Individual Investor
Net Worth Verification:
- Bank Statements: Showing current balances of savings accounts or investment holdings.
- Property Appraisal or Valuation Reports: For real estate, including signed letters from estate agents or a contract of sale/settlement statement.
- Credit Report: Verifying liabilities and overall net worth.
Income Verification:
- Tax Returns: Demonstrating income exceeding S$300,000 in the past 12 months.
- Pay Slips/ Pay Stubs: Showing monthly or annual salary. Other Supporting Documents:
- Passport Copy
- Proof of Address: Dated within the last 3 months.
Institutional Investor
Entity Verification:
- Certificate of Incorporation
- Memorandum and Articles of Association
- Register of Members and Directors
Financial Verification:
- Audited Financial Statements: Demonstrating total assets exceeding S$10 million.
- Board Resolution: Listing authorized signatories with specimen signatures
Ownership Verification:
- Documents providing all equity owners are Accredited Investors
The list below serves as a guideline to assist non-Singaporean clients in understanding the types of documentation that may be required, depending on the country of origin and/or citizenship.
Net Worth Verification:
- Bank Statements: Showing current balances of savings accounts, liquid assets, or investment holdings
- Investment Account Statements: Demonstrating ownership of stocks, bonds, mutual funds, digital assets, cryptocurrencies, or other securities, including statements from investment providers showing settlement details
- Property Appraisal or Valuation Reports: For real estate holdings, including signed letters from solicitors, advocates, or estate agents, or a contract of sale/settlement statement
- Credit Report: Verify liabilities and overall net worth
- Audit Reports: Entities or trusts, showing total assets and liabilities
Income Verification:
- Tax Returns: Providing evidence of income over the past two years, including gross income details
- Pay Slips/Pay Stubs: Demonstrating recent salary and wage earnings
- Annual Financial Statements: For self-employed individuals or entities, showing income, expenses, and profits
Entity/Institutional Investor Verification:
- Financial Statements: Demonstrating total assets meeting regulatory thresholds
- Audit Reports: Verifying financial positions of entities
- Corporate Registration Documents: Proving that the entity is a legally recognized financial institution, such as a bank, insurance company, or investment firm
- Ownership Verification: Documentation proving that all equity owners of the entity meet accredited investor criteria
Specific Proof of Source of Funds:
- Dividends or Profits: Latest audited company accounts or dividend statements.
- Gift: Documentary evidence from the donor, such as a signed letter and bank statement showing the transfer of funds
- Other: Any relevant evidence demonstrating the source of funds being invested
General Considerations:
- Certification by a Third Party: In some jurisdictions, certification of the documents by a third party, such as a licensed accountant, lawyer, or investment advisor, may be required or recommended
- Currency Equivalency: Where required, conversion into the local currency equivalent should be done using an acceptable exchange rate, such as the rate provided by a central bank or financial institution
- Document Age: Ensure that the documents are current and reflect the most recent financial situation, typically within the last 12 months
Laplace is not responsible for ensuring client’ compliance with the regulatory requirements for their respective jurisdictions. Clients are responsible for adhering to the regulations applicable in their respective countries.