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Beginner’s Guide on Starting a Security Agency in Singapore

Starting a Security Agency in SingaporeSingapore’s security industry is all about competency and professionalism, promoting opportunities and initiatives due to the high demand across a wide range of settings. It fills gaps between the continual need to be protected and employees’ necessity to reduce financial pressure. In specific terms, starting a security agency is profitable. Observe how hospitals, infrastructures, airports, and other government buildings have security personnel.

However, like any other business, you need to consider the foundation and recruitment details: training and assessment, insurance, prerequisites in company incorporation, registration and permit, and pieces of equipment.

 

What is a Security Agency?

A security agency ensures that the residents are safe and secure within the premises of an area they are tasked to. It is usually a governmental organization concerned with rendering services of providing security personnel. Among the duties and responsibilities that a security agent offers are the following:

  • Enforce laws and safety regulations
  • Ensures no one violates the rules of the patrolled area
  • Inspect and entrance and exit of buildings
  • Monitor CCTV cameras
  • Respond to Emergencies, incidents, or when someone breaks security regulations
  • Write incident reports (observing unusual activities, potential threats, etc.)
  • Detain the trespassers until the local police arrive
  • Crisis management
  • Home security and monitoring services
  • Guard and Patrolling Services
  • Crisis Management
  • Traffic Control & Management

Private security agencies may also provide personal protection services to their clients. They ought to investigate and gather information on crimes that are useful in court. Some have protection agents, electronic surveillance, and high-tech monitoring tools. Security personnel needs extensive training and necessary licenses to acquire such materials.

Types of Security Personnel to Deploy

It’s important to distinguish the types of security personnel so you would assign the right ones needed by the client. From small businesses to large networks, there is a rising need for security services. Hence, here are the types of security they usually seek:

  • Unarmed security. They provide a physical presence on the premises and patrol the area and observe systems for potential threats so they could respond when needed promptly. It is the traditional role required in the district.
  • Meanwhile, armed guards are assigned to locations that seek tougher and stricter security. It may be possible for incidents that need physical force. Hence, armed personnel intimidates offenders in some way.
  • Companies in a professional setting hire corporate guards or personnel. Aside from the standard roles in security systems, they are also trained to figure out daily business operations or corporate workflow.
  • Lobby Security Service ensures the safety of guests. They patrolled company entrances to quickly respond to any signs of threat and security violations. They also make up a welcoming impression at the same time. These are common in hotels, corporations, etc.
  • Construction and warehouse security personnel are assigned to sites with massive physical work and involvement of high-tech equipment subjected to theft. They also ensure that the area is free from vandalism or other sorts of violations that may occur in the area. Controlling and monitoring skills are highly required.
  • Mobile patrol is an extended security service within areas. Security guards patrol residences or streets to check on suspicious activities or threats. They are usually needed if there are accounts of crimes within the premises.
  • Event securities are temporary personnel on occasions and other short activities. This could be private meetings, weddings, gatherings, press conferences, or any event that needs tight security. They have roles in access points, crowd management, and conflict prevention.

Starting a security agency is a valuable thing to do. You complete other establishments regardless of their sector or activity. Furthermore, aside from security systems of all kinds, we recommend you acknowledge themes and trends in the related field that are useful in providing high-grade services. This includes analytics, human resources, risks, potential liability, and practical equipment (bio-metrics, IP video, CCTV cameras).

Target Client Base

While it’s true that the target base of a security agency in Singapore is extensive, most clients are wealthy with a lot of valuable property to protect. There are also instances that known individuals (politicians, celebrities, CEOs) hire individuals to protect them. Administrative buildings and everyday establishments you see across the streets also have men in uniform to guard the premises. Hence, you could associate with and educate them about the advantages of having security personnel.

Pricing and Charging

You charge clients based on their needed service, ranging from $10 to $100 per hour. Unarmed security usually comes less expensive compared to high-risk security. In some cases, contracts are agreed upon for long-term projects, equivalent to thousands. Hence, consider the factors that contribute to the pricing: service type, number of personnel, use of equipment, location, etc.

 

Security Agency Registration Process

All businesses must be registered with the Accounting and Corporate Regulatory Authority (ACRA). That would legitimize your business information and would be beneficial in terms of crediting and financing. Furthermore, it will protect you from liability if you ever get sued or have been charged with debts.

Here are the steps in Singapore company registration. Note that among the general and legal requirements are provisioned by the Company Law:

  1. Choose a unique company name. Every business must differentiate itself from other existing firms. Then, submit the name application to BizFile+ and wait for approval.
  2. Select an appropriate business structure you wish to adopt. But in this case, the best structure is a private limited liability company. It also falls under the requirements of the PLRD.
  3. Appoint shareholders, directors, company secretaries, and other key personnel. You will need to provide their identification details when submitting the application.
  4. Provide the details of the physical address. You will receive your incorporation documents in the registered location.
  5. Indicate the amount of issued capital with a minimum of $1. There are two types of shares conditioned by the rights: ordinary and preference.
  6. Determine your financial year-end (FYE). This would detail your corporate and tax obligations.
  7. Submit your application to ACRA via BizFile.

There are also a number of obligations that a company director must comply with each year: Annual General Meeting (AGM), Annual Return Changes in Company Information, and Personal Particulars of Company Officers and Shareholders if applicable.

Regardless of your business structure, it would be best to seek help from a Singapore corporate service provider to ensure that your business incorporation is swift.

 

Licenses and Permits Needed

The methods for starting a security agency could be patterned to other businesses, but since the operations involve firearms and monitoring services, the procedure is stricter. You would have to comply with the present law and pending legislation religiously. After all, your goal is to provide reliable security services in Singapore.

Hence, you would need to comply with the following employment requirements set by the Police Licensing and Regulatory Department of Singapore (PLRD). You would be subjected to penalties if you do not submit with the conditions.

  • Obtain at least one of the two PLRD Licenses
  • Minimum of 300,000 SGD as the shared capital
  • The firm must be a private limited liability company
  • The location must be addressed for commercial purposes
  • At least two directors are appointed once the security agency is formed, though there are qualifications

Directors have to fulfill essential qualifications before fitting in as a director of a security agency in Singapore. Aside from the standard ruling management of a company, certain obligations in running a security agency apply. The first director ought to be the contact person with the PLRD, while the second must have the following qualifications:

  • A Singaporean resident
  • At least two years of work experience in the field
  • A certified manager under the Private Security Act in Singapore
  • Manage Security Operations training module passer
  • Manage Security Emergencies training module passer

Above all, educate yourself with the structures and security-related laws that guarantee the liberty of citizens. There may be a long list of requirements you need to comply with, but these measures actually pay off. Singapore is among the safest countries, as the security sector is well-regulated by Singapore’s Private Security Law and Internal Security Act (ISA).

Hence, if you need full assistance in starting a security agency in Singapore, don’t hesitate to contact us. 3E Accounting is a one-stop solution for starters in forming their company. We specialize in different aspects of business services such as accounting, tax management, registration, IT solution support, and more! We’re here to provide you with all of your business needs.

Starting a Security Agency in Singapore