By Vlad Cuc, specialist in company formation matters
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:
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.
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:
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.
In order to import precious metals, the jewelry shop must also apply for an import license, however the products must have a certain composition.
In order to open a company in Singapore as a jewelry business, please contact our Si company formation representatives.