The import and export business is one of the most prolific in Singapore. The number of trading companies has increased a lot during the last years in Singapore because the city-state is located at the crossroads of several continents. Foreign investors seeking to import or export goods into/from Singapore must know that there are several requirements they must meet, as well as the fact that goods are divided into categories. Some of these goods are exempt from taxation, while others are dutiable goods.
Dutiable goods are those products which are manufactures or imported into Singapore and which are subject to customs or excise duties. The customs duty only applies to dutiable goods imported into Singapore, while the excise duty is also applied to goods manufactured in the Republic.
The following goods are considered dutiable in Singapore:
The duties imposed on such goods are calculated based on a percentage of the products’ customs value. The rate applies based on a certain amount of the product per unit of measure. Our company formation consultants can offer more information on the dutiable goods when imported into the Republic. Our team can also offer important details on how to open a company in Singapore.
Foreign investors with trading companies in the city-state must know that the first step to import dutiable products into Singapore must obtain a Unique Entity Number (UEN) and register with the Customs Authority. Then, the company must register for the Inter-Bank GIRO Account in order to be able to pay the customs duties upon import. The company must also apply for the import permit and then make sure all documents related to the products are in place. Also, all imported goods into Singapore are also subject to a 7% goods and services tax.
For complete information on importing dutiable products, please contact our specialists in company formation in Singapore. We can also assist you if you want to open a trading company in Singapore.