Setting Up a Real Estate Agency Company in Singapore: CEA Licence, KEO, Insurance and AML Duties

Short answer: To set up a real estate agency company in Singapore, you incorporate a company with ACRA and buy professional indemnity insurance. The company then applies to the Council for Estate Agencies for an estate agent licence under the Estate Agents Act 2010. The application is submitted through ACEAS by a qualified Key Executive Officer, who must be a director of the company.

Raffles Corporate Services works with a panel of experienced Singapore law firms who offer cost-effective and efficient legal service and advice. This article is general information only and is not legal advice.

Do I need a licence to run a property agency in Singapore?

Yes. The Estate Agents Act 2010 requires any business that does estate agency work to hold an estate agent licence from CEA. Every individual who does the work on its behalf must be registered as a real estate salesperson (RES) under that licence. This applies whether the business uses salespersons, a digital platform or both.

The licence belongs to the business entity. If an existing agency changes from a sole proprietorship to a company, it needs a new licence. Choose the right structure from the start. Our comparison of business structures in Singapore sets out the trade-offs. Most new agencies with more than one founder choose a private limited company.

What are CEA’s licensing criteria for a new estate agent company?

The company must be registered with ACRA, have a qualified KEO, carry professional indemnity insurance, have written operating procedures, and pass CEA’s fit and proper checks. The CEA licence application page lists the full criteria. The main points are:

• The company must not hold a moneylender’s licence. None of its directors or its KEO may hold one, or be an employee, director or partner of a licensed moneylender.
• The company must not be in liquidation, wound up or under receivership, and must not have a civil judgment against it involving fraud, dishonesty or breach of fiduciary duty.
• The KEO, every director and everyone responsible for management must be fit and proper. Convictions for dishonesty, fraud, money laundering, or offences under the Estate Agents Act generally disqualify a person unless CEA decides otherwise.
• The company must have standard operating procedures covering training and supervision of salespersons, complaints handling, advertising, client confidentiality and service standards.

Who can be the Key Executive Officer?

The KEO must be a director of the company and an experienced practitioner with a recent REA examination pass. The KEO submits the licence application and is accountable to CEA for the agency’s compliance.

The KEO must:

• have at least 4 GCE O-Level passes or equivalent;
• have passed the REA examination in the 2 years immediately before the licence application, or hold an equivalent qualification;
• be a director (for a company), partner or sole proprietor of the agency;
• have at least 3 years of experience in estate agency work, for example 3 years as a registered salesperson;
• have either concluded at least 30 transactions in the last 3 years for a licensed agency, or have at least 3 years of experience managing a licensed agency’s business;
• not currently be a KEO, practising director, partner or salesperson of another licensed agency, and not have been a KEO or director of an agency whose licence was revoked;
• be up to date with MediSave contributions under the CPF self-employed scheme, either paid in full or on an active GIRO plan.

Practising directors must meet the same criteria, except for the REA examination pass. The MediSave condition also applies to them. Directors who are foreigners should check with CEA what work pass they need before they are appointed. Every Singapore company also needs at least one director who is ordinarily resident in Singapore. Our associated company, Little Big Employment Agency Pte Ltd, is licensed by MOM and can advise on work passes.

How much insurance does an agency need?

The agency must buy a professional indemnity insurance (PII) policy that covers the agency and all its salespersons for the whole licence period. CEA sets minimum limits based on the number of salespersons.

For renewals for the 2027 to 2029 cycle, CEA requires PII cover for at least 1 January to 31 December 2027, based on the number of salespersons when the policy is bought.

What is the step-by-step process and what does it cost?

The order matters. You need the company and its insurance in place before you can file in ACEAS, CEA’s online system.

