Registration of Regulated Dealers
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.
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.
Why Register Early?
If you are a dealer existing before 10 April 2019, if you act as a regulated dealer (or hold out as one) from 9 October 2019 without being registered or exempted, you may face criminal penalties of up to S$75,000 in fines and/or up 3 years’ imprisonment.
You should submit your registration application before 30 June 2019, to ensure you receive your Certificate of Registration by 9 October 2019. This is to ensure sufficient processing time.1
There are further benefits to early registration:
- Applications received on or before 31 May 2019 enjoy a lower application fee of S$70.
- You will be alerted and invited to training and workshops to help you comply with regulatory requirements.2
There is no disadvantage to registering early. Even if you register early (e.g. in June 2019), the validity of your Certificate of Registration will only start from 9 October 2019.
| Note: 1 The Registrar may need to contact you to clarify particulars of your registration. Even if no clarifications are needed, you still need at least 7 days to review the conditions of registration that the Registrar may impose on you (if any) and to pay the registration fees, and 7 days for the Registrar to prepare your registration certificate. 2 The regulatory requirements in Part 3 of the PSPM Act have been in effect from 10 April 2019. |
|---|
Register now! Lower application fee before 31 May 2019!
You may apply to be registered as a regulated dealer using the LicenceOne portal. Submit your application by 31 May 2019 for a lower application fee of S$70! You may also refer to the LicenceOne Guide for Regulated Dealers.
| 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. | ||
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.
| Helpdesk No. | Email Address | Helpdesk Operating Hours |
|---|---|---|
| (+65) 67741430 | Licences-helpdesk@crimsonlogic.com | Monday to Friday 8:00am to 8:00pm Saturdays: 8:00am to 2:00pm Excluding public holidays |
The registration process
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 |
You may also refer to this guide on the application process.
Fees and period of registration
Fees
Regulated dealers must pay an application fee for each application to register with the Registrar. Regulated dealers who submit their application by 31 May 2019 will enjoy a lower application fee of S$70 as an incentive for early registration.
If the Registrar provides in-principle approval for their application, regulated dealers must pay a registration fee 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$70 before 31 May 2019) |
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 April 2019. ABC Pte Ltd must pay a total of S$1,870:
|