence has not been produced to show that the applicant is a fit and proper person to hold a licence;
(b)
the applicant or, if the applicant is a company, any of its officers holding a managerial or executive position has been convicted of any offence involving dishonesty, fraud or moral turpitude; or
(c)
the Board considers it in the public interest to do so.
(4) No person who is not an incorporated person shall be licensed under this section unless there is in respect of the business a valid certificate of registration of business issued under any written law in force in Singapore relating to the registration of businesses.
(5) Every licensee shall pay such annual licence fee as may be prescribed.