Trade Regulations In Singapore - A Guide
Singapore is one of the largest trading hubs in Asia, having the highest trade GDP ratios. It has successfully established many trade associations that play through the shipping route from Asia to Europe and many smaller regional ports. The Port of Singapore is one of the world’s busiest ports that handle 37.2 million twenty-foot equivalent units of containers and 626.2 million tons of cargo every year. If you also want to start trade with Singapore, you need to be well aware of the procedures and regulations of export trade there.
The first step is to register with the Accounting and Corporate Regulatory Authority (ACRA). Once registered, an identifiable company is issued a Unique Entity Number (UEN).
Importing Goods To Singapore
When importing goods to Singapore, one must determine whether or not the Goods and Sales Tax (GST) payments are required on the products that are being imported. It is essential to note that GST and/or duty is suspended when the goods remain inside the free trade zones (FTZ). However, GST and/or duty are payable if the goods are released directly for local circulation. When the goods are moved to custom licensed premises from free trade zones, the GST is suspended if the goods are kept in the licensed premises. The GST or duty is also not payable on imported goods under the Temporary Import Scheme under Singapore Customs and the Inland Revenue Authority of Singapore (IRAS) scheme.
-Registering or declaring an agent is also important. The company must have a custom account to get an import and export permit. Suppose a company applies for the permit under its name. In that case, it must register as a declaring agent and then apply for an inter-bank with the Singapore Customs for GST payments. However, if a company appoints a declaring agent, he must coordinate with him throughout the permit application process.
- Know that some security is required for dutiable goods as well as the temporary import of goods for approved purposes. Insurance bonds or a finance company are accepted as a form of security.
- Carry the documents needed for clearance. For all goods entering Singapore by land or air, the importer must produce customs permits as well as other supporting documents, like invoices, for verification by custom officers at various checkpoints.
Exporting Goods from Singapore
When exporting goods from Singapore, an export permit is required from Singapore Customs to export locally manufactured goods, temporary export of goods intended to be re-imported, and re-export the goods under the Temporary Import Scheme. It is also required for exporting dutiable goods from a licensed warehouse and non-dutiable goods from a zero-GST warehouse. The process of getting the export permit is the same as that of the import permit. One must know the export clearance procedure and the documents required at the time of clearance for a hassle-free movement of goods. Therefore, it is best to consult experts from reputed platforms like Tazapay for all information related to international trade and verification checks to ensure safe transactions.
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Trade Regulations In Singapore - A Guide
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Singapore is one of the largest trading hubs in Asia, having the highest trade GDP ratios. It has successfully established many trade associations that play through the shipping route from Asia to Europe and many smaller regional ports. The Port of Singapore is one of the world’s busiest ports that handle 37.2 million twenty-foot equivalent units of containers and 626.2 million tons of cargo every year. If you also want to start trade with Singapore, you need to be well aware of the procedures a
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