MAS fund management licence estimator
Find which Singapore fund management regime fits — Single Family Office exemption, RFMC, or a CMS licence (A/I or Retail LFMC) — based on who you manage money for and your AUM, with indicative capital and fees.
- You serve external accredited / institutional investors, so a CMS licence applies.
- Your AUM (S$150M) and investor count (15) historically fit the RFMC regime — but MAS is phasing RFMC out, so new managers should apply as an A/I LFMC.
| Regime | Base capital | AUM cap | Investors | Retail | App. fee | Annual |
|---|---|---|---|---|---|---|
| Single Family Office (EFO) | No min. regulatory capital | None — own family assets only | Related parties only | No | None (exemption) | None |
| RFMC | S$250k base capital | S$250M | Up to 30 qualified investors | No | ~S$1,000 | ~S$4,000 |
| A/I LFMC (CMS licence) | S$250k base capital | No cap | Accredited & institutional | No | ~S$1,000 | ~S$4,000 |
| Retail LFMC (CMS licence) | S$500k–1M base capital | No cap | Incl. retail investors | Yes | ~S$1,000 | ~S$4,000 |
Educational tool for Singapore fund managers — not legal, regulatory or tax advice. Built by aama.io.
About this tool
Fund managers in Singapore operate under one of several MAS regimes: a Single Family Office exemption (managing only related-party money), a Registered Fund Management Company (RFMC), or a Licensed Fund Management Company (LFMC) holding a Capital Markets Services (CMS) licence — serving accredited/institutional investors (A/I) or retail investors.
This estimator maps your business — whose money you manage, your investor base and your AUM — to the regime that fits, with indicative base-capital and fee guidance. Note that MAS has announced the RFMC regime is being phased out, so most new external managers are directed to the A/I LFMC route.
How to use it
- Choose whether you manage your own family's money or external client money.
- Select your target investors (accredited/institutional or retail) and enter your AUM and investor count.
- Read the recommended regime and the side-by-side of capital, caps, fees and setup time.
Frequently asked questions
Do I need a CMS licence to manage a fund in Singapore?
If you manage external client money you generally need a Capital Markets Services (CMS) licence as a Licensed Fund Management Company. A Single Family Office managing only related-party assets is exempt from licensing, and historically smaller managers could register as an RFMC.
What is the difference between an RFMC and an LFMC?
An RFMC (Registered Fund Management Company) was a lighter regime capped at S$250M AUM and 30 qualified investors. An LFMC holds a full CMS licence with no AUM cap and can be A/I (accredited/institutional only) or Retail. MAS is phasing out the RFMC regime.
What is a Single Family Office exemption?
A Single Family Office that manages only the assets of members of the same family is exempt from holding a fund management licence in Singapore, and can apply for the 13O or 13U tax incentive schemes.
Is the RFMC regime being phased out?
Yes. MAS has announced the withdrawal of the RFMC regime, with RFMCs transitioning to the A/I LFMC regime — so new managers should plan around a CMS licence rather than RFMC registration.