Starting a Trading Business in Singapore

Starting a Trading Business in Singapore

Basic Guidelines on How to Start a Trading Business in Singapore

First of all, Singapore has the advantage of having a strategic location on its side. Having this advantage has definitely cemented Singapore’s reputation as the ideal trading hub between the east and the west. Another thing, Singapore is a dominating force in the import and export trade market. That makes possible with the help of its well-defined procedures in place.

There are about 3,000 local and international logistics and supply chain management companies that are operating in Singapore. Shippers doing business in Singapore have the option of choosing from over 200 shipping lines. In addition to that, it is with connections to 600 parts in over 120 different countries around the world.

 

Things You Should Know When Starting a Trading Business in Singapore

To begin a trading business in Singapore, you must incorporate first the business. All businesses are mandatory for incorporation before the official commencement of the business takes place.

Therefore, you must register your business with the Singapore Customs department. Business owners and investors would need an active account before they can import and export goods in and out of Singapore.

Things You Should Know When Starting a Trading Business in Singapore

The next step is to require them to apply for the necessary licenses and permits to run its operations. They would need to obtain the IN Permit through TradeNet before they can import goods into Singapore.  The import and export of some goods, or controlled goods, should put through to the control of the Controlling Agencies.

For high-tech items, which are subjected to export control, the Import Certificate and Delivery Verification or ICDV, may need to be provided.

Business owners looking to start a trading business in Singapore would need to apply for the Strategic Goods Control TradeNet permit. This permit will allow them to export, tranship or bring in transit any strategic goods.

 

The Types of Taxes Imposed on Trading Businesses in Singapore

There are three main types of taxes and fees imposed on trading businesses in Singapore. They include:

  1. The Customs and Excise Duty Tax. Goods which submit to this tax are known as dutiable goods. These include alcohol, tobacco, motor vehicles, and petroleum products.

 

  1. The Goods and Services Tax. Goods imported into Singapore must undergo to this tax if the goods are meant for local consumption. The Inland Revenue Authority of Singapore administers this tax and the Singapore Customs collects it.

 

  1. The Singapore Customs Fees. The Singapore Customs department charges these fees such as the procedural and administrative fees.

Beginning a trading business in Singapore is a process that involves several steps and paperwork. Additionally, it needs to be sorted through. Because of the different types of licenses involved, you would need to enlist the services of professional advisors to ensure the processes goes quickly and smoothly.

Hence, read more about Guide for Commodity Trading Business in Singapore from 3E Accounting Pte Ltd, Singapore.

Professional advisors like 3E Accounting Pte Ltd, Singapore – Corporate Service Provider are on hand to assist business owners and investors looking to start a trading business in Singapore with all the professional advice needed. For more information on how we can assist your business venture, visit our website or contact us today.



Posted on September 6, 2019 by Easy Buy Sell Business in Blog