Singapore is one of the most appealing investment destinations in Southeast Asia and it attracts thousands of entrepreneurs from Europe every year. Most European investors will choose to trade with other companies in Europe and many of these businesses are located European Union (EU) member states. In order for Singapore companies to benefit from the advantages offered by the EU, they can register and obtain EORI (Economic Operators and Registration Identification) numbers.
In order to register for EORI as a Singapore company, certain conditions must be respected. Below, our company formation agents explain how EORI registration in Singapore can take place. Before applying for an EORI number, we can help you open a company in Singapore.
The European Commission introduced the Economic Operator Registration Identification scheme in 2009 in order to ease Customs activities in all EU member countries but also to increase security measures under the Security Amendment to the Modernized Customs Code. Another useful information is that EORI is the successor of the TURN (Trader’s Unique Reference Number).
EORI numbers are not available for companies registered in EU countries only, as businesses located in non-EU states can also obtain EORI numbers during their first trading activity in any of these states. This is why EORI registration in Singapore is possible for companies seeking to enter trading activities with companies in the EU.
Our company formation specialists in Singapore can help local companies interested in easing their trading relations by applying for EORI numbers. It is good to know that a Singapore company must first comply with certain requirements before EORI registration.
Singapore companies with EORI numbers can complete the following activities within the EU:
EORI registration in Singapore is quite simple for individuals and companies. Our company registration consultants in Singapore can advise on this procedure.
We invite you to read about EORI registration in Singapore in the scheme below:
EORI numbers are assigned based on the value added tax (VAT) numbers of companies. In Singapore, the VAT is known as the Goods and Services Tax (GST), therefore a local company must first register for GST in order to apply for an EORI number. Both companies and sole traders in Singapore can apply for EORI numbers. Also, the EORI number is issued once and will be used for every trading activity completed by the business afterwards.
Both the GST and EORI registration procedures can be handled by our Singapore company formation representatives.
As mentioned above, a Singapore business or individual can register for EORI during their first activities within any EU country. It is good to know that the Customs authority in the EU state the application is filed will first check to see if the applicant has an EORI number. Then, the representative of the Singapore company will be asked to submit a valid passport (in the case of individuals) or information issued by the Accounting and Corporate Regulatory Authority in Singapore indicating identification data on the company seeking to obtain the EORI number. An application form will also be completed with the Customs authority.
The EORI number assigned to the Singapore company or person will consist in the country code of the EU state issuing the EORI number, the company’s GST number followed by 3 digits. The EORI number resulted must be unique.
It is also important to note that branches and subsidiaries of Singapore companies are not required to register for EORI separately as they will use the number assigned to the parent company. This requirement remains valid for 2021.
If you want to open a Singapore company and need assistance in EORI registration, you can rely on our local advisors.
The European Union is one of Singapore’s most important trading partners, as statistics indicate that:
One of the important aspects to be considered when it comes trading in 2021 is that the UK exited the European Union, thus Singapore companies are no longer required to use their EORI numbers for customs operations with this country.
If you have a recently open company in Singapore and want to register it for EORI in 2021, our specialists can help you.
For assistance in EORI registration in Singapore, please contact us.