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Beginner’s Guide on Starting a Real Estate Business in Singapore
Real estate is one of the most robust sectors in Singapore. The city-state is home to some of the world’s most beautiful residential and commercial buildings, and there is a very good reason for that. Singapore has been a thriving business hub for decades. With a strategic location and strong infrastructure network, investors and the general public are continually flocking to this side of the world, which makes starting a real estate in business a great idea.
All the talent and potential available locally has culminated into the Singapore we know and love today. Since it is one of the most sought after locations for company formation, real estate agencies will never go out of business. Not when you have clients coming in and out every year looking for houses and commercial spaces.
As the number one Singapore company registration specialists for decades, we’re no stranger to the influx of potential clients looking to set up a base in the country. That is why starting a real estate business can pan out to be an excellent idea for those with a passion for this field.
What a Real Estate Business Entails
A real estate business handles the selling, buying, investment, and management of real estate properties. This includes land, building, and houses. Clients will seek out the company when they need to find a premise or when they want the business to manage their premises on their behalf.
If you have a knack for handling and managing assets well, a real estate business can be a very profitable one. As your dedicated company incorporation specialists, we will work with you every step of the way to ensure everything is as smooth-sailing as possible.
If you are a foreigner who is looking forward to starting a real estate business, you will need a residence permit before you can register with the Council of Estate Agencies (CEA). You must also be at least 21 years old. You must pass the Real Estate Salesperson (RES) examination before you can run and operate a real estate agency of your own.
Registration Process for Starting a Real Estate Business in Singapore
One of Singapore’s biggest appeals is how quick, easy, and uncomplicated the company incorporation process is. In fact, if all your documents are in order, your business can be ready to launch within a day. Yes, that is how quick it can be, especially when you have 3E Accounting working with you. That’s why they call us specialists.
You must officially register your business name with the Accounting and Corporate Regulatory Authority (ACRA) Singapore. You can do this with BizFile, ACRA’s online web portal. Furthermore, you will need a SingPass ID to perform this action, and if you don’t have one because you are a foreigner, 3E Accounting can assist with that. ACRA will generally provide you with an outcome within three working days from the date of your application. However, sometimes it can be as quick as within a day. Processing times could be longer if there are issues with your application.
3E Accounting can help you draft and notarise your company’s Articles of Association. We will also be able to help you file them with ACRA. Prepare the details and particulars of the directors and shareholders of the company. Starting your real estate business in Singapore is also the start of a new beginning. But first, you need to sort out your licences once you have registered your business.
The Licenses and Permits You Need
When starting a real estate business in Singapore, you must abide by the current legislation. Under the legislation, every real estate agency will need a license from the CEA. This must be done before you can begin any sort of estate agency related work. This applies to both local and foreign properties within Singapore.
Your real estate agency must also appoint a Key Executive Officer (KEO). The requirements of an eligible KEO are as follows:
- 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 three years of experience working as or under a licensed estate agent
- Have concluded at least 30 property transactions in the last three years as or on behalf of a licensed estate agent.
- Not currently be a sole-proprietor, practising partner KEO, or salesperson of another licensed estate agent.
- Must not have previously been a sole-proprietor, KEO, director or partner of an estate agent whose license was revoked.
- Not hold a moneylender’s license and is not an employee, director, or partner of a licensed moneylender.
- Fulfil the fit and proper criteria, such as:
- Not be an undischarged bankrupt or have entered into a composition or scheme of arrangement with their creditors that is still in operation
- No convictions in a court of law in any country
- No any judgment that involves finding 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
Let Us Help You Take the Stress Out of Starting A Business
Starting a new business doesn’t have to be a stressful ordeal. Not when you have a dedicated corporate service provider like 3E Accounting on your side. With years of industry experience on our side, we’ve got you covered from start to finish with our one-stop solution services and packages.
For more information about how we can help you launch your real estate business and other services, contact us today.