MINISTRY OF LAW (MINLAW)Required to operate

Registration of Precious Stones and Precious Metals Dealers

The Registration of Precious Stones and Precious Metals Dealers licence is issued by the Ministry of Law (MINLAW) in Singapore for businesses dealing in precious stones and metals. It is valid for 1 year, with processing typically taking up to 30 working days.

Validity
1 year
Processing time
30 working days
Issuing authority
MINISTRY OF LAW (MINLAW)

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Who needs the Registration of Precious Stones and Precious Metals Dealers

This licence applies to Singapore businesses registered under the following SSIC industry codes:

What's involved in getting the Registration of Precious Stones and Precious Metals Dealers

The scope of the application — what must be in place, how the agency reviews, and where applications typically stall.

What this licence allows the business to do

This licence permits businesses in Singapore to engage in the buying, selling, and dealing of precious stones and precious metals, ensuring compliance with regulatory standards in the industry.

What must be in place before the licence can be granted

Before the licence can be granted, the business must have several prerequisites in place. This includes the identification documents of key personnel involved in the management of the business, such as the applicant, substantial shareholders, directors, and managers. For foreign entities, additional documentation regarding foreign business registry records is required. The business must also ensure that all documentation is correctly formatted and named according to specified guidelines.

How the agency reviews and decides

The Ministry of Law conducts a thorough review of the submitted application, which includes verifying the identity and qualifications of the individuals involved in the business. The agency may also assess the business's compliance with relevant regulations and standards in the precious stones and metals industry.

Common reasons applications stall

Applications can stall for several reasons, including incomplete documentation, failure to provide the necessary identification for all relevant personnel, or discrepancies in the information provided. Additionally, foreign entities may face delays if their foreign business registry records are not submitted correctly. Ensuring that all documents are complete and accurately reflect the business structure can help mitigate these issues.

Required documents and prerequisites

Items the applicant typically needs ready before submitting:

  • NRIC/FIN/Passport
  • Please provide the NRIC/FIN/Passport of the person holding an analogous position involved in the management of the applicant and the outlet manager/ person in-charge of the outlet (if applicable)
  • For foreigners / foreign business entities, please provide the FIN/Passport of the following persons:
  • The applicant
  • Substantial shareholder
  • Director
  • Manager
  • Partner
  • Company Secretary
  • Other person holding an analogous position involved in the management of the applicant
  • Employee managing the applicant's business of regulated dealing or business as an intermediary.
  • Please name your file in the following manner:
  • NRIC/FIN/PASSPORT NUMBER.pdf
  • File format: pdf, jpg, png
  • Maximum upload per application: 2 MB
  • Foreign Business Registry Records
  • Only applicable for foreign business entities
  • File format: pdf, xls, xlsx, doc, docx
  • Maximum upload per application: 2 MB
  • Others

Registration of Precious Stones and Precious Metals Dealers FAQ

Do I need this licence to start operating?

Yes, obtaining the Registration of Precious Stones and Precious Metals Dealers licence is essential for legally operating a business that deals in precious stones and metals in Singapore. Without this licence, the business would be operating illegally, which can lead to significant penalties.

What can my business do once licensed?

Once licensed, your business can legally engage in the buying, selling, and dealing of precious stones and precious metals. This includes operating retail outlets, conducting online sales, and participating in trade shows, all while adhering to the regulatory requirements set by the Ministry of Law.

What happens if I operate without it?

Operating without the Registration of Precious Stones and Precious Metals Dealers licence can result in severe consequences, including fines, legal action, and potential closure of the business. It is crucial to comply with licensing requirements to avoid these risks.

How does this fit relative to incorporating my company?

The process of obtaining the Registration of Precious Stones and Precious Metals Dealers licence typically occurs after the incorporation of your company. It is important to ensure that your business is legally established before applying for this specific licence.

What's the most common reason applications get rejected?

The most common reason for rejection of applications for this licence is incomplete or incorrect documentation. Ensuring that all required identification and business records are submitted accurately and in the correct format is essential to avoid delays or rejections.

Can a foreign-owned company hold this licence?

Yes, foreign-owned companies can hold the Registration of Precious Stones and Precious Metals Dealers licence in Singapore. However, they must provide additional documentation, including foreign business registry records and identification for key personnel involved in the management of the business.

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