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Registering a Trading Company with the Singapore Customs

Register a Trading Company with the Singapore Customs

Updated on Thursday 25th August 2016

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Register-a-trading-company-with-the-Singapore-CustomsWith a growing number of businesses in the trading sector, Singapore has become a world leader in the export of electronic equipment during the last years. In order to assist trading companies, the authorities have enabled several simplified procedures which allow for quick registration with the Singapore Customs Authorities. Nowadays, customs registration in Singapore can be done online.

Our lawyers in Singapore can offer detailed information on the legislation related to importing and exporting goods into, respectively out of the city-state.

Setting up a trading company in Singapore

Opening a trading company in Singapore is quite easy, as the entity must first be registered with the Companies Register (the Accounting and Corporate Regulatory Authority) and then apply for registration with TradeNet, the Singapore Customs’ online platform. The company is then required to apply for special permits related to the import and export of goods. One must pay attention to the fact that there are several import and export licenses that can be obtained based on the products to be marketed. Our Singapore lawyers can offer information on how to obtain special licenses and permits in the city-state. They can also assist foreign investors with the registration of trading companies in Singapore.

Opening a customs account in Singapore

In order to operate through the Singapore Customs, all trading companies are required to open and activate a customs account. Individuals are also allowed to open customs accounts with the Singapore authorities. The account must be opened by a legal representative of the company, such as the manager or another employee of the company based on their employment contract. The representative is also required to appoint two more contact persons when registering the company with the Singapore Customs. Additionally, the company must open a declaring agent account and appoint the declaring agent who will operate it. In order to set up and activate Singapore Customs accounts, one must file:

  • -          information about the company;
  • -          information on the company’s legal representatives;
  • -          information on the declarant (declaring agent);
  • -          billing information;
  • -          information on the administrator of the account.

For complete information on how to register a trading company with the Singapore Customs Authorities, do not hesitate to contact our law firm in Singapore.

 

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