During instances such as a routine periodic review or during a compliance check, there may be instances in which we will require clients to submit proof of their source of wealth or source of funds.
This guide will help you to understand what proofs might be applicable to your declared source of wealth or source of funds.
You may submit these documents to support@endowus.com.
1. Source of Funds for Investment:
Please provide ONE of the relevant supporting documents for your Source(s) of Funds:
Employment
- Latest Salary Slip
- Letter of Employment with Company’s Letter Head
- IRAS Latest Tax Notice of Assessment (NOA)
- Latest Tax Returns
Rental
- Latest Tenancy Agreement
- Bank Statement showing transaction record of Rental Payment
- IRAS Latest Tax Notice of Assessment (NOA)
Inheritance / Gifts
- Copy or screenshots of the Will
- Grant of Letter of Administration
- Grant of Probate with Schedule of Assets
Business Income
- If the company is SG-incorporated:
- Latest ACRA + IRAS Latest Tax Notice of Assessment (NOA)
- Latest ACRA + Latest Annual Business Tax Returns
- If the company is not SG-incorporated:
- Latest Financial Statement (either audited or unaudited)
Sales of Investment / Dividend Income
- Latest custody (or CDP) statement
- Monthly Investment or Portfolio statement
- Contract note
- Transaction advice
- Bank statement or dividend statement showing inflow of dividend income (for private shares only)
2. Source of Wealth (Net Worth Range)
Please provide a breakdown of your net worth
It would also be helpful if you could indicate a breakdown between liquid assets (Cash and Investments), illiquid assets (private properties) and liabilities, if any.
Inheritance / Gifts:
In your application, you indicated that inheritance/gift is one of your sources of wealth. Could you please kindly let us know further information about this source of wealth by answering the questions below?
- Who did you inherit the wealth from? (Kindly provide his/her/their legal names)
- What is the relationship between the person mentioned above and you?
- What was the reason for this inheritance/gift?
- What was the amount and form of inheritance (property, cash, securities, etc.) you received?
Business Income / Valuation:
In your application, you indicated that business income is one of your sources of wealth. Could you please kindly let us know further information about this source of wealth by answering the questions below?
- What is the name and country of incorporation of your company?
- Describe the nature of the company's business?
- Are you a beneficial owner holding 25% or more shares in the company?
- What is your shareholding in the company?
- Approximately how much business profit do you receive annually?
- Approximately how much business profits have you received from inception up to date?
Sale of Investment:
In your application, you indicated that the sale of investment is one of your sources of wealth. Could you please kindly let us know further information about this source of wealth by answering the questions below?
- What type of investments did you sell and when did you sell?
- Approximately how much investment proceeds did you receive?
Dividend Income (to include asset types where applicable):
In your application, you indicated that dividend income is one of your sources of wealth. Could you please kindly let us know further information about this source of wealth by answering the questions below?
- What types of assets do you receive dividend income from?
- Approximately how long have you held the investments?
- Approximately how much dividend income do you receive annually?
Rental Income:
In your application, you indicated that rental income is one of your sources of wealth. Could you please kindly let us know further information about this source of wealth by answering the questions below?
- Can you please list the property(ies) you own fully?
- Can you please list the property(ies) that are co-owned by you, and how many legal owner(s) are there for each of them?
- Approximately how much rental income do you receive for each property annually?