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Registration to be a Regulated Dealer in Precious Stones, Precious Metals and/or Precious Products

Who is Required to Register?


You are required to register with the Registrar of Regulated Dealers if you are a regulated dealer i.e. you carry on a business of regulated dealing in precious stones, precious metals and/or precious products (“PSPM”), or as an intermediary for regulated dealing in PSPMs. Examples of regulated dealers who are required to register include, but are not limited to jewellers, bullion traders, jewellery wholesalers, jewellery retailers, secondhand goods dealers, auction houses, and trading platforms.


Registration Application Process


Overview of Registration Process


Step 1

Submit You Application


-Complete and submit the application form;


- Pay S$120 application fee


Step 2

Registrar Processes Your Application


The Registrar may contact you for any clarifications.


If the applicant for registration is, in the opinion of the Registrar, a fit and proper person, the Registrar may give in-principle approval around 4 weeks after receiving your application.


Step 3

Pay Registration Fee


Depending on your selected class of registration, you must pay a registration fee of S$250 or S$350 per place of business within 30 days after receiving in-principle approval from the Registrar.


Step 4

Registrar Issues Your Certificate


After the Registrar receives your payment of the registration fees, the Registrar will send you an approval email notification with the Certificate of Registration.


Information Needed


It may take around 4 weeks for the Registrar to process an application for registration before granting the registration. It may take longer if additional information is required.

Information Needed

Director

Partner

Manager

Company secretary

Substantial shareholder (if you represent a company)


Information Needed:

1. Name

2. NRIC/ Passport/ FIN No.

3. Citizenship or Country/ Region of Incorporation

4. Date of birth

5. Declaration of

(a) Any investigations or convictions for offences related to fraud, dishonesty, money laundering or terrorism financing;

(b) Any bankruptcy, insolvency or liquidation;

(c) Any lawsuit the person was a party to; and

(d) Any breach of AML/CFT requirements


Person holding an analogous position involved in the management of the applicant

Outlet manager


Information Needed:

1. Name

2. NRIC/ Passport/ FIN No.

3. Citizenship or Country/ Region of Incorporation

4. Date of birth

5. Declaration of

(a) Any investigations or convictions for offences related to fraud, dishonesty, money laundering or terrorism financing;

(b) Any bankruptcy, insolvency or liquidation;

(c) Any lawsuit the person was a party to; and

(d) Any breach of AML/CFT requirements


Compliance officer


Information Needed:

1. Name

2. NRIC/ Passport/ FIN No.

3. Citizenship or Country/ Region of Incorporation

4. Date of birth

5. Email address

6. Mobile number


Business Address


Information Needed:

1. Registered address

2. Operating address

3. Mailing address

4. Outlet address

5. Business telephone number

6. Business fax number

7. Business email address


Products


Information Needed:

Type of precious stones, precious metals and precious products


Activities


Information Needed:

Wholesale, manufacturing, retail, etc.


Supporting documents to be attached to the application form:


For applicants who have directors, partners, managers, company secretary, outlet managers, substantial shareholders who are foreign nationals, you should attach a copy of their foreign photo identification document such as passport.

For applicants who have corporate shareholders, you should attach a copy of your shareholders’ registration information (including particulars of directors, partners, managers, company secretary, outlet managers, substantial shareholders).

For applicants who have more than one layer of corporate shareholders, you should attach your organisation structure/ chart up till the individuals who own the group. For listed corporate shareholders, you do not have to provide the name of all your shareholders. You should still provide a list of those who hold more than 5% shares of the listed company.


Fees and Registering your Place(s) of Business


Regulated dealers must pay an application fee of S$120 to register with the Registrar.


Registration is on an annual basis. If the Registrar provides in-principle approval for your application, you must pay a registration fee based on the registration tier and the number of outlets operated:


Registration Fees

Class A

The registration is subject to a condition that the net price of every precious stone, precious metal, precious product or asset-backed token that is or is to be sold by the registered dealer be less than S$2,000 a piece - S$250 per outlet annually


Class B

The registered dealer is allowed to sell precious stones, precious metals, precious products or asset-backed tokens of any value - S$350 per outlet annually


The registration is to be renewed annually.




Need help with registration? For assistance, please contact us.

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