When it comes to the fastest growing economies in Asia, Singapore is one name that keeps consistently coming out on top. The property market in Singapore especially has a robust demand for both commercial and residential properties. Is this good news?
It certainly is, if you are thinking of venturing into the real estate business and looking to start a real estate agency business in Singapore. Singapore is a business and financial hub that has caught the eye of many entrepreneurs from around the world, and with its strong economy, real estate pieces are quickly being snapped up. As a result, the real estate business sector in Singapore has quickly emerged as a lucrative business proposition for entrepreneurs who are looking to get into the real estate game.
The first thing you would need to do if you are planning on starting a real estate agency business in Singapore is to acquire a license from the Council of Estate Agencies (CEA). This is a requirement under the current legislation, and a real estate agency business in Singapore cannot commence business operations without first obtaining this license.
The Estate Agents Act in Singapore requires that all real estate agencies must be licensed by the CEA, and this is applicable for all real estate agency work in Singapore which is carried out by either foreign or local properties. All individuals who are employed in real estate agencies will also be required to register themselves with the CEA via the real estate company they are employed at.
To apply for a license with the CEA, all real estate agencies will be required to fulfil the following conditions:
The business must have a Key Executive Officer (KEO) appointed who is not declared bankrupt, must not be dishonest, nor should they have been convicted of fraud. They must also not be in breach of any fiduciary duties in any country. The KEO must also not have been in detention or police supervision in the past. Additionally, the KEO will be required to fulfil the following conditions:
The following documentation must be submitted to the CEA for the application of your real estate agency business license in Singapore:
The application for the license must be submitted by the KEO, and an email notification will be sent when the application has been approved.