Importing into international markets can be tricky for any business but even more so for new traders and businesses entering a market for the first time. There are many requirements to meet to be able to ship to a destination country. For companies importing goods into Singapore, cross-border trade is made easier with an Importer of Record (IOR). Read on to learn more about IOR and how it can help businesses without a local presence to import and sell their goods in Singapore.

 

 

Importing and Selling Goods in Singapore: Challenges

 

Singapore is a major trade hub. Its geographical location and liberal trading policies make it a great destination country for foreign-based traders. The country’s trading policies easily allow imports and exports of various products.

 

To be able to import to and sell in Singapore, foreign-based businesses must be registered with the Accounting and Corporate Regulatory Authority (ACRA). They must also have an active account with Singapore Customs, a Unique Entity Number (UEN) and other required importing permits. All these can be done electronically by the trader or their declaring agent. The trader or importer is the party shipping products into Singapore or the ultimate consignee in Singapore.

 

Traders should take note that someone should be keeping an eye on their filing details and paperwork.  All information submitted to Singapore Customs must be true, accurate and complete. Any violation of documentation requirements and regulations can have serious consequences. For example, a minor offence can have penalties as much as $5,000 per offence and fraud and other serious cases may be prosecuted.

 

Filing mistakes are common. Paperwork involves a lot of information and details and filers, particularly those who are new to the process, tend to make mistakes.  The most common are:

 

• Failure to present documentation when required by customs
• Failure to declare goods
• Inaccurate valuation of goods
• Failure to present customs permits for clearance
• Tampering with customs locks and seals

 

Navigating the various import regulations, customs clearance and applying for the relevant government agency licenses may often be daunting when you’re unfamiliar to the market. Appointing an Importer of Record (IOR) offers a convenient and comprehensive solution in managing your imports into Singapore and ensuring compliance with local laws. Beyond providing advisory consultancy, the IOR acts on your behalf to import the goods, liaise with the authorities and make the relevant duties and tax payments.  

If you are a overseas-based retailer that does not have a physical presence in Singapore, or a franchisor supplying goods to your franchisee in the county, or simply wishing to maintain trade secrets, you can apply for GeTS’ IOR service.

 

GeTS’ Importer of Record Service

 

Global eTrade Services (GeTS) has over 30 years of deep domain knowledge and experience in global trade facilitation,  powering cross-border trade to make it more accessible, predictable and easier to fulfill. GeTS’ IOR services will streamline the entire import and export processes for you.

 

Features and Benefits:

• IOR Named Services. GeTS will be your appointed representative in Singapore. You do not have to go through the hassle of establishing a local entity. 

 

• Import/Export Customs Declaration. Leverage GeTS’ extensive trade facilitation and compliance expertise to handle the import process. Prior to shipment, the GeTS team will assess the shipping documents, invoices and HS codes. When necessary, application for licenses required by the relevant authorities such as the Singapore Food Authority or Health Science Authority will be done.

 

• GST and Duty Payment. To become GST registered in Singapore, companies are required to appoint a local 33(1) agent to handle its tax matters. GeTS will act on your behalf to ensure accuracy in product classification so that your cargo will be smoothly cleared by Customs.

 

• Quarterly IRAS Tax Filing: GeTS provides quarterly IRAS tax filing for all of your business transactions. Get assistance in registering for GST and submitting quarterly tax returns.

 

• Shipment Inspection and Coordination: GeTS will handle any unexpected customs inspection or delays during the clearance at Singapore Customs. Our team will liaise with the relevant parties to coordinate and ensure a stress-free experience.

 

• Clearance Services: GeTS will expedite customs clearance for your shipments in addition to liaising with local or foreign logistics service providers to guarantee fast cargo movement. We work with the best in business to ensure that your shipments clear customs efficiently and are delivered to the destination on time.

 

• Industry leading technology: GeTS’ IOR service is powered by industry-leading technologies and is digitally enabled. Our service is coupled with automated data processing, block chain, artificial intelligence and other innovative tools that speeds up the flow of data processing and expedites shipment clearance.

 

• Complementary services: GeTS works with a curated network of service partners to offer scalable logistics consolidation, trucking, cargo insurance and cross-border payment processing.

 

GeTS IOR service – Fulfilment by Amazon (FBA)

GeTS’ IOR service complements and supports the FBA program – providing you with an additional avenue to capture new opportunities in eCommerce. From advisory, customs documentation and declaration to last mile delivery to the Amazon warehouse, we’ve got you covered!

To learn more, visit our page on importing into Singapore with Importer of Records or contact us today!