Pawnbrokerage

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: the applicant must be of good character and a fit and proper person to carry on the business of pawnbroking; the premises must not be used for the conduct or transaction of any business other than that of pawnbroking, unless approved by the Registrar; the applicant must obtain adequate insurance against damage, theft or loss of articles that may be pawned with him; 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 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: Apply to the Accounting & Corporate Regulatory Authority (ACRA) for the incorporation and registration of your proposed pawnshop as a company; 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 t

Validity

1, 2, or 3 years depending on the choice selected by the licensee

Processing

2 weeks, depending on the complexity of the application and/or submission of documents in support of the application