Singapore’s economy is booming, which has spurred the expansion of international trade; however, this growth has placed a strain on the city-state’s customs clearance processes. If you are looking to import or export goods to or from Singapore, here are some things you should know about their customs clearance processes:
Types of Custom Clearance
There are two types of customs clearances procedures: green and red. Green customs clearance in Singapore is for goods that have been approved for import and export before they arrive in Singapore. Red clearance is for all other shipments, including those where the product requires an import permit or license.
Items That Go Under Inspection in Singapore
All items that are imported into Singapore must be cleared with the Singapore Customs. The items will be inspected and assessed for any duties or taxes before they are allowed to enter the country. Only after this is done can the items be released for delivery and distribution by their importer.
For customs purposes, the value of goods usually refers to their transaction value, which is defined as the price actually paid or payable for goods when sold for export to a country (i.e., Singapore). The method of determining this value is based on internationally accepted principles set out in Article VII of GATT (General Agreement on Tariffs and Trade) 1994 and the associated Valuation Agreement of 1979.
When importing goods into Singapore, you must submit an Inventory List and a Bill of Lading to the Singapore Customs within 14 days after arrival. For exports, you should submit an Out-Permit Application before shipping out of Singapore. Make sure you find the best company to help you with clearance services in Singapore!
Imports into Singapore require a permit or license issued by an agency responsible for regulating the importation of certain types of goods. If a shipment comes without a permit or license, it may be delayed until the proper documentation is obtained. The regulation of imports and exports by permits simplifies customs clearance procedures. There are many companies that can help you with custom clearance procedures, such as DHL, in Singapore.
Register with the Customs Authority
Customs duty is calculated based on the country of origin, the type of goods being imported, and which Harmonized System product code applies. To get this information about your goods, you’ll need to register for a trader’s code with Singapore Customs.
Understand Your Duties
Duty is calculated as a percentage of the value of the goods you’re importing, plus a flat fee for processing. You’ll be charged 7% duty on most personal items, and 10% duty on most business items, but hiring a company for customs clearance in Singapore, such as DHL to help you do this work can make your business easier to operate. Choose the right company to help you with clearance!
What Do You Need to Declare?
It may seem like an arduous task, but it is essential that you declare everything that needs declaring on your customs declaration form. Often when people don’t declare something they think won’t matter they are caught out at the end of the process and penalties will be enforced on their shipment. It’s always better to be safe than sorry!
In conclusion, your goods are still subject to customs duty and GST once they enter Singapore. What you need to do depends on the type of goods and their value. Each case will be different, so you might want to get a customs broker involved. Consider the best service provider!