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Who is an Accredited Investor?

An Accredited Investor ("AI") is someone who meets the requirements below set out by the Monetary Authority of Singapore (MAS) and has opted in to be treated as an AI. Als generally have access to a wider range of investment products.

 

Accredited Investor (AI) Criteria & Acceptable Documents

CRITERIA - Individual

  • Net personal assets exceed SGD 2 million (or its equivalent in a foreign currency), but net equity of primary residence is capped at SGD 1 million of the SGD 2 million threshold.
  • Net financial assets (net of any related liabilities) exceed SGD 1 million (or its equivalent in a foreign currency).
  • Income in the preceding 12 months is not less than SGD 300,000 (or its equivalent in a foreign currency)
  • In case of an Individual who is also a "Karta" of a HUF (Hindu Undivided Family) we can accept the HUF income/assets held as that of the individual.

CRITERIA - Non-Individual / Corporate Entity

  • TOTAL Net Assets equal to or greater than SGD 10 million (based on most recent audited balance sheet of the corporation OR where the corporation is not required to prepare audited accounts regularly, a balance sheet of the corporation certified by the corporation as giving a true and fair view of the state of affairs of the corporation as of the date of the balance sheet, which date shall be within the preceding 12 months)
  • If the entity being onboarded is a 100% SUBSIDIARY, the criterion can be fulfilled by the Parent entity
  • If the entity entire share capital is owned by one or more individuals, all the of individual needs to meet the AI Criteria (Individual).

CRITERIA - Trustee of Trust, when acting in that capacity where

  • Trust property exceeds SGD 10 million in value (or its equivalent in a foreign currency); or

  • All beneficiaries of the trust are AIs; or

  • All settlors are AIs and have settlor reserved investment powers and revocation powers.

 

ACCEPTABLE PROOF - Individual

Annual Income

  1. Salary slips for last 12 months.
  2. Bank Statements highlighting salary credit in the last 12 months can be less than 12 months if it exceeds SGD 300k.
  3. Company Letter indicating Annual Compensation. The letter should be issued no more than 3 months old.
  4. Last filed Tax return. Previous Financial Year close preferred. If not yet filed, the prior year can be provided, with the confirmation that the latest is not yet filed and will be made available within 30 days of filing.

FINANCIAL NetWorth (all documents must be no more than 3 months old):

  1. ‍Bank or Broker/Holdings statement(s) with value (e.g. Holdings that indicate number of shares will not be considered if the holdings are all publicly traded) indicating assets and liabilities (if any).
  2. In the case of privately held shares; proof of ownership along with the valuation certificate of the Company

TOTAL NetWorth (all documents must be no more than 3 months old):

  1. Bank or Broker/Holdings statement(s) with value (e.g. Holdings that indicate number of shares will not be considered if the holdings are all publicly traded) indicating assets and liabilities (if any).
  2. In case of privately held shares; proof of ownership along with valuation certificate of the Company‍
  3. In case of property; proof of ownership along with valuation certificate issued in the last 3 months by a recognised valuer or Bank / Lending company which offers loans on property
  4. In case of other assets (e.g. art, jewellery, etc.); proof of ownership along with valuation certificate issued in the last 3 months by a recognised valuer

Reminder : If you include the value of your primary residence in your net personal assets, the value of your residence will be taken as the lower of: (i) the residence's value less any outstanding amounts in respect of any credit facility that is secured by the residence from the estimated fair market value of the residence; or (ii) S$1 million

For Joint Account

If all joint account holders individually qualify and have opted in for AI status, all joint account holders may be treated as an AI in respect of dealings through that joint account.

For accounts where one or more joint account holders are non-AI, the joint account may be treated as AI if:

  1. at least one joint account holder has been assessed to meet the AI-eligibility criteria and has opted in to be treated as an AI; and
  2. all joint account holders opt in to be treated as AIs in respect of dealings through the joint account only. You may opt in for your joint account by contacting your Relationship Manager .

