Let’s talk

Insights for your business.

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

Miniature white and red model house with keys on a wooden table

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.

Key facts at a glance

  • Any entity that does estate agency work, whether through salespersons or a digital platform, needs an estate agent licence from the Council for Estate Agencies (CEA).
  • CEA fees: S$120 application fee, plus an annual licence fee from S$330 for 1 to 10 salespersons. Both are GST-exempt.
  • Key Executive Officer (KEO): needs at least 4 GCE O-Level passes, a pass in the Real Estate Agency (REA) examination within the 2 years before applying, and 3 years of estate agency experience.
  • Professional indemnity insurance: a minimum indemnity limit of S$200,000 for a company with 1 to 10 salespersons.
  • From 1 January 2027, licences run on a three-year cycle. The 2026 renewal exercise runs from 1 October to 30 November 2026.
  • Anti-money laundering duties were tightened from 1 July 2025, including due diligence on unrepresented counterparties.

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:

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:

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.

Agency size Minimum indemnity limit Minimum sub-limit per salesperson Maximum deductible per claim against the agency
Sole proprietorship with 1 salesperson S$100,000 S$100,000 S$5,000
Company with 1 to 10 salespersons S$200,000 S$100,000 S$5,000
11 to 30 salespersons S$300,000 S$100,000 S$5,000
31 to 50 salespersons S$400,000 S$100,000 S$5,000
51 to 500 salespersons S$600,000 S$100,000 S$10,000
More than 500 salespersons S$1 million S$100,000 S$20,000

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.
Cost item Amount
CEA application fee (company licence) S$120, payable once per three-year cycle
CEA annual licence fee, 1 to 10 salespersons S$330 a year (half rate if granted after 30 June)
CEA annual licence fee, 11 to 30 salespersons S$660 a year
Salesperson registration application fee S$60 per salesperson
Salesperson annual registration fee S$280 (S$140 if granted after 30 June)
Raffles Corporate Services Incorporation Package S$450 one time
Raffles Corporate Services Annual Corporate Package S$600 a year (named company secretary, registers, AGM and annual return)

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.

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.

Obligation Regulator When
Licence and salesperson renewal for 2027 to 2029 CEA Submit between 1 October and 30 November 2026; afterwards once every three years
Continuing Professional Development CEA 16 training hours a year per salesperson from 1 January 2026
Currency Requirement CEA From 1 January 2027, at least three qualifying transactions per three-year cycle, or a pass in the Refresher Examination
Upload transaction records (HDB rentals, private residential rentals and sales) CEA By the dates in CEA’s transaction records guidance
Commission income records for salespersons IRAS 2 January to 1 March each year, if IRAS has sent a notice
ECI and Form C-S or Form C IRAS ECI within 3 months of financial year end; Form C-S or Form C by 30 November
AGM and annual return ACRA AGM within 6 months of financial year end; annual return within 7 months
GST returns, once registered IRAS Within one month after each accounting period

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.

Need help with this?

Raffles Corporate Services can handle the ACRA filings, compliance documentation and records for you, and where court proceedings or legal advice are needed, we work with a panel of experienced Singapore law firms who offer cost-effective and efficient legal service and advice.

Email: [email protected]
Call, SMS or WhatsApp: +65 8501 7133

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

Submit a Comment

Your email address will not be published. Required fields are marked *

Real people. Right here in Singapore.

Let’s get to work.

Hop on Raffles Corporate Services