SINGAPORE – Travel agency Vacanza Global Travels (VGT) has been suspended from conducting travel agent activities over its failure to meet the minimum financial requirements for a licence.
To qualify for a general licence, a travel agent must maintain a net value of at least $100,000 at all times, said the Singapore Tourism Board (STB) in a June 15 statement announcing the suspension.
The suspension will remain in effect until VGT submits proof that it has a net value of at least $100,000, or for up to six months, whichever is earlier, said STB.
It added that the company’s licence may be revoked if it fails to meet the minimum financial requirements by the end of its suspension.
During the period of suspension, VGT will be required to fulfil its existing obligations to its customers but will not be allowed to accept new travel bookings.
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