Singapore

Setting up a service company

All firms wishing to set up a service company must undergo the following processes:

Step 1. Establishment of a business plan

The Managing Agent should identify a business case for Lloyd’s Asia. An individual should be identified as a single point of contact to follow up with the Lloyd’s Country Representative.

Step 2. Submission of Managing Agent’s application

The Managing Agent has to meet with Lloyd’s Coverholders Department to discuss the proposed Lloyd’s Asia Service Company application, business plan and key personnel, to identify any issues. The Managing Agent should be provided with all relevant information on the local Lloyd’s regulations and Lloyd’s requirements.

Step 3. Local regulator approval process

The Managing Agent is advised to meet the regulators with the Lloyd’s General Representative. The Managing Agent also has to seek approval from the MAS by filling up various application forms. The regulator approval process may run concurrently with Lloyd’s Coverholder approval process.

Step 4. Incorporation of Service Company

Formation of a local private limited company – using a local legal firm to assist will make it a straight forward process. The approval for and reservation of the company name can be completed in one working day. A bank account can be opened after the local company is incorporated.

Step 5. Office fit out and design

The Lloyd’s local office will assist in finding office space and can recommend designers/project managers for the office fit out. Companies are responsible for their own design and fit out works.

Step 6. Determine System Setup

The Managing Agent should visit the local office to determine what needs to be done. This includes determining the nature of IT & telephone set up and connectivity in the office. Lloyd’s team can provide recommendations on service providers.

Step 7. Obtaining Employment Visa

The Managing Agent has to obtain employment passes for any expatriate staff, and apply for work visas while in Singapore. Lloyd’s local team can provide more information on attaining work visas.

Step 8. Premium Trust Fund Setup

The Service Company has to open a Premium Trust Fund and any capital requirements to be paid up prior to regulatory approval. Lloyd’s local team will provide the bank contact for Service Company to arrange for setup. The Service Company will need to inform Lloyd’s Representative once accounts are opened.

Step 9. Establish Residence for Staff

Lloyd’s Asia can provide recommendations on housing and realtors for expatriate staff.