Singapore is one of the busiest trading hubs in Asia. For businesses looking to import goods, understanding the importing process is important to avoid delays and ensure compliance regulation.
This guide walks you through the basics of importing to Singapore and answers some of the most common questions businesses have.
1. What Are the Basic Requirements for Importing Goods into Singapore?
To successfully import into Singapore, you’ll need:
- Import Permit: Required for all goods except exempt items.
- Goods and Services Tax (GST): An 8% GST applies to non-dutiable goods, while both GST and duties apply to dutiable goods.
- Unique Entity Number (UEN): Businesses need to obtain this from the Accounting and Corporate Regulatory Authority (ACRA).
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2. How Do I Apply for an Import Permit?
Here’s a step-by-step guide to applying for an import permit:
- Register for a UEN with ACRA.
- Activate your Customs Account through Singapore Customs.
- Submit your permit application via TradeNet, an electronic trade system. The fee for each permit is approximately S$2.88.
Documents You’ll Need:
- Invoice
- Packing list
- Bill of lading/air waybill
- Approvals for controlled goods (if applicable)
3. What Types of Goods Are Subject to Duty and GST?
- Dutiable Goods: Items such as alcohol, tobacco, motor vehicles, and petroleum products.
- Non-Dutiable Goods: These are only subject to GST, which is calculated based on the cost, insurance, and freight (CIF) value.
4. Are There Any Exemptions or Special Schemes?
Yes, Singapore offers some exemptions:
- Bona Fide Trade Samples: Goods valued under S$400 are exempt from GST and duties.
- Temporary Import Scheme: Allows duty and GST exemptions for goods brought into Singapore temporarily under specific conditions.
5. What Are the Penalties for Non-Compliance?
Common mistakes include not getting the correct permits or making inaccurate declarations. For minor offences, fines can reach up to S$5,000, while serious violations may result in prosecution.
6. How Can I Ensure Compliance with Food Import Regulations?
If you’re importing food into Singapore, you must meet Singapore Food Agency (SFA) guidelines. Importers must also be licensed or registered with the SFA.
7. What Resources Are Available for New Importers?
There are several resources to help guide new importers:
- Singapore Customs Website: Offers detailed information on the import process.
- TradeNet: For submitting import permits.
- SFA Resources: For guidance on food safety and compliance.
As an importer, you need to understand Singapore’s import regulations for smooth business operations. By knowing the basic requirements, following the correct steps, and using the right resources, you can avoid common pitfalls and successfully import goods into Singapore.
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