OTSEC aims to be a social enterprise and cooperative in Singapore, owned and controlled by its members. It aims to achieve financial sustainability through commercial ventures (see below) while reinvesting surpluses and profits into stakeholder support, training, and a solidarity fund.
We are looking to launch several strategically aligned business projects, such as setting up placemaking destinations for events, offering food and grocery services, building a network for local SME and microbusiness owners, etc. We will consult industry players before embarking on the projects.
We are awaiting registration approval from MCCY and/or relevant regulators. Once approved, we will announce the formal launch of the projects and provide details on participation.
Surpluses, if any, will be reinvested and/or distributed as dividends to members according to OTSEC’s bylaws. Other benefits may include:
An annual administrative fee may be levied in the future. However, founding members who join the OTSEC before it is officially launched will enjoy a waiver of the first year's administrative fee.
No, memberships cannot be transferred to another individual.
Yes, a member may purchase more than one lot of shares allocated to each member. The additional shares may be eligible for any dividends declared per our bylaws. The maximum amount of shares an individual member can hold will be stipulated according to the Co-operative Societies Act to prevent disproportionate influence by any single member.
Once OTSEC is officially registered, a first Annual General Meeting will be convened and members will elect a Committee of Management to handle the Co-op’s matters. OTSEC is presently managed by a Protem Committee comprising Paul Tambyah, Chee Soon Juan, John Tan, Ku Swee Yong, and Alfred Tan.
OTSEC will publish a privacy policy that adheres to the Personal Data Protection Act (PDPA) and all relevant co-op regulations. This policy will detail how we collect, use, store, and protect our members’ personal data.