The country’s Import/Export License procedures are typically quick and easy, and the necessary permits and licenses are supplied in a short amount of time as well, following in the footsteps of Singapore’s business-friendly culture.
Due to its strategic location and strong ties to other Asian ports as well as smaller regional ones, Singapore has become one of Asia’s most important commercial hubs. In addition, Singapore is a major financial center. Every year, it handles around 37.2 million twenty-foot equivalent units (TEUs) of containers and 626.2 million tons of cargo, making it one of the busiest ports anywhere in the world, according to the UN.
There were more than 7,000 aircraft per week and over two million tons of cargo handled yearly at Changi International Airport prior to the epidemic, making it the seventh busiest foreign airport.
A list of things to do before you begin trading
The Accounting and Corporate Regulatory Authority (ACRA), which acts as Singapore’s principal business regulator, must be registered before an organization may begin trading in Singapore.
An organization’s Unique Organization Number (UEN) is a standard identifying number that is issued to every legal body in Singapore after it has been created there. All government agencies will utilize a company’s UEN to identify it.
It takes a lot of time and effort to import goods into Singapore.
Ensuring that an agent is registered or declared
In order to pay tax and GST to Singapore Customs, a business requesting for a permit in its own name must register with Singapore Customs as a declaring agent and get an inter-bank GIRO from Singapore Customs.
We can help you with any questions you may have about importing or exporting.
In order to guarantee that the permission application is successful, the company will need to cooperate closely with the declaring agency that submitted it.
Finding out whether a thing is under control
You should conduct some research to see whether your product is regulated or subject to import limitations in Singapore before you begin the process of importing it.
When the relevant responsible authority issues a limitation, a record will be placed in the Singapore Customs database next to the HS code of the restricted item.
Make sure you and your loved ones are safe.
In order to carry out business involving dutiable items, temporary importation of goods for permitted purposes, and the operation of licensed facilities such warehouses and excise factories, security is required. Certain kinds of insurance bonds and guarantees from a bank are acceptable forms of security.
Securing the required consent
When all of the above steps have been completed, an application for customs import permission may be filed.
Documentation necessary for the clearing of freight
When bringing containerized products into Singapore, the importer is required to provide customs officers their licenses as well as any supporting paperwork, including invoices or airway bills.
Customs authorities at Singapore’s port no longer need to see printed copies of supporting documents for containerized goods arriving by sea.