1. Incorporate the company with ACRA, with the intended KEO as a director. See our guide on how to register a company in Singapore.
2. Set up Corppass for the new company.
3. Buy the PII policy in the company’s name.
4. Create the company’s profile in ACEAS. Make sure each other director has created their own individual ACEAS profile.
5. Log in to ACEAS with the company’s Corppass and start the licence application. If the KEO is currently a salesperson with another agency, a switching application is created automatically. The KEO’s current agency must support it before the licence application can be submitted.
6. Submit the application with the operating procedures and supporting documents. Once approved, set up a GIRO account with CEA for fees.
7. Register your salespersons under the new licence.

The agency pays all CEA fees, including those for its salespersons. CEA fees are not refundable.

What anti-money laundering duties does an estate agency have?

An estate agency must have a full AML/CFT programme. That means due diligence on clients and unrepresented counterparties, sanctions screening, suspicious transaction reporting and record keeping. These duties come from the Estate Agents (Prevention of Money Laundering, Proliferation Financing and Terrorism Financing) Regulations 2021, which were amended from 1 July 2025. Penalties for AML breaches can now be imposed per breach rather than per case.

• Entity risk assessment: carry out and document an assessment of the agency’s money laundering, proliferation financing and terrorism financing risks, and keep it up to date.
• Customer due diligence: verify the identity of each client and beneficial owner, understand the nature and purpose of the transaction and, for higher-risk cases, establish source of wealth or funds.
• Unrepresented counterparty due diligence: where the other side has no agent, check them before your client signs. This applies to all sale, purchase and rental transactions except HDB residential rentals.
• Screening: screen clients, beneficial owners and unrepresented counterparties against the FATF lists, the Terrorism (Suppression of Financing) Act 2002 schedule and the UN Security Council list.
• Suspicious transaction reports: file with the Suspicious Transaction Reporting Office, and never tip off the client.
• Compliance officer, training and audit: appoint a compliance officer, train salespersons, and have an independent audit function test your controls.
• Records: keep due diligence records for at least 5 years.

CEA’s page on preventing money laundering links to its guide, checklists and FAQs. The agency also holds a large amount of personal data, so it should have a Data Protection Officer and PDPA policies in place.

What goes on the compliance calendar of an estate agency company?

An agency has CEA, IRAS and ACRA deadlines. The CEA cycle changes on 1 January 2027, so build the calendar now.

Commission is a taxable supply. An agency must register for GST once its taxable turnover exceeds S$1 million in 12 months. Agencies usually reach this sooner than founders expect, because gross commission counts before the salespersons’ share is paid out. See our guide on compulsory and voluntary GST registration.

Frequently asked questions

Can a foreigner own a real estate agency company in Singapore?

A foreigner can be a shareholder. Directors must pass CEA’s fit and proper checks, and foreign practising directors are asked to provide a Certificate of No Criminal Conviction or proof of 10 years’ residence in Singapore at renewal. Check the work pass position with CEA before any foreign director starts work. The company must also have at least one director who is ordinarily resident in Singapore.

Does the KEO have to be a shareholder?

No. The KEO must be a director of the company, not necessarily a shareholder. They must also meet CEA’s examination, experience and transaction or management criteria.

How long does CEA take to process an application?

CEA says applications to add a KEO take two to three weeks when complete. Renewal applications that meet all requirements are also processed within two to three weeks. Incomplete applications take longer, so allow time before you plan to start trading.

What happens to an agency licence after the 2026 renewal exercise?

Licences renewed in the 2026 exercise are valid from 1 January 2027 to 31 December 2029. Annual licence fees stay payable each year, while the application fee is paid once per three-year cycle. A licence granted after 1 January 2027 runs to 31 December of the third year.

Can an estate agency company also run a moneylending business?

No. CEA will not license an agency that holds a moneylender’s licence, or whose directors or KEO hold one or work for a licensed moneylender.

What are the AML record-keeping requirements?

Due diligence records, and the documents and information obtained, must be kept for at least 5 years. The agency’s risk assessment, internal policies and compliance records must also be kept for at least 5 years. Salespersons must hand their due diligence records to the agency.

Last reviewed: 4 October 2026. The Editorial Team, Raffles Corporate Services.