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Open a Real Estate Agency in Singapore

Open a Real Estate Agency in Singapore

The real estate industry is one of the most developed economic sectors in Singapore, which is how the city-state came to have some of the most beautiful buildings in the world. With a pro-business legislation, Singapore is also one of the most sought destinations for company formation, this why real estate agencies have more and more incoming clients seeking to rent office spaces.

Investors who want to open a company in Singapore as a real estate agency should know that this can be a simple process, provided that all documents are prepared and submitted in accordance with the Estate Agents Act. Our company formation agents in Singapore can help you draft the statutory documents of a company.

You can also see in the video below how the company registration procedure for a real estate agency works:

Registering a real estate agency in 2024 – a procedure presented by our experts in opening companies in Singapore

The first step to open a real estate agency in Singapore is to set up the business by registering it as a partnership or a limited liability company. Sole traders are also allowed to act as real estate agents in the city-state, however, the limited liability company is the most popular choice. Once the company is incorporated with the Accounting and Corporate Regulatory Authority, it must obtain a license from the Council of Estate Agents (CEA) in Singapore.

Singapore real estate agencies must appoint a Key Executive Officer who must fulfill certain conditions imposed by the CEA. The most important one refers to obtaining the real estate license. Our consultants in Singapore can inform you about the other requirements imposed by the CEA. Our team can help you open a real estate agency and a corporate bank account in Singapore.

Documents required to obtain a real estate agency license in Singapore

Once the company formation steps in Singapore are completed, the company must submit the following documents in order to be allowed to operate as a real estate agency in 2024:

  • copy after the company’s profile issued by ACRA;
  • copy after the agency’s Professional Indemnity Insurance;
  • the name of the company;
  • the company’s registration number;
  • details about the company’s representatives;
  • copies after 30 sale or lease contracts concluded over the last 3 years.

How to become a real estate agent in Singapore

Foreign citizens living in Singapore based on a residence permit are allowed to register with the CEA in order to become real estate agents or to work for an agency in the city-state. The individual applying for the real estate agent license must be at least 21 years old and must have passed a Real Estate Salesperson (RES) examination. They will also be required to operate within one real estate agency only.

Property sale market on the rise in Singapore

Setting up a real estate agency in Singapore is a good decision, as the residential market is quite stable with a year-on-year growth of 1% in the first quarter of 2024. This means that both demand and prices meet halfway, increasing clients’ confidence.

On the other hand, this stability has led to a decrease in the rental market, as prices are dropping considering the lower demand.

In numbers:

  • property sale prices registered a 2.1% increase in the first quarter of 2024;
  • property sale demands also rose by 2.9% during the same period of time;
  • property rental prices, on the other hand, recorded a 13.5 decrease in the same time period.

If you want to open a company in Singapore as a real estate agency, do not hesitate to contact our Singapore company formation representatives.