Singapore is one of the most prolific economies in the Southeast Pacific region thanks to the Government who has enabled numerous incentives for attracting foreign investors. Imports and exports have also contributed to the city-state’s economic development, which is why a great number of trading companies have established their headquarters here. Most of them deal with importing high-tech products which are destined for re-export.
Our company formation agents can assist foreign investors who want to open companies in Singapore in the trading sector.
Depending on the high-tech products a Singapore company wants to import, there are various requirements it must comply with. The Singapore Customs Authorities have established clear regulations for those importing high-tech products into the country, among which the necessity of apply for special permits. The company must first register with the Singapore Customs, then register for GST and then apply for the specific license. In the case of telecommunications equipment, the company importing the products must also obtain authorization from the Infocomm Development Authority (IDA) before selling the products on the Singapore market. The company must also apply for an IN permit for the import of all high-tech products in Singapore.
The first document a Singapore company importing high-tech products must produce is the import certificate and delivery verification (ICDV) which is issued by the exporting party. High- tech products subject to ICDV verification must be imported directly into Singapore. It must be noted that high-tech goods can be imported by air, land or by sea into Singapore, therefore different requirements apply for each case. When importing this type of goods by air or land, the following documents must be presented with the Customs Authorities:
When importing high-tech goods into Singapore by sea, the documents above are not required.
For complete information on importing high-tech products into the city-state or on how to open a company in Singapore, please feel free to contact our company formation consultants.