Registration of Regulated Dealers
20 DAYS to end of transition period!
If you are a regulated dealer existing before 10 April 2019 and intend to continue a business as a regulated dealer, you should submit your application to register immediately via the LicenceOne portal.
| After 9 October 2019, it will be an offence if you continue to act as or hold out to be a regulated dealer without being registered or exempted. |
If you are a new regulated dealer, you must be registered before you commence any regulated dealing.
You will be alerted and invited to workshops to help you comply with regulatory requirements.1
Enforcement actions will be conducted to detect unregistered dealers. Any person who acts as or holds out to be a regulated dealer without being registered or exempted, may face criminal penalties of up to S$75,000 in fine and/or up to 3 years’ imprisonment.
Depending on the complexity of the application, it may take up to 4-6 weeks for the Registrar to process an application for registration before granting the registration. It may take longer if additional information is required. You are therefore advised to submit an application immediately, especially if you are an existing regulated dealer and intend to continue a business as a regulated dealer.
The public may access the List of Registered Dealers.
| Note: 1 The regulatory requirements in Part 3 of the PSPM Act have been in effect from 10 April 2019. |
|---|
Who is required to register?
You are required to register with the Registrar of Regulated Dealers if you are a regulated dealer i.e. you carry on a business of regulated dealing in precious stones, precious metals and/or precious products (“PSPMs”), or as an intermediary for regulated dealing in PSPMs.
Examples of regulated dealers who are required to register include, but are not limited to jewellers, bullion traders, jewellery wholesalers, jewellery retailers, second-hand goods dealers, auction houses, and trading platforms. Take this questionnaire to help you ascertain whether you are a regulated dealer.
Please refer to the PSPM Act for the official definitions. If you are not certain whether you are required to register, you can seek legal advice.
The registration process
You may submit your application via the LicenceOne portal. You may refer to the LicenceOne Guide for Regulated Dealers for a step-by-step guide to the application process.
| Important Notice: Please log on with CorpPass to ensure that the Certificate of Registration is correctly granted to your business entity that is registered with ACRA or relevant UEN Issuance Agency, whether you are a sole proprietorship, partnership, company, corporation, limited liability partnership and limited partnership. There should be only one application per business entity (i.e. one application per UEN). |
||
|---|---|---|
| Nationality or Country of Registration and/or Incorporation |
Entity Type | |
| Business | Individual | |
| Singapore | Log onto LicenceOne using your CorpPass Account1. | If you are a sole proprietor, log onto LicenceOne using your CorpPass Account1. If you are conducting business in your personal capacity, contact ACD here. |
| Not Singapore Note: a foreign dealer who carries on business for not more than 90 days a year in Singapore need NOT register. |
Log onto LicenceOne using your CorpPass Account1. Business entities not registered in Singapore require a Unique Entity Number (UEN) to transact. An entity may obtain a UEN by registering itself with an appropriate UEN Issuance agency as listed in www.uen.gov.sg under the link "Who will issue UEN to me?" |
|
| 1Your CorpPass Administrator should also create CorpPass User accounts for your LicenceOne users and select the entity’s e-Services “Ministry of Trade’s LicenceOne” during account creation. | ||
Information you need for registration
| Entity | Information needed |
|---|---|
| Director Partner Manager Company secretary Person holding an analogous position involved in the management of the applicant Outlet manager |
1. Name* 2. NRIC/Passport No./FIN No.* 3. Date of Birth 4. Declaration of: (a) any investigations or convictions for offences related to fraud, dishonesty, money laundering, or terrorism financing; (b) any bankruptcy, insolvency or liquidation; (c) any lawsuit the person was party to; and (d) any breach of AML/CFT requirements. * Information is auto-populated for ACRA registered entities |
| Compliance Officer | 1. Name 2. NRIC/Passport No./FIN No. 3. Date of Birth |
| Substantial shareholders (if you represent a company) | 1. Name* 2. NRIC/Passport No./FIN No./UEN No.* 3. No. of Ordinary Shares* 4. Ordinary Share %* 5. Voting Share %* 6. Declaration of: (a) any investigations or convictions for offences related to fraud, dishonesty, money laundering, or terrorism financing; (b) any bankruptcy, insolvency or liquidation; (c) any lawsuit the person was party to; and (d) any breach of AML/CFT requirements. * Information is auto-populated for ACRA registered entities |
| Place(s) of business | 1. Description of place of business 2. Address 3. Contact No. 4. Name of Outlet Manager 5. NRIC/Passport No./FIN No. 6. Contact No. of Outlet Manager |
Fees and period of registration
Fees
Regulated dealers must pay an application fee of S$140 for each application to register with the Registrar. All payment must be made through LicenceOne portal using the following e-payment methods: PayPal, VISA, MasterCard, American Express and Discover.
If the Registrar provides in-principle approval for their application, regulated dealers must pay a registration fee of S$300 per place of business per year calculated based on the number of outlets they operate and the period for which they register.
| Application fee | Registration fee | |
|---|---|---|
| Sum payable |
S$140 per application |
S$300 per place of business per year of registration |
Period of registration
An applicant may apply for a specific class of registration that will determine the period of registration, i.e.:
- Class 1 (1 year duration);
- Class 2 (2 year duration); and
- Class 3 (3 year duration).
For the avoidance of doubt, the Registrar has the discretion to grant a different class of registration than the class of registration applied for.
|
Illustration:
Regulated dealer "ABC Pte Ltd" has two places of business: 1. one flagship jewellery outlet in Marina Bay Sands; and 2. one jewellery outlet in Bugis. ABC Pte Ltd applies for a Class 3 Certificate of Registration on 30 June 2019. ABC Pte Ltd must pay a total of S$1,940:
|
I need help with registering
- If you face any technical issues when using LicenceOne, you may wish to refer to the LicenceOne webpage or contact the LicenceOne Helpdesk.
- If you are not sure how to complete the application form, you may wish to refer to our LicenceOne Guide for Regulated Dealers (Step-by-Step with Screenshots) or our FAQs for Precious Stones and Precious Metals Dealers.