Technologically advanced and considered one of the most wired countries in Asia, Singapore is known to be the biggest market for IT and Telecom companies. According to some authentic sources, the wireless broadband usage rate was 196.1% in the year 2021. This is evident that Singapore is advancing fast in technological development. Cellular and IT infrastructure companies are considering Singapore as the biggest market for investment in the year 2023. That is why the demand for a professional Importer of record (IOR) service in Singapore is on the high rise.
Singapore adopted technology in the early years of the last decade. The country offers a safe ecosystem for IT and telecom companies to build and establish their infrastructure. The government has played a vital role in this development which is why IT industry development has skyrocketed in past few years. Key industry players are now investing in the country to get hold of major technology sectors. Importer of record (IOR) service in Singapore is in high demand because key industry players are now investing more in building IT infrastructures in the country.
Requirement for Importer of Record (IOR) In Singapore
Unlike other, underdeveloped countries Singapore’s trade compliance is simple. The customs process is seamless and very simple. Yet some important aspects are to be noted to get the goods cleared from customs on the first attempt.
Import Duty/Tax in Singapore
All goods imported into Singapore are subject to 7% GST provided that the value is more than USD 400. GST only applies if the CIF value of the goods is more than USD 400. In a recent update, the government has announced that low-value goods that are purchased from outside the country will be subject to 7% GST from the year 2023.
Import Permits in Singapore
If you are willing to import IT and Telecom goods in Singapore, you should have a registered legal business entity authorized by ARCA (Account and Corporate Regulatory Authority). The IOR service provider needs the UEN number of your company to apply for all the customs permits. Once all the applications are submitted the customs office generates the invoices for all the duties and fees.
Controlled Goods Category
If the equipment falls under the category of controlled goods, a special permit is needed to commence the clearance process. This permit states that all the equipment is regulated and falls under the IT and Telecommunication Authority standards.
Interbank GIRO
This seems complicated but it is rather a simple step in the customs clearance process. It is an automated payment service that allows you to pay regular payments in a designated bank account. Singapore customs has introduced this process to discourage bribes and other sorts of corruption. As an IOR provider, we have already established Interbank GIRO to facilitate our customers.
Financial Security Bond
A security bond is also required by the central bank of Singapore to secure all the imports that are coming into the country. This applies to the goods that are being imported for official use only. There is no such requirement on the goods imported for resale or commercial use.
How AGOL Worldwide Inc can help you as an Importer Of Record In Singapore
AGOL Worldwide is an IOR service provider dedicated to providing IOR services in more than 120+ countries worldwide. We offer seamless and hassle-free importer service for IT and Telecom companies around the world. We have a strong presence in Singapore, and we provide a hassle-free IOR solution. From applying for import permits to trade compliance fulfillment we have got you covered in every aspect. We strive to keep transparency and make sure all the imports are done as per the local laws and customs regulations.
Have a new roll-out ready for deployment in Singapore? Contact our IOR logistics specialist now and let us handle the rest.
