Minimum financial requirements for applicants
3.—(1)  For the purposes of section 7(3)(b) of the Act, the minimum financial requirements for an applicant for a general licence are as follows:
(a)where the applicant is a sole proprietor, partnership or an unincorporated association, the applicant’s net value must not be less than $100,000;
(b)where the applicant is a company, limited liability partnership or other body corporate, the applicant’s issued and paid‑up capital must not be less than $100,000 and the applicant’s net value not less than $100,000.
[S 100/2018 wef 01/03/2018]
(1A)  For the purposes of section 7(3)(b) of the Act, the minimum financial requirements for an applicant for a niche licence are as follows:
(a)where the applicant is a sole proprietor, partnership or an unincorporated association, the applicant’s net value must not be less than $50,000;
(b)where the applicant is a company, limited liability partnership or other body corporate, the applicant’s issued and paid‑up capital must not be less than $50,000 and the applicant’s net value not less than $50,000.
[S 100/2018 wef 01/03/2018]
(2)  For the purposes of paragraphs (1) and (1A), an applicant must, together with the application for a licence, submit a financial statement that presents the applicant’s financial position as at a date within 6 months before the date the applicant submits the application.
[S 100/2018 wef 01/03/2018]