Pawnbroker's Licence

Pawnbroker's Licence

Apply for Pawnbroker’s Licence

Ministry of Law (MINLAW)

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For Business Users only

This licence is only for business users with a registered Unique Entity Number (UEN).

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Application Details

For institutions who are interested to engage in pawnbroking business.

Pawnbroker’s Licence Application
The following are the criteria for the grant of a pawnbroker's licence:

  1. the applicant must be of good character and a fit and proper person to carry on the business of pawnbroking;
  2. the premises must not be used for the conduct or transaction of any business other than that of pawnbroking, unless approved by the Registrar;
  3. the applicant must obtain adequate insurance against damage, theft or loss of articles that may be pawned with him;
  4. the applicant must produce to the Registry of Pawnbrokers ("Registry") either a Banker's Guarantee or Insurance Guarantee for a sum of $100,000 as security for the proper conduct of his business under the licence; and
  5. proposed pawnshop must have a paid-up capital of not less than $2,000,000 (for operators with multiple pawnshops, the minimum paid-up capital for each additional pawnshop is $1,000,000).

Besides the above criteria, a pawnbroker is also required to comply with other conditions which may be imposed by the Registrar from time to time. For example, all the operations of the pawnbroking business shall be computerised, and all the pawnbrokers shall participate in the Interbank GIRO System (IBG) and other cashless mode of electronic receipts and payments.

Procedure for Application
The procedures for the application are as follows:

  1. Apply to the Accounting & Corporate Regulatory Authority (ACRA) for the incorporation and registration of your proposed pawnshop as a company;
  2. Thereafter, submit your application online here. Please note that a non-refundable application fee of $800.00/- will be collected when the application is submitted. You may also proceed to paste a ‘Notification of Application’ (one in English and one in Chinese), for a period of three weeks from the date placed, at the main entrance of the proposed pawnshop premises. A sample copy is available at our website. Thereafter, you will be required to send to the Registry a copy of the original Notice and photographs showing the notices pasted at the main entrance of the premises;
  3. If you are incorporating a company for the pawnbroking business, please ensure that the following object clauses are incorporated in the Memorandum of Association of the company:
    "To carry on the business of pawnbroking, to hold a pawnbroker's licence, to accept pledges from clients, to dispose of overdue unredeemed pledges and perform all the activities of a pawnbroker as permitted under the Pawnbrokers Act 2015."
  4. Please ensure that the proposed premises can be used for pawnbroking business and the necessary agreement from the owner/lessor has been obtained;
  5. Under the Pawnbrokers Rules 2015, you are to advertise, at your own expense, an advertisement in one English and one Chinese newspaper for two consecutive days. The Registry will inform you when you are supposed to advertise. A sample copy is available at our website. Thereafter, you will be required to send to the Registry a photograph of the advertisements published in the respective newspapers;
  6. When required to do so, you are to permit the Registrar or any person authorised in writing by him, any police officer not below the rank of Inspector and any officer authorised in writing in that behalf by the appropriate building authority, to enter and inspect the proposed pawnshop premises;
  7. In order that you do not incur unnecessary costs, you are advised to commence the renovations of the proposed pawnshop premises only after the Registry has written to you to inform you that you may proceed with the renovations;
  8. You are to submit to the Registry your plans for the renovation and fitting out of your pawnshop which should include and show:
    1. the means of safekeeping your pledges (e.g. strongroom, safes, etc);
    2. a comprehensive security alarm system with monitoring capability;
    3. a working CCTV camera and monitor system;
    4. a computer system for the operations of the pawnshop business.
  9. You are to obtain an insurance policy for the entire duration of your licence from an insurance company or co-operative society registered under the Insurance Act 1966  and carrying on business in Singapore, for loss of and damage to pledges held in your pawnshop premises.
  10. After the renovations have been completed satisfactorily, you would be required to forward to us the following fees for the issuance of a pawnbroker's licence:
    Security Deposit: $100,000
    Licence Fee: $3,000 (For each year)

Processing Time
Please ensure that all the information/documents given in the application are correct and in order. The issuance of a licence may require 3 to 6 months from the time of your application depending on the complexity of your case, the time taken by the Police in their review (where applicable) and the time taken to carry out your renovation and fitting out satisfactorily.

Contact details

FAQ

  1. What is the validity of the licence?
    1, 2, or 3 years depending on the choice selected by the licensee

Additional Information

Fee
Application Fee: $800/- (Stage 1 payment - payable upfront and non-refundable)
Licence Fee:

  • $3,000/- per year;
  • $6,000/- for 2 years; and
  • $9,000/- for 3 years </ul> (Stage 2 payment - fee payable depends on the selected option)

    Security Deposit: $100,000/- in the form of Banker's Guarantee/Insurance Guarantee. The Banker's Guarantee/Insurance Guarantee, which should be made payable to "Accountant-General, Singapore", is to be furnished separately to the Registry of Pawnbrokers ("ROP") whilst the application is at Stage 2 - Payment.</p>

    For format of the Banker's Guarantee/Insurance Guarantee, please refer to ROP's website: https://rop.mlaw.gov.sg/information-for-pawnbrokers/forms/

    Documents Needed

    • Letter of Authorisation for 3rd Party filing
      Upload of NRICs of all personnels - office bearers, manager, directors and substantial shareholders; and upload a copy of tenancy agreement for the proposed pawnshop premises.
      File format: doc, docx, jpg, pdf, gif
      Maximum upload per application: 7 MB

    Requirements

    Applicant must be ACRA-registered business entity.

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