Before applying for registration as a co-op, applicants are to have due considerations as to:
The process to setting up a co-op are summed up below:
Pro-tem Committee must have at least 3 members. The Pro-tem Committee:
The Pro-tem Committee, once they’ve completed the feasibility study and drafted the by-laws, submits:
For your reference, we’ve included here links to guidelines for submitting by-laws of a new co-op:
Once the proposed co-op has obtained the Registrar’s comments, a preliminary meeting will be held with at least five persons qualified for membership.
In this meeting, the by-law’s proposed by the Committee and commented on by the Registrar need to be discussed and adopted by the potential members, accepting all the rights, duties and liabilities prescribed within the by-laws.
You can apply to be a co-op member if:
To apply for registration as a co-op, the following documents must be submitted:
When your co-op is registered, the Pro-tem committee manages the co-op until you have your First Meeting following the registration.
You must hold your First Meeting within first three months after the co-op receives its notice of registration.
In your First meeting, you need to elect your co-op officers. These officers will manage the operations of the co-op as the committee of management until the First Annual General Meeting. The officers shall be eligible for re-election at the First Annual General Meeting.
For assistance and advise on setting up a co-operative society, please visit Singapore National Co-operative Federation.
INFORMATION ON THE SUBMISSION OF DOCUMENTS BY CO-OPS
Co-ops must submit these documents to the Register:
Type of document / Submission date
Written directions are in place for credit co-ops to strengthen their prudence and risk management. These requirements re-focus the credit co-ops towards their core business of thrift and loans, and ensure accountability to their members.
Written directions to date:
|Issue date||Effective date||Description|
|18 Dec 2018||21 Dec 2018|
|24 Oct 2018||1 Nov 2018||Written direction – investments|
|29 Jun 2016||1 Jul 2016||Written direction – capital adequacy and restriction on dividend|
|29 Jun 2016||1 Jul 2016||Written direction - minimum liquid assets|
|29 Jun 2016||1 Jul 2016||Written direction – unsecured loans|
|7 May 2013||10 May 2013||
Written direction – submission of financial returns
|29 Aug 2011||1 Nov 2011||Written direction – secured loans|
Submission of financial returns
Credit co-ops are required to submit these returns to the Registry annually:
|Type of document||
||Due 6 months after the close of the previous
||Due 2 months after end of the current
mid financial year