In Singapore, only certified security agencies are permitted to provide such services, and these agencies must comply with a list of requirements and regulations in order to provide security services to the public.
The Association of Certified Security Agencies (ACSA) oversees all companies in the business of providing security services. These companies include security manpower agencies that provide security guard services, as well as digital security services such as security technology solutions. Here's what you need to know when opening a security firm in Singapore:
Why Open a Security Agency in Singapore?
When it comes to security and matters related to safety, Singapore has really made tremendous steps. In fact, it is known as one of the safest countries. This creates a perfect environment for businesses and other economic activities.
Security services in Singapore are common among commercial buildings, stores, offices, and more. Not only do people hire security officers, but the emergence of digital and cloud companies have given rise to the demand for digital security solutions as well.
Thus, starting and operating a security agency in Singapore can open opportunities for you to get into the market. Singapore's bustling economy can support a steady growth of businesses in the country, including security firms.
This sector is governed by the set private security law. Rules and regulations have been rolled out so that only competent people venture in this sector. This has really helped in enhancing the security of Singapore. It is because of the reliable security measures set by investors and stakeholders in this sector. Singaporeans can now go about their activities without any fear. This has contributed immensely to the growth and development of the economy of Singapore.
How to Set Up a Security Agency (Singapore)
Requirements and Regulations
Incorporating a security company in Singapore is not a walk in the park. There are a number of procedures and requirements you will be expected to follow religiously. The aim is to ensure you provide reliable and satisfactory security services to Singaporeans.
First, you will need to comply with a set of employment conditions and registration requirements. These rules have been designed by the able Police Licensing and Regulatory Department of Singapore. The department will always make sure these requirements have been adhered to. Penalties and debarment are issues to those who will not conform to the requirements.
Below are the requirements you will be required to meet:
- Have one of the available two PLRD licenses. These licenses are the security service provider and the security agency license.
- At least 300,000 SGD as share capital for your intended company
- The company should be established in a space designated for only commercial purposes
- It should be a private limited company
- At least two directors should be appointed to run the company once established. These directors should have detailed responsibilities they ought to fulfill.
It is mandatory that every Singapore security company should have a minimum of two directors. These directors should have clear responsibilities that have to be carried out by them. In that connection, the process of selecting directors should be undertaken with much discretion and precision. There is a set of requirements every director needs to fulfill. Below are some of the requirements directors need to meet:
- Should have done and excelled in Manage Security Emergencies training organized by PLRD.
- Should have undertaken and excelled in Manage Security Operations training Module organized by PLRD.
- Should be a fully certified manager as stated by the Private Security Act enacted in Singapore.
- Have a minimum of two years’ experience in any private security position
- Be a resident of Singapore
Failure to adhere to the above requirements will deem you unfit of being a director. This reveals the seriousness dedicated to the security sector in Singapore. The essence of all those requirements is to ensure there is absolute sanity in the security industry.
Fortunately, the laid down requirements in the security sector have paid off. Singapore has become one of the safest countries to live in and also engage in various legal ventures. Any breach of rules is always met with dire punishment. As a result, all security stakeholders have resolved to comply with the set requirements and qualifications.
Incorporating Your Security Agency in Singapore
Step 1: Incorporation
Incorporating your business can be done online through BizFile+. Simply log into the website, and fill out the application form that corresponds to the nature of your business. For companies that offer security services, you may be required to submit supporting documents and licenses for your company and its employees.
Step 2: Find a Suitable Location
Find a suitable location in which you can set up your office. If you have security guards to train, you may also need ample location to use as training grounds. If your company handles security consultancy, then you may need a location where you can entertain potential clients for meetings and conferences.
Step 3: Hire Staff
Hiring staff for security services can be challenging. Security officers cannot just be trained to do their work, but they must also be trustworthy as they will be protecting buildings, homes, or establishments.
Developers involved with digital security services will need to be vetted as well. Despite not having direct, physical contact with the location of the client, they have access to the clients' personal data, as well as the data of other persons involved with the company. Do background checks on all personnel before hiring them.
Step 4: Ensure Compliance
The last step is to ensure compliance. Business permits and licenses are not lifetime subscriptions, and must be renewed at the end of the period. Ensuring compliance with the regulations set by ACSA will make it easier for you to renew your business licenses, and will ease the renewal of licenses for your security guards and other employees as well.
Secure Your Business
Security is a great necessity in any country. It is one of the drivers of a stable economy. That is why countries that have a better economy put a lot of emphasis on its security. Singapore is one of the countries that does not take its security sector lightly.
It has a security regulatory body that ensures investors in the security sector provide reliable services. The Association of Certified Security Agencies has a set of rules any potential security investor is supposed to adhere to those set rules laid down by the regulatory body.
Set up your business, and secure your position in the market with WealthBridge corporate services. Give us a call today to know more!