Anyone managing a fund out of Singapore must be licensed or registered by the Monetary Authority of Singapore (MAS). The regime changed in 2024, so a lot of older guidance is now wrong. This is the current 2026 picture for a boutique or mid-market manager.
The 2024 change: RFMC is gone
The lighter-touch Registered Fund Administration Company (RFMC) regime closed to new applicants on 1 August 2024, and existing RFMCs transitioned to licensed status during the 2024 window. As of 2026, a new manager applies under the Licensed Fund Administration Company (LFMC) framework — or, if it only manages venture capital, under the simplified VCFM route. If a guide still tells you to "register as an RFMC", it is out of date.
VCFM — the venture capital route
A manager that solely manages venture capital funds can apply as a Venture Capital Fund Manager (VCFM), a simplified LFMC sub-regime with the lightest requirements:
- Qualifying investments: the fund must invest at least 80% of committed capital in securities directly issued by unlisted business ventures incorporated no more than ten years at the time of first investment.
- No base capital and no risk-based capital requirement — the key advantage over an LFMC.
- People: at least two directors (one full-time and Singapore-resident) and at least two full-time professionals resident in Singapore (who may include the directors).
- Substance: a Singapore-incorporated company with a permanent, dedicated physical office.
- Timeline: roughly four months; full AML/CFT obligations apply.
Accredited/Institutional LFMC — the boutique default
The A/I LFMC is the licence most boutique and mid-market PE/VC managers hold. It permits fund administration for accredited and institutional investors only and carries a S$250,000 base capital requirement with risk-based capital of at least 120%. Outsourcing of functions is permitted, subject to the MAS outsourcing notice (SFA 04-N09).
Retail LFMC — if you serve retail money
A Retail LFMC may additionally serve retail investors. It requires S$500,000 base capital — rising to S$1 million where the manager runs a retail collective investment scheme — and carries heavier compliance, audit and disclosure expectations, with in-house compliance generally expected rather than outsourced.
At a glance
| Licence | Investors | Base capital | Best for |
|---|---|---|---|
| VCFM | Accredited / institutional (VC funds only) | None | Pure-play VC managers |
| A/I LFMC | Accredited / institutional | S$250,000 (RBC ≥120%) | Most boutique PE/VC and family-office managers |
| Retail LFMC | Retail + accredited / institutional | S$500,000 (S$1M with a retail CIS) | Managers raising from retail investors |
Which one fits?
If you only run VC, the VCFM route is the lightest path. If you run PE, multi-strategy or want broader flexibility for accredited and institutional capital, the A/I LFMC is the standard choice. Only take on a Retail LFMC if your distribution genuinely includes retail investors — the capital and compliance step-up is significant. Our MAS Fund Administration Licence Estimator maps your AUM and investor base to the likely regime.
Licensing is one of three decisions that move together — structure, licence and tax incentive. See How to Set Up a VCC in Singapore (2026) and Section 13O vs 13U (2026), or the full roadmap to starting a fund in Singapore.
This guide is general information, not legal or regulatory advice. Requirements reflect MAS rules as understood in 2026 and change over time — confirm the current position with MAS and a licensed compliance adviser before applying.
Planning your licence application? Estimate your regime, or talk to our team about running the fund on aama.io once you are authorised.