Guide on Setting up a Real Estate Agency Company Business in Singapore
Industry Guide | Opening a Real Estate Agency Company in Singapore
On top of the normal incorporation company processes, kindly take note of the following key points:-
CEA Licensing and registration requirements
Requirement for KEOs:
- Possess a pass in the Common Examination for House Agents (CEHA) or Real Estate Agency (REA) exam, or equivalent
- Be a sole-proprietor, director or partner of the estate agent
- Have a least 3 years’ experience working as or under a licensed estate agent
- Have concluded at least 30 property transactions in the last 3 years as or on behalf of a licensed estate agent.
- Not currently be a sole-proprietor, practicing partner KEO, or salesperson of another licensed estate agent
- Not been previously a sole-proprietor, KEO, director or partner of a estate agent whose license was revoked.
- Not hold a moneylender’s license and is not an employee, director, or partner of a licensed moneylender
- Fullfill the fit and proper criteria, such as:
- Must not be an un-discharged bankrupt or have entered into a composition or scheme of arrangement with their creditors that is still in operation
- Must not have any convictions in a court of law in any country
- Must not have any judgment that involved a finding of fraud, dishonesty or breach of fiduciary duties entered against them in civil proceedings.
- Must not have been detained under the Misuse of Drugs Act or served with a detention/police supervision order under the Criminal Law (Temporary Provisions) Act
A company is usually incorporated within 15 minutes after the registration fee is paid. However, it may take between 14 days to 2 months if the application needs to be referred to other authorities for approval or review.
Proposed activities involving “Real Estate Agent” or “Real Estate Agency”, and applications for change of name by entities already carrying on real estate agency activities will require be referred to Council for Estate Agencies (CEA). SSIC Codes: 68201 (Real estate agencies and valuation services) ; 68209 (Real estate activities on a fee or contract basis nec.)
We will recommend that you should look for a partner as the KEO of the Company and he/she should be able to provide the necessary guidance for the application of the property agency licenses with the relevant government authority. Lastly, we will be able to setting up the Singapore Company for you once the KEO of the Company is confirmed.