Singapore is one of the largest transportation hubs in Southeast Asia, as many commodities pass through here on the way in and out of Asia. This is also one of the reasons for which trading is one of the most important industries in Singapore and the success of companies operating in this sector is almost guaranteed.
Foreign investors who want to open companies in Singapore can choose to create commodity trading businesses and deliver goods all over the world from the city-state’s ports or airports. When opened in one of Singapore’s free zones, a commodity trading company will benefit from certain taxation exemptions.
Our Singapore company formation agents can offer more information on the advantages of setting up a commodity trading business in the Lion City.
This type of business is regulated by the Singapore Commodity Trading Act, which is why there are a few requisites which must be respected when starting this type of venture. The first thing to know is that under the Singapore law, a product is considered a commodity if it is traded under one of the following methods:
Also, Singapore commodity trading companies must have their merchandise approved by International Enterprise Singapore (IE Singapore) within the Ministry for Trade and Industry.
The company registration procedure in Singapore is the same as for any other type of company and can be completed by our local consultants.
Another key aspect related to opening a commodity trading company in Singapore is the licensing procedure. There are several types of licenses the company can apply for. These are:
The documents required to apply for a commodity trading license in Singapore are:
For assistance in registering a commodity trading company or more information on the commodity trading license, please contact our Singapore company formation specialists.