Division 1 — General duties
Minimum financial requirements for licensees
9.—(1)  Subject to paragraph (1AA), a licensee issued a general licence must, at all times during the currency of the licensee’s licence, ensure that —
(a)where the licensee is a sole proprietor, partnership or an unincorporated association, the licensee’s net value is not less than $100,000; or
(b)where the licensee is a company, limited liability partnership or other body corporate, the licensee’s issued and paid‑up capital is not less than $100,000 and the licensee’s net value is not less than $100,000.
[S 100/2018 wef 01/03/2018]
[S 257/2020 wef 08/04/2020]
(1AA)  For the period between 8 April 2020 and 31 December 2022 (both dates inclusive), paragraph (1) does not apply to a licensee issued a general licence if the licensee ensures that, at all times during that period —
(a)where the licensee is a sole proprietor, partnership or an unincorporated association — the licensee’s net value is at least $10,000; or
(b)where the licensee is a company, limited liability partnership or other body corporate — the licensee’s issued and paid‑up capital is at least $100,000 and the licensee’s net value is at least $10,000.
[S 257/2020 wef 08/04/2020]
[S 1086/2020 wef 31/12/2020]
[S 974/2021 wef 31/12/2021]
(1A)  Subject to paragraph (1B), a licensee issued a niche licence must, at all times during the currency of the licensee’s licence, ensure that —
(a)where the licensee is a sole proprietor, partnership or an unincorporated association, the licensee’s net value is not less than $50,000; or
(b)where the licensee is a company, limited liability partnership or other body corporate, the licensee’s issued and paid‑up capital is not less than $50,000 and the licensee’s net value is not less than $50,000.
[S 100/2018 wef 01/03/2018]
[S 257/2020 wef 08/04/2020]
(1B)  For the period between 8 April 2020 and 31 December 2022 (both dates inclusive), paragraph (1A) does not apply to a licensee issued a niche licence if the licensee ensures that, at all times during that period —
(a)where the licensee is a sole proprietor, partnership or an unincorporated association — the licensee’s net value is at least $5,000; or
(b)where the licensee is a company, limited liability partnership or other body corporate — the licensee’s issued and paid‑up capital is at least $50,000 and the licensee’s net value is at least $5,000.
[S 257/2020 wef 08/04/2020]
[S 1086/2020 wef 31/12/2020]
[S 974/2021 wef 31/12/2021]
(2)  A licensee that is a company must not reduce its paid‑up capital during the currency of its licence without the prior written approval of the Board.
Place of business
10.—(1)  A licensee must, for every place of business where the licensee carries on the business of a travel agent, obtain the Board’s prior written approval before carrying on the business of a travel agent at that place.
(2)  The licensee must use and maintain at least one place of business for the purposes of carrying on the business of a travel agent.
(3)  Where the licensee ceases to use any place of business for carrying on the business of a travel agent, the licensee must, within 14 days after the cessation, notify the Board of the cessation.
Contact information
11.  A licensee must within 14 days after the date of any change in any of the following contact information, notify the Board of the change:
(a)the licensee’s telephone number;
(b)the licensee’s email address, if any;
(c)the licensee’s fax number, if any.
Display of signs
12.—(1)  Subject to paragraph (2), a licensee must, at the entrance to every place of business where the licensee carries on the business of a travel agent, display a sign containing the registered name and the trade mark or logo, if any, of the business.
(2)  Where it is proved to the satisfaction of the Board that, owing to any other written law or any other reasonable cause, the licensee is prevented from displaying a sign in accordance with paragraph (1), the licensee may instead display the sign at another place approved by the Board.
Change in financial year
13.  A licensee must, before changing the licensee’s financial year, inform the Board of the intended change within 6 months after the close of the preceding financial year.
Financial and other information required by Board
14.—(1)  Every licensee must submit the following information to the Board by the following times:
(a)within 6 months after the close of the financial year of the licensee, the annual business profile returns of the licensee in the form as the Board requires;
(b) subject to paragraph (1A), within 6 months after the close of the financial year of the licensee, a copy of the licensee’s audited statement of accounts;
[S 257/2020 wef 08/04/2020]
(c)where requested by the Board and within such time specified by the Board, any other information relating to the licensee’s business as a travel agent.
(1A)  A licensee may, for the financial year of the licensee that closes on or after 1 March 2020 and the next 2 following financial years, submit a copy of the licensee’s financial statements certified by an independent auditor in accordance with the Singapore Standard on Review Engagements (SSRE) 2400 (Revised): Engagements to Review Historical Financial Statements instead of the copy of the licensee’s audited statement of accounts mentioned in paragraph (1)(b).
[S 257/2020 wef 08/04/2020]
[S 1086/2020 wef 31/12/2020]
[S 974/2021 wef 31/12/2021]
(2)  In paragraph (1)(a) or (b) or (1A), a reference to a financial year includes a reference to the first financial year subsequent to a change in the licensee’s financial year, despite that the financial year is not 12 months.
[S 257/2020 wef 08/04/2020]