How to Open Trading Company in Singapore

How to Open Trading Company in Singapore

How to Open Trading Company in Singapore – Registration, Licenses, Permits

Singapore is very well known as an important ‘port of call’ for businessmen, especially those who are dealing between the eastern and the western time zones. As per World Trade Organization’s latest data, Singapore is the 14th largest exporter of merchandise in the world and has a trade to GDP ratio of 404.9. If you are planning company incorporation in Singapore or setting up a Singapore trading company and start an import and export business, this article will help you begin.

Almost 3000 global and local logistics and supply chain management businesses are operating in Singapore today. Singapore also offers the shippers to opt from 200 shipping lines which connect 600 ports in 120 plus countries. Managing the port services such as transfers of container load and unloading requires highly-trained and skilled staff and state-of-the-art equipment and technology. The Changi Airfreight Centre runs a round-the-clock one-stop service centre for all the airlines, cargo agents, shippers and consignees. With state-of-the-art infrastructure, cargo is managed efficiently and rapidly. As Singapore has proven its market dominance in the import and export trade, it has well-defined guidelines and procedures in place. This article provides an overview of the various things you need to know about trading in Singapore such as how to open a customs account, process to apply for licenses and permits, different types of goods which can be imported or exported, what are the taxes and fees, options of trade financing, and options for goods storage etc.

Requirements to set up an Employment Agency

How to set up a Trading Business?

  1. How to establish a trading company For starting a business of trading in Singapore, the first step is to incorporate a company. For detailed information on this, refer to company incorporation Singapore.
  2. Registration with Singapore Customs All importers and exporters have to mandatorily to get their account activated with the Singapore Customs prior to importing or exporting goods in or out of Singapore. After the application is submitted, the account is activated within a couple of working days and then a Customs approval letter is issued, which is valid for the duration for which your business or company exists.
  3. Apply for relevant licenses and permits for importing or exporting of all categories of goods For importing all types of goods (including controlled and non-controlled items) in Singapore, you have to first obtain an IN Permit from TradeNet® before you can import the goods into Singapore. For exporting all goods (including controlled and non-controlled items) out of the country, you have to first obtain an OUT Permit from TradeNet®:
    • Before you export the goods out of Singapore in case your goods are controlled or are shipped via road or rail
    • within three days of exporting in case your goods are non-controlled or are shipped by air or sea
    • Before export of goods, which were previously imported under the Temporary Import Scheme
    • Before export of goods under the Temporary Export Scheme
    Some special scenarios like importing or exporting trade samples of uncontrolled items, which are worth not more than S$400/- on the Costs, Insurance and Freight (CIF) value could be imported or exported without any permit.

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