For traders and businesses, particularly those entering the market for the first time, importing can be challenging. You have to keep up with changing regulations, new processes and technologies. This means that if you or your staff is doing the cross-border trade processes, you need to constantly train and stay updated with the policies and regulation changes. Working with a third-party service provider takes out all of that pressure and allows you to focus on your core business and meeting your short term and long-term goals. If you are importing to Singapore, consider using IOR and the complementary Fulfilment by Amazon (FBA) service from Global eTrade Services (GeTS).
Meeting Singapore Customs Requirements using Importer of Record (IOR)
Singapore Customs requires that all information submitted is complete, accurate, and true. Non-compliance with regulations and documentation requirements are likely to lead to fines and non-monetary penalties that could have serious consequences. A minor offence can cost as much as $5,000 per offence and serious cases on those involving fraud may be prosecuted.
New importers tend to have a number of filing mistakes including failure to declare goods, incorrect or inaccurate valuation of the goods, tampering with customs seals and locks on containers, unable to present customs permits for clearance, and unable to present shipment documentation when required by customs. It really makes a big difference if you work with a service provider that has experts that can handle these common errors as well as the more complex processes.
What is Importer of Record (IOR)?
The importer of record (IOR) is responsible for making sure that the shipment is imported successfully into the destination country. The IOR also files legally required documents and handles the payment of assessed import duties and taxes.
These are businesses that an IOR can help:
* Businesses that don’t have a physical presence in Singapore
* International franchisers supplying goods to a local franchisee
* Those looking to sell products without setting up as a distributor
* Companies entering the e-Commerce market in Singapore for the first time
A local declaring agent or a third-party provider like GeTS can streamline the trade declaration process for your business.
GeTS’ Importer of Record & Complementary Fulfilment by Amazon (FBA) Service
Amazon, including the fulfilment centers, doesn’t act as the IOR on the import documents for any shipment of FBA inventory and can’t help you import your goods into the destination country. Businesses that want to send shipments to a foreign Amazon fulfillment center needs to appoint an Importer of Record.
GeTS can help your business get started right away with a complementary FBA service that provides a seamless solution in compliance and logistics. The GeTS IOR service seamlessly connects with the FBA program and covers everything from advisory in the country of origin to air freight to customs clearance and other services in Singapore.
The IOR service from GeTS is best for traders based out of Singapore. Foreign-based businesses that import into Singapore are required to have an active account with Singapore Customs, have the necessary permits before import, a registration with the Accounting and Corporate Regulatory Authority (ACRA) and a Unique Entity Number (UEN).
All this can be done electronically. GeTS has more than 30 years of experience and expertise in global trade facilitation. Certified trade professionals will help make cross-border trade more predictable, accessible, and easier to fulfill.
GeTS IOR Features and Benefits:
Import/Export Customs Declaration Approved within Minutes
GeTS’ IOR service helps you submit customs declarations and get approved within minutes.
Industry Leading Technology
GeTS services are backed not just by 30+ years of expertise but also by industry-leading technologies such as EDI exchange, automated data processing, and other smart tools.
Local Declaring Agents with Extensive Trade & compliance Expertise
Our IOR named services provide local declaring agents who have extensive compliance and trade expertise and can guide you through the Singapore import/export process.
Inland Revenue Authority of Singapore (IRAS) Tax Filing
GeTS provides quarterly Inland Revenue Authority of Singapore (IRAS) tax filing for all transactions. No need to worry about complicated tax filings and surprise audits.
Goods & Services Tax (GST) and Duty Payment
Goods & Services Tax (GST) and duty payments on exported goods can be time-consuming and complex. GeTS will ensure accurate product classification that can help you save money and only pay what is due.
Customs Clearance Services
GeTS works with the best in the business to make sure customs clearance is as fast as possible and your shipments are delivered to customers. Our partnerships with truckers and freight forwarders make fast cargo movement possible, regardless of the country of origin.
Inspection and Coordination of Shipments
The team of certified trade professionals from GeTS will handle the inspection and coordination of your goods from the port of arrival to last mile delivery. This is particularly helpful for shipments that need secondary processing or inspection before they get clearance from Singapore Customs.
You just get more from GeTS. Aside from the complementary FBA service, we provide cargo insurance, trucking, cross-border payment processing and logistics consolidation.
Learn more by visiting our page on importing to Singapore using IOR & complementary solution for Fulfilment by Amazon (FBA) or contact us today!