Importing into Singapore? Here are Top 7 Custom Regulations You Should Know About Before Shipping Your Goods Over!
Generally, Singapore is renowned for its smooth business deeds, global point of view, and strategic stance linking East and West ports. In 2014, Singapore was the Top 15 importer in the world and is considered as Southeast Asia’s top trading pillar.
Singapore used to be the world’s most in-demand port for connecting more than 123 countries and 600 ports worldwide until 2010 when Port of Shanghai took the top spot. In addition, the World Bank acknowledges Singapore as the most uncomplicated nation in the world to put up a business. Its progressive infrastructure and twenty in-effect free trade settlements with thirty-one partners made it all possible.
Singapore’s Goods and Services Tax (GST) Act and Ruling of Imports and Exports Act administer the importation of all merchandises into Singapore. The associate importing merchandises into Singapore for their own use or in accordance with other party is considered to be an importer.
GST applies to all merchandizes imported into Singapore for national utilization. GST rate is 7% of the insurance, cost, and freight, and dutiable merchandizes including petroleum and tobacco products, alcoholic drinks, and motorized vehicles.
Participating in importation undertakings inside Singapore means adhering to importation license and observing the following custom regulations:
1. Activate Customs Account
To start the importation course, the importer needs to acquire a Unique Entity Number (UEN) through signing up with the Accounting and Corporate Regulatory Authority, or any alternatively related UEN issuance organization which will consent him to create an account with customs.
2. Review Controlled Goods
Before considering any importation process, it is highly recommended to make sure if the goods you intend to import are controlled goods or if they are subject to any restrictions. You may check by the description of the merchandises, CA product code or Harmonized System (HS) code to search the internet. If the piece is subjective to regulation, the name of the CA will be specified following its HS code. You may verify straight with the corresponding CAs on their licensing requirements.
3. Register for Inter-Bank GIRO Account
Payment of penalties, duties, fees, taxes, and other charges on services offered by Singapore Custom are made directly from your bank account to Singapore Customs via Inter-Bank GIRO (IBG). To sign up for an IBG account, importers should present an IBG form straight to the Customs of Singapore. Applicable GST and duty costs are completed via the IBG as soon as the import permit is officially agreed.
4. Furnishing of Security or Guaranteeing
Furnish security must be completed for activities concerning the provisional importation of dutiable merchandizes, and for the procedure of certified properties, such as factories and warehouses. Banker’s guarantee, Finance company guarantee, as well as insurance bond are standard types of security that are accepted.
5. Acquire Importation Permit
Customs importation permit can be obtained by registering themselves as a declared mediator or assign a proxy to act on their behalf. Application for customs import permit is completed online via the TradeNet method. Each permit application normally costs S$2.88 (exclusive of service charges such as freight forwarders, declaring agents, etc.) Meanwhile, permission to ship containerized merchandizes must declare the shipper’s seal number as well as the container’s number.
6. Preparation of essential papers
Certain credentials must be provided to the checkpoint personnel when the shipment is being reviewed.
Via air or land – a hard copy of the officially agreed customs permit as well as secondary documents such as the package list, the Air Waybill, and invoice are necessary for compliance upfront.
Via sea – these credentials are not necessary to be presented upfront to checkpoint staffs at the checkpoint.
7. Keep your Trade Documents
All supporting/secondary documents related to the import or export, purchase, and sale of the merchandise needs to be retained for at least five (5) years from the date of the permit application approval in either hard copy or digitalized copy. These should be on hand, should they be requested by the Singapore Customs.
Conclusion
The above 7 are some regulations that you can keep in mind about. If you need further help with importing in Singapore, feel free to contact us and we’ll be happy to provide you with some advice from our experiences.
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