Export Import Regime also known as EXIM is a significant area to ponder for conducting trade across boundaries. Singapore being a business-friendly country offers some liberal channels in this direction. Its open trade policy characterized by minimal trade barriers, low tariffs, and commitment to Free trade Agreements with various countries and regional blocks ensures such a conducive environment for trade.
Even though navigating exporting and importing in Singapore is quite easy as expected it is important to know a few factors to consider before you make the move. Here are some insights after consultations with the best international relocation companies in Singapore.
Registration:
Registering with the Accounting and Corporate Regulatory Authority (ACRA) which regulates business in Singapore is a must to conduct business in the country. The UEN (Unique Entity Number) offered by this authority is crucial for making the trade.
Goods and Services Tax: Understanding the goods that come under the GST regime will be helpful to ensure a seamless import that is devoid of any penalties. Generally, items that possess a value of more than USD 400 are considered to come under GST. This value is determined based on the cost of purchase, freight value, and insurance. However, certain limits will not come under the GST regime. This includes Free trade Zones and Customs licensed warehouses. As long as the items are kept within these precincts GST is considered to be suspended. Also, temporary import schemes such as the Import GST Deferment Scheme offer relief from customs duty or GST levies. However, items that are directly deployed for local circulation are bound to pay customs duty or GST.
In the case of export relocation services Singapore exhales that the conditions are simpler. Just declare the goods at the Singapore Customs that they are bound to export. This will avoid any GST or Duty levied on the goods.
Register with the Trade Net System: Once you have registered with the Singapore Customs obtain access to the TradeNet System. It is an electronic application for submitting declarations and obtaining permits. The best international relocation companies in Singapore often emphasize the inevitability of this platform for obtaining trade permits in the country.
Registering Declaring Agent:
A declaring agent and a customs account are essential to access import or export permits. The company can either apply for permits in their own name or use a declaring agent to apply on their behalf. In the former case, the company is expected to register as a declaring agent. It also has to apply for an inter-bank GIRO with the customs department of Singapore. This is to ensure a channel for duty/GST payments.
Controlled Goods:
It is also necessary to check if the imported goods are controlled or restricted in Singapore. Relocation companies in Singapore often find this as a bottleneck neck most traders find it difficult to maneuver. However, the process can be simplified by approaching a competent authority. Visit the Singapore Customs Database and look for the HS code of the relevant goods. The competent authority will be listed against it.
Other than these few highlighted areas as a trader you may come across container documentation and/or security deposits depending on the type of goods that you import. It must be a painstaking process at first glance. However, with the help of the best international relocation company in Singapore, it can be a cakewalk.
This is exactly why Helpxpat is equipped to make your import/export processes hassle-free. As our professional takes care of the paperwork, you can peacefully focus on other trade-related matters.