In part because of its ease of doing business, strategic location, and global attitude, Singapore is becoming more appealing to foreign merchants as a location for conducting business. As a consequence, there are 600 ports in 120 countries linked to Singapore. As the second-busiest container port and number-one bunkering port in the world, Singapore showed its resiliency during the COVID-19 crisis and continues to do so. Even though Singapore is the second most difficult country in the world to do business, its exports were US$626 billion in 2020.
Consequently, the World Bank’s list of the world’s most business-friendly countries includes Singapore since the procedure of founding a trading corporation to import and export is completed within a few hours here. Due to the advanced infrastructure and clear import and export laws in place, the import and export operations are simple and efficient. You’ll be able to travel after you’ve received all of the relevant Import/Export License and permits.
There is a lot of paperwork involved in importing or exporting, but the process may be completed in a matter of days.
Newcomers’ guide to goods importation into Singapore
Among the laws that govern Singaporean imports are the Customs Act, the GST Act, the Regulation of Imports and Exports Act, and others. The following are the steps:
Commodities that are subject to government regulation are being scrutinized
Prior to importing goods into Singapore, you must first verify whether they fall within the country’s controlled goods list or are prohibited items. The Competent Authorities must first provide an additional permit for the importation of control goods (CA).
Activation of the Customs Account has occurred.
To begin the importing process, a Unique Entity Number (UEN) must first be obtained (UEN). The easiest method to accomplish this is to register with the UEN issuing body or the Accounting and Corporate Regulatory Authority (ACRA). This information will enable the importer to set up their Customs Account.
To create an account with GIRO, please click here (Global Interbank Remittance Account)
When starting a company, importers must open an Inter-Bank GIRO (IBG) account with Singapore Customs in order to pay taxes, GST, and other fees. The IBG form must be submitted to Singapore Customs in order to begin the process of opening this account. For GST and other government fees, this account may be used immediately once customs has authorised the application.
There must be some kind of guarantee or insurance in order for an importer to proceed with a deal. Licensing facilities such warehouses and excise factories is a need for importing duty-paying goods or temporarily importing commodities for such purposes as these. There will be swings in financial stability dependent on the kind of goods imported as well as market fluctuations.
In order to import goods into the United States, one must first get a Customs Import Permit
The TradeNet system may be used to submit an application for this purpose. Customs and Border Protection (CBP) requires that importers get this authority either by becoming designated agents themselves or by appointing designated agents to work on their behalf.
Clear your shipment by completing any documentation that’s required!
In order to be processed, certain papers must be given to checkpoint authorities at the time of cargo clearance. When shipping conventional or containerized cargo, make sure you have a printed copy of the customs permit as well as any supporting paperwork, such as an invoice, bill of lading, air waybill, packing list and other similar papers.