Minimum financial requirements for trust companies
11.—(1) For the purposes of section 5(2) of the Act, the Authority shall not grant a trust business licence to a corporation unless the corporation satisfies the following requirement at the time of the grant:
(a)
where the corporation is incorporated in Singapore, its paid-up capital is not less than $250,000;
(b)
where the corporation is a foreign company, its qualifying assets are not less than $250,000.
(2) For the purposes of paragraph (1)(b), the Authority may, from time to time and by notice in writing, specify the requirements relating to the qualifying assets referred to in that paragraph.