Singapore - Obtain (Register) Pawnbroker License

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Procedure

• To obtain Pawnbroker license the applicant has to apply to the Accounting & Corporate Regulatory Authority (ACRA) for the incorporation and registration of your proposed pawnshop as a company

Apply Online

1. To obtain (Register) Pawnbroker License the applicant has to make the application in GoBusiness licensing portal or tap the following link
2. The applicant has to login with their Singpass Id number and password

   Note: If you don’t not have an account you can register by clicking on register now, read the information marked 1 and 2 and agree to the terms and condition and click on register now, no the next page entry your personal information and submit. You will be issued with you Sing Pass ID number and password.

3. Before filling the application form the applicant needs to pay a application fee of $800. The application will only be processed subject to the payment of the application fee.
4. The applicant has to fill necessary information and upload the required document that are mentioned in “Required Documents” section of this page.
5. After uploading the documents review the application and click submit.
6. After the successful submission the authority will send out a letter reply to the applicant within 5 working days of receipt of the application. If the application is incomplete, the applicant will be informed to furnish the pending documents/information within 2 weeks.
7. After successful submission Book pre-licensing inspection, Make an appointment for inspection to ministry of law (contact link of the office given in the “Office Locations & Contacts” section of this page.
8. The authorized officer will inspect the site Upon full compliance to licensing requirements and submission of required documents, the authority will approve the application. You will receive a notification via email and GoBusiness within 3 – 5 working days.
9. The applicant has to make license fee of $3000.00 and security deposit of $ 100,000 (in the form of Banker’s Guarantee/Insurance Guarantee)
10. The ministry of law will post out the hardcopy licences within stipulated period upon successful payment.

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Required Documents

• A copy of Applicant's NRIC
• ACRA Business profile.
• Proposed pawnshop has a paid-up capital of not less than $2,000,000
• Copy of security deposit.

Office Locations & Contacts

Ministry of Law Services Centre
45 Maxwell Road
07-11 The URA Centre (East Wing)
Singapore 069118
Tel: 1800 2255 529
Contact details link

ACRA Service Counter
Taxpayer and Business Service Centre
Level 1, Revenue House
55 Newton Road
Singapore 307987
Contact details link

Eligibility

• The applicant must be of good character and a fit and proper person to carry on the business of pawnbroking.
• The premises will not be used for the conduct or transaction of any business other than that of pawnbroking, unless approved by the Registrar.
• The applicant will obtain adequate insurance against damage, theft or loss of articles that may be pawned with him.

Fees

• Fee to obtain Pawn broker license.
• Application fee - $800
• License fee - $3000
• Security deposit - $100,000

Validity

• The validity of the license is one year.

Documents to Use

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Sample Documents

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Processing Time

• The processing time of this procedure takes up to 3- 6 months.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

Under the Pawnbrokers Rules, upon receipt of the Registry’s in-principle approval for grant of a pawnbroker’s licence and subject to objections, you are required:

• To advertise, at your own expense, your application in one English and one Chinese newspaper for two consecutive days;
• To paste a copy of the advertisement (one in English and one in Chinese), for a period of three weeks from the date of pasting, at the main entrance of the proposed pawnshop premises. The Registry of Pawnbrokers will inform you of the date you are supposed to advertise. Thereafter, you will be required to send to the Registry a copy of the original advertisements and photographs showing the advertisements pasted at the main entrance of the premises.

Required Information

• Name
• Nationality
• Resident Status
• NRIC/FIN/Passport No
• Employment Pass
• Date of Birth
• Gender
• Residential Address
• Residential No
• Mobile No
• Email Address
• Educational Qualifications
• Work Experience

Need for the Document

• A person who involves in the jewellery business must have pawn broker license. A licensed pawn broker can do business like a bank a pawnbroker earns income on the interest that is charged on the loan secured by a pledged item.
• In order to accept goods into pawn a pawnbroker makes an on-the-spot valuation of the goods. The customer also receives as part of the document itself a pawn-receipt for presentation when redeeming the goods.

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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