Note

  1. AI proof must be within 3 months
  2. Date should be clearly visible on the proof - AI proof without date will be rejected
  3. Name of the client has to be clearly visible on the proof-  AI proof without name will be rejected
  4. In case the AI proof is illegible it will be rejected
  5. AI proof should be in the name of the client or as a joint account holder in the holdings statement. Individual holdings of the family members cannot be accepted as AI proof.
  6. Self-declaration from the client is not acceptable.
  7. In case of exception - management approval is mandatory
  8. KYC of a client won't be approved without AI proof
  9. Income from House rent can be included as AI proof
  10. While calculating net worth - the highest exchange rate recorded in the last three months is taken from the MAS website

Who is a Professional Investor (Client)?

A Professional (Investor ("PI")) (Client, (PC) is someone who meets the requirements below set out by the Abu Dhabi Global Markets (ADGM) and has opted (in) to be (treated) classified as an (PI) (PC) and not as a Retail Client.

Classified as a PC, he/ she will generally have access to a wider range of investment products.

A PC (professional investor), be an individual or an entity, must meet specific requirements, which (generally) include the following two criteria:

  1. For Individuals:

    - Net Worth: The individual must have net assets of at least $1 million which must EXCLUDE the below
      • The value of the applicant's primary residence net of any loan secured on that residence,
      • Any rights of the applicant under a qualifying contract of insurance,
      • Any benefits (in the form of pensions or otherwise) which are payable on the termination of the applicant's service or on death or retirement.

    - Expertise: The individual must have sufficient knowledge, experience, and understanding of the relevant financial markets, products or transactions and any associated risks.

    OR

    - Assessment: The individual must be assessed and deemed to possess the appropriate expertise, experience, and knowledge to adequately understand the risks involved in the relevant financial markets or products.

    An individual classified as PC must provide proof of his/her Financial Net worth, all sustaining documents should be less than 3 months old (from the date of submission in the portal) and must include:

    1. Broker/Holdings statement(s) with value (e.g. Holdings that indicate number of shares will not be considered if the holdings are all publicly traded) indicating assets and liabilities (if any),
    2. Recent bank statements showing balances in checking, savings, or deposit accounts,
    3. Audited financial statements showing net asset in excess of stipulated thresholds,
    4. In case of investment property proof of ownership. For non-UAE jurisdictions this needs to be accompanied along with valuation certificate issued in the last 3 months by a recognised valuer or Bank / Lending company which offers loans on property,
    5. In case of other assets (e.g. art, jewellery, etc.); proof of ownership along with valuation certificate issued in the last 3 months by a recognised valuer,
    6. In the case of privately held shares; proof of ownership along with the valuation certificate of the Company

    Nota Bene

    1. Date should be clearly visible on the proof - PI proof without date will be rejected
    2. Name of the client has to be clearly visible on the proof- PI proof without name will be rejected
    3. PI proof should be in the name of the client or as a joint account holder in the holdings statement. Individual holdings of the family members cannot be accepted as PC proof.
    4. Self-declaration from the client is not acceptable as a proof of Professional Investor.
    5. While calculating net worth - the highest exchange rate recorded in the last three months is taken from publicly available sources


  2. For Joint Account

    An individual acting as a primary account holder who has been classified as PC may operate a joint account. Provided that each member meets the regulatory requirements (cf. supra), they may all be classified as PC.

    For accounts where one or more joint account holders are not PC, the joint account may be treated as PC if:

    1. The joint account holders are family members of the primary account holder which has been assessed as PC,
    2. The joint account holders have confirmed in writing that investment decisions relating to the joint account are generally made for, or on behalf of, them by the primary account holder.


  3. For Entities:

    Additionally, entities may be classified as a “deemed” Professional Clients if they satisfy any of the below

    1. Meet at least two of the following requirements:
      • a balance sheet total of US$20 million;
      • a net annual turnover of US$40 million; or
      • own funds or called up capital of at least US$2 million (a "Large Undertaking");
    2. a supranational organisation whose members are either countries, central banks or national monetary authorities;
    3. a properly constituted government, government agency, central bank or other national monetary authority of any country or jurisdiction;
    4. a public authority or state investment body;
    5. a Recognised Body or Remote Body;
    6. an Authorised Person;
    7. a Regulated Financial Institution;
    8. a Collective Investment Fund or a regulated pension fund;
    9. a Body Corporate whose shares are listed or admitted to trading on any exchange of an IOSCO member country;
    10. any other institutional investor whose main activity is to invest in Financial Instruments, including an entity dedicated to the securitisation of assets or other financial transactions