Foreign enterprisers looking for new investment opportunities in Singapore can turn their attention towards the jewelry industry. As one of the largest commodities traders in Southeastern Asia, Singapore is also known for the large quantity of precious metals which go through its Customs Office in their way to other countries.
Investors interested in starting a jewelry business in Singapore must comply with the Pawnbrokers Law and Regulations which were last amended in 2015 and must also apply for a pawnbroker license before starting operating. Our company formation consultants in Singapore can offer information on the legislation related to setting up a jewelry store in the city-state.
You can also watch our video on how to open a company in Singapore as a jewelry business:
Registering a jewelry business in Singapore
The first step to open a jewelry or a pawnshop in the Lion City is to register a company in Singapore. In order to do that, one must select a unique name, have the articles of incorporation prepared and filed with the Singapore Trade Register and then apply for a business license. Foreign enterprisers starting a jewelry company in the city-state must appoint Singapore company formation specialists to handle the business registration procedure.
Our company formation agents in Singapore can also assist with the drafting of the Memorandum and Articles of Association of your jewelry business. You can also rely on us if you want to expand a jewelry company by setting up a subsidiary in Singapore.
Applying for a pawnbroker license in Singapore
Following the Singapore company formation procedure, the jewelry business must obtain the relevant licenses and permit to start operating. One must be careful as these are separate from the business license. Among the licenses to be obtained by a Singapore jewelry company are the pawnbroker and the import/export license.
The following requirements must be met in order to obtain a pawnbroker license:
- – the owner of the business must have an outstanding conduct;
- – the owner must also have an insurance for the jewels to be sold in the shop;
- – a bank or insurance guarantee of 100,000 SGD must be provided to the Registrar.
Also, the minimum share capital for opening a jewelry business in Singapore is 2 million SGD. For owning more than one pawnshops the minimum amount is 1 million SGD for each license.
You can also start a jewelry business through a Singapore shelf company and our incorporation experts can help you in this matter.
In order to import precious metals, the jewelry shop must also apply for an import license, however the products must have a certain composition. It is easy to obtain such a license if you choose to open a subsidiary in Singapore.
In order to open a company in Singapore as a jewelry business, please contact our Si company formation representatives.